Final performance for the Credit Suisse/Tremont Hedge Fund Index was up 2.54% in July. The last time hedge funds posted stronger YTD performance to July was in 1998. The Credit Suisse/Tremont Hedge Fund Index is up 9.90% YTD. Convertible arbitrage continued to lead all sectors in performance with a return of 5.80% in July, bringing YTD performance to 31.14%.
As companies continued to look to the convertible market as a preferred source of financing, many managers believed the opportunities in