THE WELLESLEY APPROACH

Our Commitment

We put the interest of each and every client first

The team of professionals at Wellesley Asset Management (WAM) shares a collective commitment to our clients, and that is—we put the interest of each and every client first. We recognize that behind every dollar in a portfolio, there is a person or family with a specific plan and purpose for that investment. We honor that plan as we work with you toward your financial goals.

Our Goals

Maximizing returns and protecting principal

Wellesley Asset Management is an SEC registered investment advisory firm serving individuals, families, trusts, retirement plans, and other investment professionals. Founded in 1991 by Greg Miller, CPA, we are guided by a methodology that involves melding two seemingly contradictory goals – maximizing returns and protecting principal. Our Convertible Bond Strategy aims to protect principal and also seeks to take advantage of market increases.

How We Work

In your best interest

As a registered investment advisor, we have a fiduciary duty to act in your best interest at all times. All accounts stay in your name and are held by an independent custodian.

As a client, you can expect unbiased, independent advice, periodic reviews, ongoing monitoring and high-level service from professionals who know you and your goals. We work with you and with the appropriate investments to help accomplish your financial objectives.

Personalized Portfolio Structure

At WAM, we are able to build customized managed accounts. This allows us, as the advisor, to tailor a portfolio to accurately reflect each client’s risk tolerance.

Why Should I Be Interested?

Predictability in times of uncertainty

Given their unique blend of equity and bond characteristics, convertible bonds have been a popular asset class among sophisticated investors seeking improved risk-adjusted returns. Combining equity and bond characteristics, convertible bonds are hybrid securities that provide investors with many of the attributes they seek in investments: return of capital, current income, decreased volatility, and the potential for upside appreciation.

Market Insights

Convertible Investor – Fall 2022

Higher Interest Rates May Provide Opportunity
The Benefits of Using Convertible Bonds in Rising Rate Environments
Heed the Inverted Yield Curve
Synthetic Convertibles go Mainstream

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Convertible Investor – Summer 2021

Inflation is Rearing its Ugly Head – Is Your Portfolio?
Downside Protection: A Case Study of WAM’s Returns in 2008
The Rational Investor
Q&A with the Portfolio Managers

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The Benefits of Convertible Arbitrage

Convertible arbitrage has evolved and is attractive currently because of the return/risk dynamics that it provides during volatile equity markets, in an environment of lower interest rates, vastly improved credits due to abundant liquidity, and lofty equity valuations.

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Spring: Convertible Investor

This year marks Wellesley Asset Management’s 30th anniversary! We are extremely proud of our history, the tremendous effort of employees and the trust and confidence our clients have placed in us over the years to grow and protect their assets.

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The Benefits of Synthetic Convertible Bonds

Convertible bond investors are often frustrated with limited investment choices or options regarding convertible securities especially related to sporadic or narrow convertible issuance, or that the universe of companies and sectors with outstanding convertibles is not larger or more diverse.

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Convertible Bonds & Rising Interest Rates

The trend of lower rates accelerated beginning November 8, 2018 when 10-year U.S. Treasury bond yields began a descent that saw their yield drop from 3.23% to a recent jaw-dropping all-time low of 0.40% on March 9, 2020.

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Sweet Spot Investing with Convertibles

Convertible bonds are sometimes considered the “Swiss Army knife” of financial products because they can provide investors with principal protection (barring default), income, and equity-like returns.

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Advantages of Synthetics

Unlike traditional convertible bonds, the credit exposure of a synthetic remains with the issuing company, typically a bank. The equity exposure, however, is tied to the underlying company’s stock.

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Chasing Dividends Instead of Buying Bonds

One of the biggest challenges facing retirees is trying to find the “right” amount of money to receive on a
monthly basis.

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What Keeps Me Up at Night

As a follower of the markets, I am often asked “What keeps you up at night”? This is another way of asking what concerns me about the current state of the capital markets. I would like to share some of my observations about the stock and bond…

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