Institutional investors rediscover attractions of convertible bond hedge funds
Whether or not funds are capped, hedge fund managers concur the broad post-crisis recovery rally in the $500 billion convertible bond market is over. They now trade around fair value.
Convertible bond managers, a group that faced heavy redemptions and sharp falls in their asset class in 2008, are now capping funds after strong inflows from pensions among others and a recovery in the markets left some hitting capacity.
Many funds that are not yet curbing inflows are considering it. They say maintaining returns and investment freedom are the main reasons for this. All agree that the soft closing of portfolios is specific to individual funds.
Managers see opportunities in the
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