A reversal of fortune

Hedge funds

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At the start of June, convertible arbitrage hedge funds were wilting after a ferocious sell-off that capped a miserable start to the year. The convertible arbitrage index compiled by New York-based hedge fund consulting firm Hennessee Group was down 7.1% in the first five months of the year - the strategy's worst performance in more than a decade. The CSFB/Tremont convertible arbitrage index, meanwhile, was down 6.34% in the first six months of the year.

Since then, however, performance has i

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