At first glance Q1 was a relatively benign quarter for the overall Alternative UCITS universe, with the AH Global Index registering a gain of 1.6% and every sub-strategy index (with the exception of the small universe of dedicated FX funds) in positive territory.

Our monthly performance report highlights the ten best and worst performing funds in each strategy, both for the prior month and the year to date.

Convertible bonds are relatively unique instruments, possessing features of both equity and debt, and thus potentially able to offer the ‘best of both worlds’ – exposure to equity upside with bond downside protection. Furthermore, the hybrid nature of the security creates a broad range of potential trade opportunities.