Alexandra Investment Management's convertible arbitrage portfolio started the year on a strong footing. The Alexandra Global Investment Fund saw a monthly return of 4% in January and has been running ahead of the median ever since. Remarkably, the fund has continuously posted positive monthly returns for more than two years straight. In fact, its last monthly loss came in April 2001. The Alexandra portfolio continues to benefit from tightening credit spreads and improving credit qualities, which has helped the fund to thrive and prosper, despite a relatively thin supply of new issuance.