Hedge Funds Performance

Chart of the month


Nisswa proves CBs on comeback.

Nisswa proves CBs on comeback.

Convertibles are back, at least if Pine River Capital Management's $385 million Nisswa Fund is any indication. In February the fund netted 2.74%, for a year-to-date total of 12.22%. By comparison, the Absolute Return Convertible & Equity Arbitrage Index rose 2.74% for the month, for a total of 7.37% through February. Last year, particularly the fourth quarter, was disastrous for convertible funds. For the year, the index's average loss was 30.89%.

Nisswa, managed by Brian Taylor, profited in February from its long U.S. convertible bond portfolio because convertible prices rose as more companies bought