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.


“2018 proved to be a year of wild swings which moved almost all investments into negative territory. Our fund proved to be resilient posting a positive return for 2018 and a slight negative return for Q4. This was achieved despite convertible valuations cheapening, credit spreads widening 150 basis points and the 5-year risk free rate rising 30 basis points as well. In other words, despite underlying bond values getting hurt by credit spreads and interest rates, and cheaper convertible valuations, we still managed to preserve investor capital and generate positive returns.” [read all]