Metacapital Manages Positive Return In '13

Jan 29 2014 | 1:05pm ET

Despite a dismal first half, Metacapital Management was able to salvage last year with a strong second half.

The New York-based hedge fund's flagship was up 0.53% last year. That's not impressive compared either to the average hedge fund, which rose in the mid- to high-single digits, or the stock market, which soared 30%. But it's better than it could have been: The $1.23 billion Mortgage Opportunities Fund fell 10.2% in the second quarter and was down more than 8% in the first half.

But, firm founder Deepak Narula wrote, Metacapital returned nearly 10% in the second half to avoid a losing year, at least.

Metacapital's Rising Rates Fund, which debuted in May, did much better, returning 20.11% in its first eight months.

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