Deepak Narula hit bottom in 2007 when investors pulled cash from his hedge fund, leaving him to unwind mortgage bond bets in a frozen market that would have made money if he’d just held on a few more months.Enlarge image
Deepak Narula, founder and managing partner with Metacapital Management LLC. Photographer: Jacob Kepler/BloombergFive years later, Narula, 49, is at the top of the best- performing category of funds. Metacapital Management LP, the New York-based firm he founded in 2001 after leaving Lehman Brothers Holdings Inc., is up 34 percent this year, almost 10 times the industry average. Since restarting in July 2008, returns exceed 500 percent and the firm has expanded to oversee $1.4 billion.“Mortgage funds generally are doing fabulously well, but he’s outperforming everyone,” said Rael Gorelick, co-founder and principal of Charlotte, North Carolina-based Gorelick Brothers Capital LLC, a $250 million fund of mortgage hedge funds invested in 20 managers. He’s “creative, smart, experienced and can play with two hands: This is his time.”Narula has built his recent run on predicting how the Federal Reserve, the Obama administration and financial industry would react to the worst housing crash since the 1930s. He’s outpacing competitors by investing in both government-backed securities and riskier property debt, profiting from buying bonds that rallied as real estate recovered, and trading around government attempts to stoke refinancing.Hedge funds focusing on mortgages returned 17 percent this year through September, according to data compiled by Bloomberg, the best performing of 18 groups. That’s almost five times the 3.6 percent gain for the industry, the data show. Some of the largest firms are faring even worse.Brevan Howard
Brevan Howard Asset Management LLP, Europe’s second-largest hedge-fund manager, posted a 1.6 percent gain this year in its flagship $25 billion fund, according to a person familiar with the returns. John Paulson, who made $15 billion in 2007 betting against subprime mortgages, has lost 14 percent this year in his Advantage Plus Fund.By contrast, Pine River Capital Management LP’s $3.4 billion fixed-income fund, which like Narula invests in a various types of home-loan debt, has gained 29 percent this year, according to a performance update sent to investors.LibreMax Capital LLC, the firm founded by former Deutsche Bank AG trader Greg Lippmann, who benefited in 2007 from the subprime-mortgage collapse, is up about 16 percent, beating peers that focus on non-agency bonds, such as subprime and commercial property securities that don’t have government backing, according to a person briefed on the returns.Narula, whose 12-person firm occupies a sparsely decorated 38th floor office overlookingCentral Park, declined to comment on his returns, which were provided by his investors and letters sent to them obtained by Bloomberg News.Subprime Debt
http://www.bloomberg.com/news/2012-10-09/narula-masters-fed-beats-funds-with-500-gain-mortgages.htmlGreece Welcomes Gold Miners to Rank First in Europe: Commodities
By Thomas Biesheuvel - Oct 10, 2012 7:11 AM ETFor three years, Steve Sharpe’s company prodded Greek officials for permission to drill for gold. Before approval was finally granted this year, European Goldfields Ltd.’s battered share price attracted a takeover bid.“No way on earth would I go back to Greece,” said the Canadian producer’s former head of business development, who left to head a mining company across the border in Macedonia.Enlarge image
TVX Gold Inc. repeatedly clashed with local government officials and courts and eventually abandoned Greece in 2003 after its permits for Olympias were declared illegal and annulled. Photographer: Elena Becatoros/APEnlarge image
More than 25,000 protested in Athens yesterday as German Chancellor Angela Merkel made her first visit to the Greek capital in five years. Photographer: Kostas Tsironis/BloombergDelays like Sharpe’s are less common after the economic collapse in Greece spurred a new urgency in the government to create jobs. Eldorado Gold Corp. (ELD) and Glory Resources Ltd. (GLY) are developing four mines that should turn Greece into Europe’s biggest producer of the precious metal by 2016.Gold mining is gathering momentum after Greece began what it called a “fast-track” approvals program. The Canadian and Australian companies said their projects will add about 425,000 ounces by 2016, worth $757 million at the Oct. 5 spot price, to the 16,000 ounces the country produced in 2011.“There’s clearly evidence that Greece has woken up to the potential of their mining industry,” said Jeremy Wrathall, chairman of Perth-based Glory Resources. “Politicians increasingly realize that a pro-mining stance is appropriate due to job creation potential.”Greece, which is also fast-tracking state property sales, is set to overtake Finland as the continent’s largest gold producer within four years, as regulators in Athens sign off on mines kept on hold for more than a decade by red tape and environmental rules. Finland, which mined 220,000 ounces last year, currently ranks 40th among the world’s gold producers.
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