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.

“…Given the current profile, the convert market has a high degree of volatility sensitivity which will continue to act as a natural hedge for arbitrageurs in the event of a sell-off in credit and/or equities.
 
Return expectations for traditional fixed income have decreased given the fall in interest rates and the tightening of credit spreads. We believe ARBIX may offer a different source of return for investors seeking a moderate return in the credit markets.” [read all]