安联Allianz：2025年可转债：驾驭市场波动的金融利器研究报告（英文版）

From niche market to the center of attention? Convertible bonds – i.e. corporate bonds with an attached equity call option – are often overlooked in asset allocation but their performance in 2025 has sprung them into the spotlight. Over the last 30 years, convertibles delivered 70% of equity returns but with only 35% of the volatility (6.7% p.a.). 2025 has topped this performance, with convertibles outperforming both equities and bonds (Sharpe ratio 2 vs. 1.0 and 0.1), helped by falling inter