An AC/DC converter and conversion method are provided, in which an AC input is rectified and shaped by a waveform shaping capacitor. A current source circuit is used to provide the output current to the output load which has a parallel bulk capacitor. The current source circuit is switched on and off with timing which is dependent on the phase of the AC input signal. This enables a relatively high power factor, for example between 0.7 and 0.9, with low cost circuitry with few components.