Jan 28 Deepak Narula, one of the hedge fund
industry's best known mortgage bond traders, told clients his
flagship Mortgage Opportunities Fund ended the year up 0.53
percent, recovering from double-digit losses in the second
"After a dismal second quarter the fund was up nearly 10
percent in the second half of 2013 to finish the year in the
black at +0.53 percent," he told clients in a letter dated Jan.
24 and seen by Reuters. The fund managed $1.23 billion in
The firm's Rising Rates Fund, launched in May, performed
much better as interest rates increased and refinancing activity
slowed. It ended the year with a 20.11 percent gain. Its assets
nearly doubled to $322 million on Jan. 1, 2014 from $169 million
on Oct. 1, 2013.