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.


“…Since converting to a mutual fund on August 15, 2017, ARBIX has gained +3.24%, with a 0.03 beta to the S&P 500, a 0.08 beta to the Bloomberg Barclays Aggregate Index and a 0.14 beta to the iBoxx USD Liquid High Yield Index. The low beta of the strategy reflects the hybrid nature of the securities, our hedged discipline and an opportunity set offering unique exposure to small and mid-cap companies only available in the convertibles market…” [read all]