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ClassReview: Convertible Backfire

Convertible arbitrage strategies fell 35.83 percent in the first 11 months of last year, twice the decline of the average hedge fund and barely better than the Standard & Poor’s 500 index’s 38.08 percent drop.

Convertible arbitrage strategies fell 35.83 percent in the first 11 months of last year, twice the decline of the average hedge fund and barely better than the Standard & Poor’s 500 index’s 38.08 percent drop. Despite enormous challenges — the credit crisis, the inability to short certain equities, investor redemptions

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