On the heels of continued low volatility, multi-strategy funds had a stable if un-spectacular month. Also, because of low volatility and widening credit spreads, convertible arbitrage - generally a large component of multi-strategy funds - had a tepid month, with many funds posting returns in the zero to 1% range.
Renaissance Technologies' Medallion International fund was a winner in the strategy, posting a 1.60% gain.
The WPG Multi Strategy Arbitrage Overseas Fund was a more typical example of how multi-strategy funds fared, posting a monthly gain of 0.17%.
Citadel looked poised to outpace most of its multi-strategy rivals for the