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The Wexford High Yield Debt Offshore Fund offshore fund was up 1.05% net for the month of January, showing a strong return in a market where the S&P 500 lost -6.12%, the Dow Jones was down -4.63% and most hedge fund indices were down between 2.4% and 3%. Wextrust Capital added its domestic fund returned 13.61% net for 2007, according an investor communication obtained by Opalesque.
Wextrust Capital thinks that "we are currently witnessing essentially the breakdown of our modern day banking system. The effect of bad loans created, packaged, insured, distributed, and ultimately bought as what should have been labeled "junk mortgages," but which by a masterstroke of marketing genius were given a more respectable image. Short-term greed has long-term effects. Today, as banks continue to announce sharp mark-downs in their portfolios, the lending market has brought disciplined investors an array of opportunities, more accurately valued than a year ago.
Wextrust Capital's CEO Steve Byers said "“some of the best deals are done in the worst markets and some of the worst deals are done in the best markets.”
The Wexford High Yield Debt Fund’s strategy includes offering igh yield short-term opportunity Loans secured by first or second mortgages on commercial real estate with an average loan-to-value of 65%. These loans are made to entities unable to obtain conventional financing due to the immediacy and/or complexity of the transactions. "The fund’...................... To view our full article Click here
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