Monday, 4 May 2015
Last updated 15 min 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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…