A CONVICTION/RISK DNA With more than 15 years of management history, ELLIPSIS AM is specialised in convertible bonds, credit and volatility. ELLIPSIS AM’s DNA was created in extension of Exane Group’s expertise. Research is the heart of the approach and is the vital engine behind our ability to exploit market inefficiencies. To build its 360° vision, managers-analysts rely on an appropriate selection of financial and non-financial external research, including that of the Exane Group, and independent specialised research. The active steering of risks is at the heart of our portfolio construction process. Our investment policies include an ESG approach based on the BNP Paribas Group’s sector investment policies, and for convertible bonds, on a qualitative assessment of non-financial criteria within the analysis and stock picking process. AN OFFER FOCUSED ON NICHE EXPERTISE ELLIPSIS AM ranks among the benchmark managers in convertible bonds, with almost €1.3bn in assets under management today. Convertibles funds are part of our historical anchoring with a track-record of more than 15 years. These funds benefit from the Exane Group’s convertibles franchise, recognised for more than 25 years in terms of research and index platform. In 2012 Ellipsis AM rounded out its bond expertise by creating a credit & allocation division focused on high-yield credit, short-term debt and a multi-credit allocation. Its experience in credit analysis and macro analysis feeds all of the management teams. Via its volatility & overlay division specialised in listed derivatives, Ellipsis AM has offered strategies to manage hedging of asset portfolios since 2008, as well as a strategy of exposure to the European dividends futures market since 2011.