Convertibles: Fading glory?


There's no way to put a positive spin on convertible arbitrage: In 2005 it was the only strategy tracked by Absolute Return to lose ground. At year end, the convertible and equity arbitrage index stood at  -2.22% after posting a nearly flat December. Some of the biggest losers for the year were Jonathan Glaser's JMG Triton Offshore, whose Class A shares slipped an estimated 7.51% in 2005, despite a December gain of some 1.4%. Marathon Global Convertible Fund (Class A) also rose slightly in December but was down for the year, at -6.28%. The TQA Vantage Fund climbed