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 the principles of Limited Risk© investing, 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

Winter: Convertible Investor

In this issue: “Why Wellesley’s Convertible Bond Strategy Now?”, “Wellesley Asset Management’s Investment Process: The Three Legs of the Stool”, “The Traditional 60/40 Portfolio is DEAD”, “Got the Need for Income in Retirement”.

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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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Convertible Investor – Fall 2020

The Fall issue of the Convertible Investor includes four different articles including “Where to Put Your Next Dollar”

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August Commentary 2020

On the heels of an abysmal February and March for equity-centric investors, market participants were rewarded during the second quarter.

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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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Why Convertible Bonds

Convertibles are a unique asset class that is often overlooked by many investors. They can offer the best of both worlds, combining desirable features of both stocks and bonds. As the names implies, convertible bonds have an option…

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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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A Genius, an Investment Guru, and a Golfer Walk into a Par

Take a look at the two investments below. Which would you prefer? The simple average of returns in Investment A would be 10% (29+20-30+21=40/4=10). The simple…

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