Wednesday, 2 September 2015
Last updated 7 hours ago
Apr 17 2012 | 1:50pm ET
Credit hedge fund LibreMax Partners rose more than 5% in the first quarter.
The New York-based firm, founded in 2010 by three former top Deutsche Bank traders, returned 1.41% in March and is up 5.05% on the year, Dow Jones reports. The firm also told investors that its assets stood at $1.3 billion at the beginning of April.
LibreMax wrote that it cut its investments in prime and "Alt-A" mortgages last month in favor of subprime securities.
"Within subprime, we saw the strongest performance from seasoned mezzanine securities," the firm wrote. "In our opinion, many of these bonds have significant upside to modestly improved housing and economic scenarios."
May 27 2015 | 2:15pm ET