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Cheyne Capital Fund Posts Full-Year Loss on Mortgages (Update5)
By Neil Unmack
June 25 (Bloomberg) -- Queen's Walk Investment Ltd., a fund investing in the riskiest portions of bonds backed by mortgages, said it made a full-year loss after turmoil in the U.S. subprime market and increased repayments by U.K. borrowers.
The fund, run by London-based Cheyne Capital Management Ltd., lost 67.7 million euros ($91 million) in the year ending March 31, Queen's Walk said today in a statement. Its net asset value fell to 7.24 euros per share from 9.9 euros a year earlier. The loss was caused by ``significant developments'' in the U.S. and U.K. mortgage markets. The fund sold three of its four holdings in the U.S. subprime mortgage market, it said.
``We are disappointed with the performance,'' Stuart Fiertz, a founder of hedge-fund manager Cheyne Capital, said in a phone interview. ``We don't wish to excuse it by pointing to the broader market changes that have occurred, but we are pleased with how we have restructured the portfolio so far and look forward to the future.''
Queen's Walk is the second U.K.-listed fund to report losses because of rising delinquencies in the U.S. mortgage market, after London-based Caliber Global Investment Ltd. last month said it made an $8.8 million-loss. Bank of America Corp. last week said hedge fund losses at Bear Stearns Cos. may be ``tipping point of a broader fallout'' from the subprime market.
Default Rate
The writedown in the value of Queen's Walk's U.K. investments was caused by borrowers increasingly waiting until the end of their discount periods before repaying their loan. That reduced the revenue from penalty charges for early repayment, according to the statement.
The possibility of increased defaults by U.K. homeowners because of rising interest rates was also reflected in the valuation of the fund.
Cheyne Capital was set up in 1999 by Fiertz and Jonathan Lourie, two former Morgan Stanley bankers. The hedge-fund manager oversees about $12 billion in funds investing in both debt and equity markets.
Fiertz said he will assume overall responsibility for managing Queen's Walk from Ravi Joseph, who remains with Cheyne.
As U.S. home-loan defaults rise, bondholders stand to lose as much as $75 billion on subprime mortgage securities, according to an April estimate from Pacific Investment Management Co., manager of the world's largest bond fund. Investors in all mortgage bonds will probably take about $100 billion in losses, according to a March report from Citigroup Inc. bond analysts.
Loss Forecast
Queen's Walk increased forecasts of losses on its U.S. assets because of ``weaker housing market fundamentals,'' according to the fund's statement.
Queen's walk cut its investments in both the U.S. and the U.K. since the beginning of this year. U.S. assets dropped to 3 percent from 12 percent and U.K. investments fell to 41 percent from 54 percent. The proportion invested in Portugal, Germany and Italy rose.
Queen's Walk cut its dividend for the year to 90 cents from a target of 1 euro, including a 15 cents payment for the fourth quarter.
To contact the reporter on this story: Neil Unmack in London at [email protected]
Last Updated: June 25, 2007 05:54 EDT
By Neil Unmack
June 25 (Bloomberg) -- Queen's Walk Investment Ltd., a fund investing in the riskiest portions of bonds backed by mortgages, said it made a full-year loss after turmoil in the U.S. subprime market and increased repayments by U.K. borrowers.
The fund, run by London-based Cheyne Capital Management Ltd., lost 67.7 million euros ($91 million) in the year ending March 31, Queen's Walk said today in a statement. Its net asset value fell to 7.24 euros per share from 9.9 euros a year earlier. The loss was caused by ``significant developments'' in the U.S. and U.K. mortgage markets. The fund sold three of its four holdings in the U.S. subprime mortgage market, it said.
``We are disappointed with the performance,'' Stuart Fiertz, a founder of hedge-fund manager Cheyne Capital, said in a phone interview. ``We don't wish to excuse it by pointing to the broader market changes that have occurred, but we are pleased with how we have restructured the portfolio so far and look forward to the future.''
