The Avoca Convertible Bond invests long-only in 20-30 thoroughly researched convertible bonds with a target return of 6-10% per annum, with extensive credit reports written on each holding. The Fund does not track a benchmark, but through an active investment approach aims to generate attractive risk adjusted returns and outperform the wider convertible bond market in the long term. The Team previously successfully managed APG's $8bn convertible bond portfolio from 2003 to 2010. Convertible bonds are senior unsecured bonds that are convertible into shares at a set price. They typically have short durations and are well suited to diversify classic portfolios of stocks and bonds.