Saturday, 20 September 2014
Last updated 20 hours ago
Sep 13 2011 | 1:49pm ET
Fittingly for the worst month for hedge funds since the depths of the financial crisis, one of August's winners did so with a crisis-era strategy: betting against subprime mortgages.
New York-based LibreMax Capital gained 1.2% last month, Bloomberg News reports. The firm, founded last year by three former top Deutsche Bank traders, credited the gains to its short bets against subprime mortgages, high-yield corporate bonds and stocks.
LibreMax's $653 million flagship is now up 5.1% on the year and 9.5% since its debut in October.
"For the last several months, we have oriented ourselves more defensively, which positioned us well for August's volatility," the firm told investors.
August wasn't all roses for LibreMax; the firm took losses on its housing debt investments.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.