LibreMax Capital’s main fund notched returns of roughly 6% through July this year, according to a person familiar with the matter, after betting on asset-backed securities and rotating out of commercial and residential mortgage debt and collateralized loan obligations.
The LibreMax Partners Fund, which totals about $1 billion, invests in structured products tied to both corporate and consumer debt. The fund gained about 4% in the first half of last year, as previously reported by Bloomberg. Separately, LibreMax has raised $1 billion across two other funds, namely the LibreMax Core Fund and LibreMax Dislocation Fund, added the person, who declined to be identified as the details are private.
In that vein, the firm increased its ABS exposure while lowering its allocations to commercial mortgage debt, CLOs and residential mortgages. Within ABS, it invested across subprime auto bonds, consumer unsecured, aircraft, solar and credit card securities, the letter details. LibreMax sees opportunities in whole business debt in particular. It participated in a $90 million advance to Coinstar LLC, giving the coin kiosk operator flexibility to restructure about $1 billion in whole business securitization deals that reached a key repayment date in late April, as reported by Bloomberg.CLOs have had a slower 2023 compared to ABS. Issuance is down about 24% year-over-year at around $69 billion, while ABS sales are 7.6% lower year-over-year at $191.
In residential mortgage bonds, LibreMax moved down the capital stack based on certain borrowers’ performance, reads the letter. The firm is also seeking out opportunities in single-family rental bonds, where companies have struggled to raise rents amid higher expenses.
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