GLG Market Neutral gets back past HWM


Steve Roth's GLG Market Neutral is continuing its dramatic bounceback from the problems of 2008, with a 6.35% gain in March taking the fund back over its high water mark.

The fund - which lost 54% in 2008 in the general CB arbitrage meltdown - is up by 17.73% after the first quarter this year, following a gain of 84.66% in 2009. On a rolling 12-month basis, GLG Market Neutral is up by 113%.

The fund operates a global multi-strategy approach focused on convertible arbitrage (which currently accounts for over 50% of the portfolio), credit and capital structure arbitrage, distressed