Gains from re-trading

Over the three-year period to the end of August the average performance of 34 funds tracked by Standard & Poor's Micropal was a gain of 39.14%. The average worst drawdown over the period was just -8.55%, making it still one of the best performing categories of hedge funds monitored by S&P. These funds buy convertible assets, such as convertible bonds and preference shares and short the underlying share as a hedge. This sector has done particularly well at a time when market volatility has been

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