MKP Capital Management's credit sensitive mortgage-backed
securities fund started the year on firm footing, thanks
largely to heavy, unleveraged short exposure.
MKP Credit, the $600 million MBS fund managed by Anthony
Lembke and Patrick McMahon, produced a 0.9% return in February,
taking its total gain to 1.55% for the year so far. By
comparison, the Absolute Return Credit Index returned 0.20% in