Convertible funds suffered in August, with Paris Capital (-8.40%) and Insinger de Beaufort Global Convertible (-6.44%) the worst hit.
The GLG Global Convertible Bond Fund was down 4.32%, Jabcap Global Convertible lost 2.76%, and the GAM Convertible Bond Hedge Fund lost 1.74%. SC Convertible Bonds dropped 3.84%, Aviva Investors Convertible Bond Arbitrage was down 3.23%, and Polar Capital’s ALVA Global Convertible Fund lost 1.06%.
Just two CB funds were up on the month – one of which is specifically designed to perform well in down markets. The Ferox Bear Fund made 5.07% in August, for a flat return