Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
Lazard Enhanced Opportunities returned 2.82% in Q2 2026, underperforming as equity hedges detracted from strong market gains. AI infrastructure convertibles from Nebius and Akamai drove positive performance through volatility-driven basis expansion. Record convertible issuance of $83 billion nearly doubled prior year levels. Rising rates under hawkish Fed Chair Warsh partially offset gains. The team expects earnings volatility to create gamma trading opportunities.
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Lazard Enhanced Opportunities returned 2.82% in Q2 2026, underperforming as equity hedges detracted from strong market gains. AI infrastructure convertibles from Nebius and Akamai drove positive performance through volatility-driven basis expansion. Record convertible issuance of $83 billion nearly doubled prior year levels. Rising rates under hawkish Fed Chair Warsh partially offset gains. The team expects earnings volatility to create gamma trading opportunities.
