Global Convertible Bonds
Participating in the upside of global equity markets while relying on the bond floor of convertibles: active, conviction-driven management with no benchmark index, within a UCITS framework offering daily liquidity.
Capital is not guaranteed and the product may be difficult to understand. The underlying investments of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Convexity, a sought-after asymmetry
A convertible bond combines a bond floor (coupon, redemption at par, seniority over equities) with an option to convert into the issuer's shares.
Bond floor
When markets decline, the instrument's behaviour tends to converge towards that of a conventional bond.
Conversion option
Holders participate in part of the upside of the underlying share, without bearing its full risk.
Asymmetry across a cycle
This risk/return asymmetry, known as convexity, is the core property the strategy seeks to capture over a full market cycle.
Conviction-driven management, with no benchmark index
Dual credit / equity analysis
Each holding is assessed on both legs: balance-sheet and credit quality on one side; the value of the equity optionality on the other (delta, volatility sensitivity, conversion premium, covenants). This hybrid reading underpins security selection.
Conviction and concentration
A concentrated portfolio of around thirty holdings, actively managed without a benchmark. Portfolio construction reflects choices of issuers and profiles (balanced, high-delta, yield-oriented), rather than the replication of a universe.
Risk discipline
Long-only, with targeted hedging: currency forwards to steer USD exposure, tactical option protection on indices. A tactical cash pocket to capture new issues and dislocations; daily monitoring of NAV and risk indicators.
Themes observed in the portfolio as at 30 September 2026, shown for illustrative purposes; they do not constitute investment recommendations and are subject to change.
Snapshot as at 30 September 2026
Allocation by instrument type
Geographic breakdown of issuers
Breakdowns as at 30 September 2026, source: the sub-fund's valuation report. Currency exposure stands at 61.9% in euro, 36.5% in dollar and 1.6% in yen, according to the monthly factsheet on the same date. The broad convertible pocket represents approximately 72% of net assets, above the contractual 51% threshold. Breakdowns are subject to change.
Net asset value and performance
Class A · EUR Accumulation · LU0950378447
Net asset value in euros · Data as at 13 October 2026Daily net asset value of Class A, over the history available since January 2018. The dashed line marks the €100 level. The performance figures below are as at 30 September 2026. Past performance is not a reliable indicator of future results. Figures are net of ongoing charges and performance fees (Class A) and do not take into account any entry charges. The value of investments may go down as well as up.
| Class A | 1 month | Year to date | 1 year | 3 years | 5 years | Since inception |
|---|---|---|---|---|---|---|
| Cumulative | −1.22% | 4.86% | 3.07% | 27.70% | 14.49% | 27.99% |
| Annualised | – | – | – | 8.49% | 2.74% | 3.24% |
| Calendar years | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Class A | 8.53% | 7.61% | 10.25% | −13.13% | 1.65% | 3.10% | 4.12% |
Class A performance, net of ongoing charges and performance fees, excluding entry charges. Performance since inception is measured from 1 January 2019, the creation date shown for Class A, when its net asset value stood at €94.25; the chart above covers the longer history available since January 2018. Capital is not guaranteed.
Main holdings
Weight as a percentage of net assets as at 30 September 2026, within a portfolio of 36 holdings.
| Holding | Profile | Country | Currency | Weight |
|---|---|---|---|---|
| Exail Technologies 4.0% Perp | Defence credit | France | EUR | 5.17% |
| BNP Paribas Fortis FRN Perp CV | Financial convertible | Belgium | EUR | 4.43% |
| NextEra Energy (conv. pref.) | Utilities / income | United States | USD | 4.18% |
| Super Micro 2.25% 2028 CV | AI / high-delta convertible | United States | USD | 4.12% |
| Zalando 0.625% 2027 CV | E-commerce convertible | Germany | EUR | 3.61% |
| Vinci 0.7% 2030 CV | Balanced convertible | France | EUR | 3.60% |
| Orpar 2.0% 2031 CV | Holding-company convertible | France | EUR | 3.58% |
| Legrand 1.5% 2033 CV | Balanced convertible | France | EUR | 3.47% |
| Euronext 1.5% 2032 CV | Market-infrastructure convertible | Netherlands | EUR | 3.25% |
| Strategy 0.625% 2028 CV | Crypto-asset convertible | United States | USD | 3.25% |
Holdings as at 30 September 2026, given to illustrate the composition of the portfolio on a given date. They do not constitute a recommendation to buy or sell and are subject to change.
An institutional vehicle, accessible from €100
| Class | ISIN | Currency | Policy | Launch | Management fee | NAV 13/10/2026 |
|---|---|---|---|---|---|---|
| A | LU0950378447 | EUR | Accumulation | 01/01/2019 | 1.25% | €120.00 |
| B | LU2596552187 | EUR | Distribution | 19/01/2024 | 1.25% | €110.99 |
| D(H) | LU2596552260 | USD hedged | Accumulation | 26/03/2024 | 1.25% | $121.83 |
Net asset values as at 13 October 2026. The performance figures shown above are as at 30 September 2026; the portfolio data are taken from the sub-fund's valuation report and monthly factsheet as at the same date.
Minimum initial subscription of €100 / $100. Maximum entry charge of 3% (retroceded to distributors); no redemption or conversion fees.
Performance fee. A High Water Mark model with a hurdle rate: a fee of 5% above a hurdle of 4.5% per annum, over a reference period running from 1 January to 31 December. It has applied since 1 January 2026, following a decision of the general meeting; the KID therefore shows 0.00% for the previous financial year, when it did not yet exist.
Daily liquidity. NAV calculated every Luxembourg business day; 4:00 pm CET cut-off (D−1), NAV published on D+1, settlement by D+2 at the latest.
Ongoing costs (KID, Class A): 1.81% per year, plus an estimated 0.06% in transaction costs. Luxembourg subscription tax of 0.05%.
Ludovic Cauchie, CFA
The financial management of the sub-fund is carried out by Privalux Management S.A., within an operating framework built around Edmond de Rothschild Asset Management (Luxembourg) as ManCo and Edmond de Rothschild (Europe) as depositary.
LinkedInRegulatory documents
Any investment decision must be based on the fund's legal documentation: the prospectus and the Key Information Document (KID).
Factsheets
Monthly reports by share class.
Prospectus
Full prospectus of Gekko Fund SICAV, including the Global Convertible Bonds sub-fund.
Understanding the risks before investing
The Summary Risk Indicator (SRI) classifies the fund in category 3 out of 7, a medium-low risk class, over a recommended holding period of 5 years.
Warnings
Capital is not guaranteed: investors may lose all or part of their investment. This is not a simple product and may be difficult to understand. Unhedged share classes carry currency risk. The risk indicator assumes the product is held for 5 years.
The prospectus describes the sub-fund as carrying a significant level of risk and volatility, mainly exposed to credit and market risks. Main risk factors:
- Convertible securities: hybrid instruments, more volatile than conventional bonds
- Credit and interest-rate risks: including high-yield bonds (≤ 50%)
- Market and equity risks: equity exposure of up to 15% of net assets
- Currency risk: securities denominated in currencies other than the euro, up to 100%
- Emerging markets: up to 20% of net assets
- Liquidity, volatility, counterparty and structured-product risks
- Operational and legal risks
The risk-management framework relies on the ManCo's permanent risk-management function (CSSF Circular 10-04), a system of internal limits and the calculation of global exposure using the commitment approach.