Sudden losses show MBS no longer a free ride

By Rob Copeland

Mon Jun 17, 2013


Mortgage funds split into winners and losers; GS Gamma, Metacapital, Napier Park, SPM, West Side Advisors lag.


 
 Fund name May YTD
BTG Pactual Distressed Mortgage Fund
2.81%
13.77%
Canyon Structured Assets Fund
2.73%
16.76%
Tilden Park Investment Fund
2.25%
13.89%
TIG Securitized Asset Fund
2.00%
12.20%
Premium Point Mortgage Credit Fund
1.38%
9.57%
Halcyon Asset Backed Value Fund
1.10%
5.93%
Axonic Credit Opportunities Fund
0.30%
8.74%
Providence MBS Fund
-0.20%
2.61%
Pine River Liquid Mortgage Fund
-2.13%
-1.61%
Napier Park Mortgage Credit Opportunity Fund
-2.85%
0.82%
West Road Advisors Master Fund
-3.15%
-0.40%
GS Gamma Investments (Guggenheim) Fund
-3.71%
-11.15%
Metacapital Mortgage Opportunities Fund
-7.26%
-5.55%
SPM MBS Agency Fund
-10.50%
-17.58%
Source: Absolute Return reporting. 

Some of the hedge fund industry's most lauded recent success stories met with starkly different results in May, with several mortgage-focused funds suffering large losses while others continued to profit as if nothing had changed.

Funds...

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