Our Approach To Investing

• GARP - We look for Growth At a Reasonable Price. Growing companies need cash, therefore, they frequently come to the convertible market to raise capital. Convertibles are an attractive vehicle for exposure to growth because they naturally have downside protection from the bond component if growth prospects disappoint.
   
• Convertibles - We focus on issues with reasonable valuations that show potential for strong total return through interest or dividends, coupled with the upside participation found in the options value imbedded in the security.
   
• Discipline - We need to be disciplined in what we pay for these growth companies. Companies in a hyper-growth stage may sometimes justifiably command higher multiples, however, in evaluating all companies, the long-term sustainable growth rate must be taken into account.
   
• Open Door Policy - In addition to weekly research meetings between analysts, portfolio managers and traders facilitate the flow of ideas and the implementation thereof that has benefited our clients over the last 30 years.
   

 Why Convertibles?

• Promise to repay principal, pay a fixed return and have unlimited potential gain
   
• Over the long-term, convertibles have characteristics dissimilar to stocks or bonds
   
• Add value to portfolios through:

•  Diversification
•  Reduction in risk, relative to equities
•  Enhanced returns, relative to fixed income