Millennium bucks slide


Many multi-strategy arbitrage funds, some which employ convertible arbitrage strategies, experienced losses during a month of difficult market conditions for convertibles. D. E. Shaw's Composite International Fund I reportedly posted an estimated loss of 0.81% for the month, bringing its year-to-date total to an estimated 5.44%. Highbridge Capital Corp. was down 0.36% for the month but is also up for the year-to-date, with a 4.32% gain. Israel Englander's Millennium International Ltd fund outperformed its peers with an estimated 1.1% showing for the month. The fund is up 6.3% for the year. Another May winner was Clint Carlson's Double