Convertible Hedge Associates

Convertible Hedge Associates was an early alternative investment management company founded by Edward O. Thorp and a partner, Jay Regan, in November 1969. Based in Long Beach, CHA was said by Thorp to have been the first market-neutral hedge fund. In 1974 it was renamed as Princeton/Newport Partners.

References

Some notes about CHA history are available in Thorp's articles Option Theory: What I Knew and When I Knew It, Parts 1 and 2, from Wilmott Magazine.

Investment
strategy

Arbitrage / Relative value	Capital structure arbitrage Convertible arbitrage Equity market neutral Fixed income arbitrage / Fixed-income relative-value investing Statistical arbitrage Volatility arbitrage

Event-driven	Activist shareholder Distressed securities Risk arbitrage Special situation

Directional	Convergence trade Commodity trading advisors / Managed futures account Dedicated short Global macro Long/short equity Trend following

Other	Fund of hedge funds / Multi-manager

Trading

Related
terms

Markets	Commodities Derivatives Equity Fixed income Foreign exchange Money markets Structured securities

Misc	Arbitrage pricing theory Assets under management Black–Scholes model (Greeks (finance): Delta neutral) Capital asset pricing model (Alpha / Beta / Security characteristic line) Fundamental analysis Hedge Securitization Short Taxation of private equity and hedge funds Technical analysis

Investors

Regulatory

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