Tuesday, 21 October 2014
Last updated 5 hours ago
Jan 18 2013 | 12:56pm ET
A mortgage hedge fund helmed by a former Goldman Sachs banker nearly tripled its assets last year while soaring more than 35%.
Tilden Park Capital Management, launched two years ago by Josh Birnbaum, who helped orchestrate Goldman's highly-profitable bets against subprime mortgages during the financial crisis, joined the ranks of the billion-dollar hedge funds last year. The firm, which started the year with $366 million, now manages $1.25 billion, a nearly three-fold increase, Asset Backed Alert reports.
And those new investors are being handsomely rewarded: Mortgage hedge funds on the whole did well last year, rising 20% on average. But the Tilden Park Investment Fund returned more than 35% last year. Since its debut in January 2011 with $15 million, Tilden Park has had just one losing month, in October 2011, when it fell less than 1%.
At Tilden Park, Birnbaum and his team, which he brought with him from Goldman, focus primarily on non-agency residential mortgage bonds, with some money invested in agency debt and commercial mortgage-backed securities.
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 McKitish of Peddie School's 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…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...