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RWC unveils Asia fund for convertibles boss Basile

RWC Partners has launched the Asia Convertibles fund for manager Davide Basile, providing exposure to Asian equities while mitigating volatility.

The RWC Asia Convertibles fund will employ capacity constraints, capping the fund at $300 million (£188 million) to allow the flexibility for accessing some of the smaller and less liquid companies in the region.

The long-only, Ucits III product focuses solely on convertible bonds issued by companies based in Asia, or those which derive the majority of their earnings from the region.

The fund’s benchmark – the UBS Asia Focus Convertible index – returned over 91% from 2000 to 2010, compared with the MSCI Asia Equity index, delivering just under 90% with a significantly higher volatility.

Although the fund offers daily dealing, it requires three days’ notice for redemptions.

Basile is a partner and head of global convertibles at RWC Partners responsible for the management of the $1.3 billion RWC Global Convertibles Fund.

Dan Mannix, head of business development at RWC Partners, said: ‘By launching a limited capacity fund with longer notice periods for redemptions, we are offering investors exposure to a specific and exciting part of the convertibles market.

‘Asian equities are by no means a new story but having the ability to access the asset class through convertible bonds offers some significant benefits.  History has shown that convertibles can achieve similar returns to equities but with as little as a third of the volatility.’

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Davide Basile
Davide Basile
1/3 in Bonds - Convertibles Other (Performance over 3 years) Average Total Return: 17.45%
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