Global convertible bond arbitrage
The fund was co-founded by David Harris and Howard Needle. The domestic and offshore funds exploit the systemic inefficiencies of the global convertible markets. The fund's strategy is opportunistic within the asset class, employing a combination of volatility trading, credit trading and structural arbitrage. Harris formerly managed a $2 billion proprietary convertibles business at Bankers Trust and Bank America Securities. Needle managed a $300 million convertible arbitrage portfolio at Greenwich Capital Markets.
Fact file Acuity Capital Management
Founded: July 2003
Assets under management: $38 million
Annualized return: 19.48%
Location: Greenwich, CT
L/S focused on global TMT
The Perennial Funds use a bottom-up industry and company analysis. The long/short equity strategy invests in the software,
semi-conductor, telecommunications, and media and technology hardware sectors. Special attention is paid to business model, capital structure and valuation differences among similar companies,...