Clinton avoids pitfalls


Declines in volatility once again, coupled with widening credit spreads, led to a softening of convertible prices in September, not only in the U.S. but in Europe and Japan as well. This led to continued lackluster performance in the convertible arbitrage space. Still, some funds managed to weather the storm. The Alexandra Global Investment Fund I returned 0.40% in September, bringing its year-to-date total to an estimated 4.63%. The Argent Lowlev Convertible Arbitrage Ltd. fund managed to avoid a loss in September and is has returned 0.01%. The fund returned 1.30% for the year. The Clinton Riverside fund,