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.

 

“In the first 2 quarters of 2018, convertible issuance totaled $29.2 billion from 78 new securities brought to market. At this pace, 2018 is looking to be the best year for issuance since 2007. Barclays research expects “this momentum to sustain for the rest of the year potentially resulting in $65-$70 billion in issuance.” Total issuance for all of 2017 was $37.2 billion. …Heavy new issuance is very healthy for the asset class over the long term as more supply increases opportunities to extract value from undervalued securities.“ [read all]