Wednesday, 17 December 2014
Last updated 7 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.