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Mariner Bridge - MBS with subprime exposure

2007-07-21

Count of distinct funds: 1

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stories: com.au

From the above article:

Mariner Bridge Investments, admitted to facing problems stemming from the subprime crisis. Mariner Bridge, which manages $302 million, cut the value of its $36 million in US residential mortgage-backed securities to 26 per cent below face value. Shares in Mariner Bridge fell as much as 11 per cent to $1.80 but closed at $1.995, off 2.5c.

"These investments have performed poorly," Mariner Bridge's chief financial officer, Karen McGregor, said - adding that 40 per cent of the mortgage-backed securities portfolio was in the subprime market.

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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.