ECF - BCV: Attractive Discount Presenting An Opportunity

• BCV has been getting hit by the market, and discounts have expanded, similar to its sister fund, ECF.
• These funds operate in the convertible space, but BCV seems to be more pure-play.
• Interest rates can play less of a role in the performance of convertibles; instead, it generally follows the underlying equity.
• In a roundabout way, however, since the fund holds a heavy allocation to tech and those are interest-rate sensitive with rate talks are impacting BCV.

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