by Nick P. Calamos (Author)
"Convertible Arbitrage" ist ein praxisorientierter und umfassender Ratgeber, der sich mit einer interessanten Investmentstrategie auseinandersetzt - der 'Convertible Arbitrage'.
Bei dieser Strategie geht es darum, ein Portfolio aus wandelbaren Wertpapieren anzulegen - in der Regel Wandelanleihen -, wobei das Risiko teilweise dadurch abgesichert wird, dass die zugrundeliegende Stammaktie leerverkauft wird.
Diese Strategie erfreut sich wachsender Beliebtheit und ist insbesondere in Zeiten hoher Marktvolatilität von Nutzen, denn sie ermöglicht Finanzexperten eine Steigerung der Rendite bei einer Verringerung des Risikos.
"Convertible Arbitrage" erläutert diese einzigartige Investmentstrategie fundiert und detailliert.
Mit einer Fülle von Experten-Informationen.
Autor Nick Calamos ist ein anerkannter Fachmann auf diesem Gebiet. Er ist regelmä ig auf CNBC zu sehen und wird häufig von Fachzeitschriften interviewt.
Front Jacket
Investment professionals familiar with convertible arbitrage techniques recognize the strategy as a rock-solid tool for generating significant returns regardless of market movements. It's no surprise, then, that amidst the backdrop of market volatility and investor uncertainty, the field of convertible arbitrage keeps growing. Since 1993, the convertible arbitrage market has grown at an astounding 45% compound annual growth rate through the first half of 2002 to $24 billion.*
In Convertible Arbitrage: Insights and Techniques for Successful Hedging, renowned investment expert Nick P. Calamos shows you ways to make the most of convertible arbitrage, explaining how to boost returns while decreasing risk-no matter what the market is doing.
The practice of convertible arbitrage takes advantage of the unique hybrid nature of convertible securities, which combine both fixed-income and equity characteristics. It typically involves matching a long position in convertible securities-usually convertible bonds-with a short position of corresponding stock. The bond pays interest and guarantees a yield upon maturity-but you also can participate in the movement of the underlying stock because a convertible bond's option component makes it readily convertible into stock. Convertible arbitrage thus allows investors to create positions that achieve either market-neutral returns or that have a bias towards a security's future price, offering tools to both the defensive and aggressive investor.
This not-to-be-missed guide gives you:
- A top-to-bottom overview of convertible arbitrage-its history, how it works, and why it is especially useful in a volatile market
- In-depth coverage of convertible valuation models and the "greeks," the statistical qualifications of convertible functions
- Reasons why the credit and business valuation of a convertible can make or break your hedge position
- A thorough review of convertible arbitrage techniques-from delta hedges and convertible option hedge techniques to swaps and nontraditional hedges
- An insider's guide to portfolio risk management, including tips on portfolio evaluation, risk analysis, and optimization
The array of convertible securities available-and the ever-shifting financial engineering behind them-demands a practical working knowledge of convertible arbitrage hedging techniques. Not only does Convertible Arbitrage put those techniques at your fingertips, it also helps you use those techniques to prepare for-and profit from-new twists in convertible terms, types of securities, or derivative hedge products.
*Tremont Advisers, Inc.
"The Calamos Convertible Fund offers the Holy Grail in investing-a long-term return superior to the index with less volatility."
-William Harding, Analyst
Morningstar Investment Services
Back Jacket
Master convertible arbitrage and put profits within reach
"Finally, we have a comprehensive, practical, and lucid book on convertible arbitrage from one of the most seasoned investors in this growing asset class."
-Venu Krishna, CFA
Head of U.S. Convertible Research, Lehman Brothers
"Nick Calamos is one of the most experienced and successful convertible bond managers in the mutual fund industry. Who better to explain convertible arbitrage strategies?"
--William Harding, Analyst, Morningstar Investment Services
"Convertible Arbitrage is an indispensable resource, and is required reading for all fund of funds analysts and portfolio managers that cover this strategy."
-Joseph G. Nicholas, Chairman and CEO
HFR Asset Management, LLC
In good markets and bad, convertible arbitrage can give investors the best of both worlds: the safety of bonds and all the possibilities of stock-like performance.
This is partly why convertible arbitrage-following the larger trend of hedge funds-has moved to center stage in the last decade. But profiting from this increasingly popular investment strategy takes much more than knowing a few ground rules. It takes Convertible Arbitrage: Insights and Techniques for Successful Hedging.
Written by leading investment authority Nick P. Calamos, this comprehensive, just-in-time book covers:
- What the convertible arbitrage strategy is and what distinguishes it from other hedging techniques
- How to tap into successful convertible valuation models
- The full range of hedges, from tilted and leveraged hedges to swaps and option hedging
- And more!
Nick P. Calamos is the first recipient of the Excellence in Fund Management Award for Calamos Growth and Income Fund, bestowed by S&P and BusinessWeek.
Author Biography
NICK P. CALAMOS is the Head of Investments and Chief Investment Officer overseeing research and portfolio management for Calamos Asset Management, Inc., one of the largest and most well-known convertible investment firms in the country. He oversees the #1 Convertible Fund and the #1 Growth Fund as rated by Lipper and Morningstar for the ten-year period ended 12/31/02. With the firm since 1983, Mr. Calamos has been instrumental in developing the Calamos Convertible Research System (CCRS), a sophisticated, proprietary research system that monitors and scans the entire market for the best available investment opportunities. A Chartered Financial Analyst (CFA), Mr. Calamos is a member of the Investment Analysts Society of Chicago. He has spoken at various conferences and seminars throughout the country on convertible securities investing, has been quoted as an authority on convertible securities by leading financial publications such as Barron's, Fortune, The Wall Street Journal, USA Today, and the New York Times, and has appeared on CNBC and Bloomberg television. He received his undergraduate degree in economics from Southern Illinois University and an MS in finance from Northern Illinois University.