JACI - Jefferies Active Convertible Index

JACI – a global benchmark for convertible bonds

The Jefferies Active Convertible Index (JACI) series was launched in June 1994 and is compiled from data that goes back to January 1993. Thanks to the breadth and depth of the Jefferies database, we have succeeded in creating an extremely dependable benchmark for the convertibles market, thereby establishing the JACI's singular reputation as a leading barometer of the global convertible bond universe. The principal aim behind the development of the JACI was to put together a single, global index comprising various regional and country-specific sub-indices. Over the years, however, convertible bond issuance has fluctuated significantly from region to region, leading to considerable variance in the regional weightings of the JACI Global. This has naturally made it difficult to compile appropriate equity benchmarks for meaningful comparisons over the entire analysis period.
We have therefore adopted a modular approach in which various separate elements can be mixed and matched. The key geographical regions are covered, namely Europe, Japan, Asia ex Japan and the US. These can be studied with precisely defined weightings across individual regions or groups of regions and incorporated into a global index. This means that investors, far from being forced to accept the regional composition of a single global benchmark, are free to choose a convertibles exposure that corresponds to the regional structure of their portfolios and best suits their overall investment goals.