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ECF - Companies Turn To Convertibles For Much-Needed Cash
Ellsworth Growth and Income Fund Ltd.
Convertibles have been making the news for two primary reasons - record-setting new issuance and strong absolute and relative performance.
Going forward, we expect the issuance calendar to remain healthy, but the pace will likely be a bit more modest than what we've seen this year.
If equities continue to climb, converts may be well-positioned given the asset class's exposure to tech, health care and now consumer discretionary, sectors that have performed well thus far.