Hedge funds expect more alpha in mortgage trades

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Housing recovery positive for MBS hedge fund strategies

Hedge fund managers specialising in US residential mortgage strategies urged investors to stick with the asset class, dismissing concerns that returns are bound to taper off after big gains in recent years.

"The opportunity in mortgage credit markets is as good if not better than it was two years ago," says Josh Birnbaum, chief investment officer of Tilden Park Capital Management, speaking at the Salt conference in Las Vegas. The company's main fund returned over 40% last year.

Birnbaum, a forme

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