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JPMorgan Global Convertibles Income Fund (JGCI) is the only UK-listed fund investing in convertible bonds. It aims to produce income with the potential for capital growth from a diversified global portfolio. A difficult period recently for the sector has seen the fund experience some share price volatility, although NAV has largely been protected by avoiding the capital risk inherent in some very high yielding issues. Over the past year the number of securities in the portfolio has risen as a further element of diversification and risk reduction, and a new hire to the team has facilitated greater exposure to the under-researched Asia Pacific market. The current wider-than-average level of discount and 5%+ yield may represent an opportunity for investors prepared to weather continued near-term volatility.

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