Quarterly Bulletin Q1 - 2024

March 31, 2024

Excellent Start to the Year

In our last year’s quarterly newsletters, we often spoke about how our arbitrage strategies were guided by caution. Faced with frequent and excessive volatility, uncertainty surrounding the end of the interest rate cycle, and equity market valuations that we found to be excessive, we often adopted an approach that put capital preservation at the core of our investment decisions. At the same time, we were able to find many high-quality opportunities that offered attractive risk/return profiles. Today we are reaping the rewards of this cautious yet opportunist approach. The Fund is off to a good start this year (+6.5% CL.F), holding its own against the main benchmark indices. And we believe that we can build on this momentum, even though we still consider the conditions challenging.