Park Road Management Co.正在推出第二只基金，投资于不受政府担保的美国住宅抵押贷款支持证券，以利用近期这类债务利差扩大的机会。
Park Road Management Co. is opening a second fund to invest in US residential mortgage-backed securities that aren’t guaranteed by the government, taking advantage of spreads on that debt widening recently.
据该公司发布的声明，Deer Park Mortgage Opportunity Fund II是一只封闭式基金，期限为三年，可两次各延长一年。符合条件的认可个人投资者和机构投资者可以投资该基金。
Deer Park Mortgage Opportunity Fund II is a closed-end fund that has a three-year term with two one-year extensions, according to a statement by the firm. Qualified and accredited individual and institutional investors can invest in it.
借贷成本高企和利率波动加剧，推动整个信贷市场的利差扩大。Deer Park是寻求买入受挫证券的投资者之一。
Elevated costs of borrowing and higher interest-rate volatility have pushed spreads wider across credit markets. Deer Park is among the investors looking to purchase beaten-down securities.
Deer Park首席投资官兼管理合伙人斯科特·伯格在声明中表示：“更高的抵押贷款利率，以及日益多样化的抵押品和交易结构组合，已在非机构住宅抵押贷款支持证券中造成定价低效，我们相信可以通过严谨的贷款层面信用分析来捕捉这些机会。”
“Higher mortgage rates and an increasingly diverse mix of collateral and transaction structures have created pricing inefficiencies in non-agency RMBS that we believe can be captured through disciplined, loan-level credit work,” Scott Burg, Deer Park’s chief investment officer and managing partner said in the statement.
Markit一项衡量美国非机构住宅抵押贷款支持证券的指标在9月底较今年6月下旬的高点下跌近2%，随后回升1.7%。据彭博汇编的数据，该指数今年迄今的总回报率为3.6%，势将创下至少自2013年以来的第二低年度涨幅。
A Markit gauge of non-agency US RMBS had dropped nearly 2% at the end of September from this year’s high in late June before recovering 1.7%. Total return on that index is 3.6% so far this year, headed for its second lowest annual gain since at least 2013, according to Bloomberg-compiled data.
Deer Park于2024年推出了新基金的前身。声明显示，该基金获得了1.68亿美元的资本承诺，截至今年6月30日，扣除费用和开支后的年化回报率为9.19%。
Deer Park launched its new fund’s predecessor in 2024. That fund received $168 million in capital commitments and has returned an annualized 9.19% as of June 30 this year, net of fees and expenses, according to the statement.