LibreMax Up 10%

Aug 21 2012 | 1:05pm ET

LibreMax Capital soared into the double-digits for the year on the back of a rally of the mortgage market last month.

The New York-based hedge fund, led by Greg Lippmann and two other Deutsche Bank veterans, is up 10.12% this year, Reuters reports. The $1.76 billion fund returned 2.71% in July.

"The combination of a strong rally in pricing and an increase in dealer inventories motivated us to reduce our exposure to certain higher beta sectors," Lippmann wrote to investors. LibreMax's net exposure dropped from 102.4% to 99.9% during the month.

"We saw fewer opportunities to add securities," Lippmann wrote.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…