Identifying Relative Value Strategy in Hedge Funds

In the realm of hedge fund strategies, a hedge fund employing a relative value strategy seeks to capitalize on price inefficiencies between related financial instruments. During a recent investor meeting, the portfolio manager of a hedge fund discussed three potential trades illustrating their relative value approach: a merger arbitrage trade, a convertible bond arbitrage trade, and a long-short equity trade. The manager emphasized that these trades are structured to minimize market risk while exploiting spreads between the instruments.

During this discussion, the manager stated that a particular trade was designed to profit from perceived mispricing of a convertible bond relative to its underlying equity. Which of the following trades best exemplifies the relative value strategy in this context?