Waterstone Market Neutral Fund gained 2.1 percent in August in the middle of an all-round bad month for hedge funds, according to a monthly update from the hedge fund that was obtained by ValueWalk. The fund uses a convertible arbitrage strategy, and according to the latest numbers from HSBC Hedge Weekly, Waterstone slipped 3.3 percent this month through September 13, and returns are down 13.7 percent YTD. Waterstone Gains In Supervalu Speaking of August only, the best performer for the fund was its short position in SUPERVALU INC. (NYSE:SVU). This is exactly the opposite of what happened with the fund…
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