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Haywood: market now quite appealing for convertible plays |
Hedge funds that invest in convertible bonds have posted their worst performance ever during the first five months of this year, but it could be the right time to get back into the market. According to Hedge Fund Research, convertible arbitrage funds fell 6.73% on average in 2005 to the end of May. Tremont Capital estimates that in the first quarter of the year, investors withdrew about $1.8 billion from the strategies.
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