Convertibles: Tough going


Following a weakening in credit spreads and a lack of short-term volatility, the Absolute Return Convertible & Equity Arbitrage Index inched up a mere 0.14% in April to total 2.94% YTD. Zazove Convertible Securities rose 2.34% for a YTD gain of 5.36%. KDC Convertible Arbitrage Fund continued its climb, rising 0.75% for the month to bring its YTD return to 4.51%. Marathon Global Convertible Fund gained 0.11%, while Camden Asset Management’s Barnet Partners fell into negative territory, declining 0.44% to total 1.17% for the year so far. TQA also failed to impress. Its Vantage Fund Class A and