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Macquarie Fortress Investments Ltd. - US MBS with subprime exposure

2007-08-01

Count of distinct funds: 1

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stories: bloomberg.com

The Australian bank's $873m worth of funds "may lose up to 25%" and the outfit is being forced to sell assets to meet redemptions. Also noteworthy:

Fortress uses leverage of 4.5 to 6.5 times and allows individual investors with as little as A$5,140 ($4,350) to spend to buy the notes.

Gotta love the notion of a mutual fund run like a hedge fund.

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Important: This fund is on our list of hedge funds that are apparently ailing or which we think are worth watching for any other reason. Ailing funds haven't shut down, but they've suffered significant value declines and/or temporarily halted redemptions. Funds on watch may not even have unusual declines, but may be posted if it is felt there may be risk of developing a more serious condition eventually.