Tops down as convertibles change gear?

It's not so long ago that industry watchers wrote off convertible bond arbitrage as an overcrowded and effectively moribund strategy. How times have changed - last year's returns from the sector were higher than all but emerging markets, according to the hedge fund indices that have issued full-year results, measuring the performance at between 9.57% (HFRX) and 12.9% (Greenwich Global), with most others coming in at the top of that range.

Other later-reporting indices look set to register hi

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