Wednesday, 28 September 2016
Last updated 3 hours ago
Nov 3 2008 | 1:00am ET
Not every asset-backed securities fund is hurting amidst the credit crunch.
Halcyon Asset Management’s $850 million Asset Backed Securities fund is up 3% through September, the New York Post reports. That may not sound like much, but it makes the fund, managed by Joe Wolnick, one of the only ABS hedge funds to enjoy a position return through the third quarter this year.
Wolnick hit it relatively big by sitting on the sidelines for much of the year, believing that loans still had a long way to fall. He only begin buying in September, according to the Post, after bonds fell below 50%.