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Alternative Market Briefing

Deer Park Road’s mortgage fund up 23.5% YTD, closes to new investors

Monday, November 19, 2012

Benedicte Gravrand, Opalesque Geneva:

A U.S. distressed real estate fund is doing very well so far this year, and its manager believes there are still opportunities in the mortgage market. And after receiving inflows of some $40m, the fund will close to outside investors on December 1st.

The STS Partners Fund, which invests in MBS and ABS, returned 3.02% net in October, compared to -1.85% for the S&P 500 TR (total return). The Fund is up 23.55% YTD versus 14.29% for the S&P. And since its May’08 inception, the Fund has achieved a compound annualized ROR of 30.41% versus 2.69% for the S&P 500 TR.

The HFRI Fixed Income-Asset Backed index is up 1.25% (est.) in October, up 14.35% YTD. And the HFRX Fixed Income-Credit Index is up 0.23% (est.) and up 5.04% YTD.

The Fund invests through fundamental analysis and security selection without using leverage, by focusing on deeply discounted, shorter-term, high cash flow MBS/ABS. It is currently in Opalesque’s ASquare database. It is managed by Deer Park Road Corporation, a Colorado-based multi-fund investment manager focused exclusively on investing in distressed real estate and asset backed fixed-income securities.

According to a monthly fund report sent to Opalesque by an investor, October’s performance was essentially a repeat of September (+3.97%), where......................

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