Accordng to the good folks at Bloomberg Fannie (FNMA) Mae and Freddie (FMCC) Mac have a friend on West 57th Street. That’s the New York address of Metacapital Management LP, the hedge fund founded by Deepak Narula.
Narula, 49, has used Fannie and Freddie to build the world’s most-successful hedge fund. His Metacapital Mortgage Opportunities Fund, which invests heavily in agency mortgages, returned 37.8 percent in the first 10 months of 2012, putting it at the top of the Bloomberg Markets list of the 100 best- performing hedge funds managing $1 billion or more which will be published in the February issue of Bloomberg Markets. That comes on top of a 23.6 percent return in 2011.
The Mortgage Opportunities fund is up 520 percent since it started trading in July 2008…..