Now is a good time to own convertibles because they have no correlation to interest rates plus a healthy upside and yield, said Edward Silverstein, portfolio manager for the MainStay Convertible Fund. Silverstein added that issuance has been strong so new opportunities keep popping up. Among the names Silverstein likes are the Actavis 5.5% convertible preferred, American Tower’s 5.25% convertible preferred and Fiat Chrysler’s 7.875% convertible preferred. He also likes convertibles that will benefit from lower energy prices such as Jarden’s 1.25% convertible bond and Chart Industries’ 2% convertible bond.
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