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Matthias Knab, Opalesque: The Eagle's View Japan Arbitrage Fund, L.P. returned an estimated +5.65% net in April 2026, bringing year-to-date performance to +9.91% net of all fees, according to a monthly investor letter from Neal Berger, General Partner of Eagle's View Japan Management, L.P. May is currently tracking at 5% or better, the firm said.
The fund, launched in September 2024 and managed by Chris McGuire's Eagle's View Japan Management, L.P., runs a Japanese convertible bond arbitrage strategy that hedges both the credit and equity components using Asset Swapped Convertible Option Transactions, or ASCOTs. Annualized return since inception stands at 22.54%, with annualized volatility of 9.01% and a Sharpe ratio of 1.85, materially ahead of the HFRX RV: FI-Convertible Arbitrage Index (10.98%) and the BarclayHedge Convertible Arbitrage Index (11.06%) over the same period.
Issuance pipeline broadens as JGB yields climb
New issuance of Japanese convertible bonds is picking up sharply, driven by the continued rise in domestic interest rates. The Japanese 5-year note recently hit 2%, sharpening the relative appeal of zero-coupon convertible structures versus straight debt for corporate treasurers. Nippon Steel, Advantest (6857) and JX Metals have all priced new deals in recent months, with a fuller calendar expected through the balance of 2026.
"Eagle's View Japan Arbitrage Fund, Ltd. has been treated exce...................... To view our full article Click here
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