Performance

Stark forges ahead

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It was a mixed month for arbitrage strategies as interest-rate volatility took its toll on some funds, while helping others. Among those prospering amid market volatility was Stark Investments which gained 0.5% for the month, leaving year-to-date returns at 9.8%.

Other arbitrage funds that look to have an event-driven approach managed to hold ground, despite debt market turbulence. The Canyon Value Realization Fund (Cayman) Class-A dodged the worst of July volatility and emerged with a humble gain of 0.01%, but remained up nearly 13.7% on the year.

In convertibles, a number of funds have done well. The Argent Low Leverage