Queen's Walk is the second U.K.-listed fund to report losses because of rising delinquencies in the U.S. mortgage market, after London-based Caliber Global Investment Ltd. last month said it made an $8.8 million-loss. Bank of America Corp. last week said hedge fund losses at Bear Stearns Cos. may be ``tipping point of a broader fallout'' from the subprime market.
Default Rate
The writedown in the value of Queen's Walk's U.K. investments was caused by borrowers increasingly waiting until the end of their discount periods before repaying their loan. That reduced the revenue from penalty charges for early repayment, according to the statement.
The possibility of increased defaults by U.K. homeowners because of rising interest rates was also reflected in the valuation of the fund.
Cheyne Capital was set up in 1999 by Fiertz and Jonathan Lourie, two former Morgan Stanley bankers. The hedge-fund manager oversees about $12 billion in funds investing in both debt and equity markets.
Fiertz said he will assume overall responsibility for managing Queen's Walk from Ravi Joseph, who remains with Cheyne.
As U.S. home-loan defaults rise, bondholders stand to lose as much as $75 billion on subprime mortgage securities, according to an April estimate from Pacific Investment Management Co., manager of the world's largest bond fund. Investors in all mortgage bonds will probably take about $100 billion in losses, according to a March report from Citigroup Inc. bond analysts.
Loss Forecast
Queen's Walk increased forecasts of losses on its U.S. assets because of ``weaker housing market fundamentals,'' according to the fund's statement.
Queen's walk cut its investments in both the U.S. and the U.K. since the beginning of this year. U.S. assets dropped to 3 percent from 12 percent and U.K. investments fell to 41 percent from 54 percent. The proportion invested in Portugal, Germany and Italy rose.
Queen's Walk cut its dividend for the year to 90 cents from a target of 1 euro, including a 15 cents payment for the fourth quarter.
To contact the reporter on this story: Neil Unmack in London at [email protected]
Last Updated: June 25, 2007 05:54 EDT
Fleursdumal
फूल की बुराई
Bonjour a tout les bondaroles
ebbene state morendo di caldo?
poereti 
lo jpy finalmente da' segni di vita , pronti a lavorare sul gap nostrano sempre che non rimangono diabolicamente sul ciglio
ebbene state morendo di caldo?
poereti lo jpy finalmente da' segni di vita , pronti a lavorare sul gap nostrano sempre che non rimangono diabolicamente sul ciglio
f4f
翠鸟科
Fleursdumal ha scritto:Bonjour a tout les bondaroles
ebbene state morendo di caldo?
lo jpy finalmente da' segni di vita , pronti a lavorare sul gap nostrano sempre che non rimangono diabolicamente sul ciglio
Immagine sostituita con URL per un solo Quote: http://www.investireoggi.it/phpBB2/immagini/1182772771doccfredda.jpg
mica dappertutto è Beri
e poi, ci consoliamo con la cucina
te cosa hai trovato a pranzo? 
ps
pasta al pommodoro VERO, mozzarell' AUTENTICA, pepperoni, melone, pennica latina
Fleursdumal
फूल की बुराई
f4f ha scritto:mica dappertutto è Beri
e poi, ci consoliamo con la cucina
ps
pasta al pommodoro VERO, mozzarell' AUTENTICA, pepperoni, melone, pennica latina
Uova ORGANICHE , lambrusco e vegetables , si vede che son stato lassiato solo neh
Fleursdumal
फूल की बुराई
f4f ha scritto:si vede... non ti diho cosa mangio io quando somno solo ...
tipo ''pizza cameo scaldata in micronde SENZA togliere la plastica ....
cosa vuol dire 'uovo organico?'
organic sarebbe il nostro biologico
nooooo la pizza surgelataaa NOOOOOOO
Fleursdumal
फूल की बुराई
dan24 ha scritto:perchè cosa avete da dire contro la pizza surgelata?...praticamente è la base della mia dieta...mi son fatto pure tatuare sul gluteo.."CAMEO"
guarda a te lo posso concedere, in Toscana l'acqua, il pane e la pizza fanno c@g@re
