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.

“…Once again, the fund has shown it has the ability to tightly control risk during times of market stress (i.e., 1Q 2020) and also deliver returns when markets become more sanguine (i.e., 2Q & 3Q 2020)… 2
…2020 performance highlights the credit worthiness of the convertible asset class. Despite the pandemic and economic stresses caused by the shutdown, the convertible bond default rate remains at just over 1% year-to-date as compared to high yield where default rates exceed 5%…” [read all]