UCM Partners Launches $10M Fixed-Income Fund

Jun 29 2011 | 1:56pm ET

UCM Partners, a boutique fixed-income investment advisor with about $1.1 billion AUM, has launched the UCM MIDAS Fund with $10 million.

The new fund, which targets returns of 25%-30%, is a private, co-mingled fixed-income vehicle designed to capitalize on relative value opportunities in residential mortgage-backed securities and other securities debt markets.

The MIDAS fund is managed by UCM Partners CIO Jay Menozzi and portfolio managers Boris Peresechensky and Vesta Marks. The team employs an investment process based on UCM's proprietary analytical models, developed to capitalize on undervalued cash flows of securities at the top of the capital structure within the residential MBS market. 

A company statement says the investment team employs a quantitative relative value approach, utilizing their proprietary loan-level credit models to generate security-level cash flow projections for multiple economic scenarios—expected-base case, extreme-stress case and optimistic recovery case. The fund also seeks to exploit periods of market illiquidity and pricing anomalies to capture opportunities within distressed sectors and among mispriced securities.

Founded in 1992 and headquartered in New York, UCM Partners also has offices in Orlando and Philadelphia.

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