Performance

Argent powers on

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Convertible arbitrage took a back seat in 2003 but didn't do badly despite fears that the bubble was about to burst. Still, convertible shops, known for their steady return characteristics, posted respectable returns. One of the best performing convertible funds of 2003 was the Argent Classic Convertible Arbitrage Fund LP, which gained about 1.2% in December's volatile markets, to end the year up a phenomenal 59% helped by a good dose of leverage. The more conservative Argent Classic Convertible Arbitrage Fund Class C was up only 12.7%, after a modest December gain of about 0.9%.