Portfolio Commentary

Portfolio Commentary for the Absolute Convertible Arbitrage Fund is provided on a quarterly basis and can be found below along with other “discussion” articles that are relevant to the Fund. Additional information can be found within the shareholder letters in the Annual and Semi-Annual Reports. If you are a financial adviser and would like to be added to our e-mail distribution list, contact us by e-mail.

Please note that this commentary provides a very detailed analysis of the Fund’s strategy. Some of this analysis may be difficult for the average investor to fully understand. It is presented here for those who may have an interest in such a discussion and as always, we encourage investors to discuss questions with their financial adviser.

“…These figures [standard deviation and beta] highlight the distinctive nature of the ARBIX’s return profile. Over the last two years much of the global bond markets have whipsawed back and forth with significant changes in interest rates, credit spreads, equity values, and volatility. The Fund hasn’t been very sensitive to any of these factors. The consistency of the Fund’s performance during this time seems to be a major differentiator versus many other strategies, traditional or alternative…” [read all]