Performance

Stark keeps running

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The good news for convertible arbitrage managers in March came in the shape of a tightening of credit spreads, which helped lift returns - a trend that continued in the early days of the second quarter with a similar effect.

One of the big gainers was Staro Asset Management's Stark Investment LP, which was up roughly 5.1% in the first quarter. But most of that was attributable to a hefty 4.24% gain in January - the four-year-old fund's best monthly showing since March 2000.

Tightening credit spreads also helped Zazove Convertible Arbitrage, which was up 6.2% for the first quarter