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.

“…ARBIX’s strategy is different than other fixed income strategies because the vast majority of securities we buy are issued by companies unique to the convertible market. It is also different in that the trade offers long exposure to credit and equity volatility concurrently. If credit spreads widen, equity volatility typically increases, and vice versa…” [read all]