Canyon blossoms


A spike in merger activity, at a time when convertible issuance is running strong, provided fertile ground for the $2.5 billion Canyon Capital Arbitrage Fund, which posted returns of about 13.7% for the 12-month period ending in May. The strategy only gained 0.7%, but it remains up on the year by a respectable 7.4%.

An event-driven approach was a winner for the Canyon Realization Fund which gained about 2%, leaving year-to-date returns at a robust 14.2%.

On the convertibles side, Argent gained about 2.1% for its low-leverage converts strategy. The Argent Low Leverage Convertible Arbitrage Funds Ltd Class-B ended the