Tuesday, 23 September 2014
Last updated 10 hours ago
Jan 17 2013 | 6:56am ET
LibreMax Capital put up a below-average December—but it was enough to push the New York-based hedge fund above 20% for the year.
LibreMax, whose assets soared to $2.4 billion from less than $1 billion last year, returned 20.8% last year, including 0.94% last month. The 2012 return is in line with big gains posted by other mortgage-focused hedge funds; the average mortgage fund rose 20.3% last year, according to Bloomberg News.
LibreMax, led by former Deutsche Bank traders including Greg Lippmann, put about half of its long portfolio into non-agency residential mortgage-backed securities through much of last year, and began buying commercial mortgage-backed securities, collateralized loan obligations and consumer asset-backed securities later in 2012. It also cut its exposure to subprime mortgages late last year.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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.