It was by and large a good month for arbitrage. Credit spreads tightened in March as strong economic data buoyed the markets.
Bodleian Partners A posted a 2.97% gain on the month, taking three-month returns to 5.46%. During the month, the fund's top-performing positions were Appaloosa and Third Point, both up 7.7%. Thoroughbred, which was up 5.26%, and Owl Creek also performed well. The only significant detractor in the portfolio was Greenlight, which was down 0.7%.
3A Multi Arbitrage was up 1.37% to take three-month numbers to 2.28%. Gains from the allocation to event-driven managers came from directional bets on