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Resource #1: The Basis Yield Alpha Fund (Master) has failed to meet margin calls and some of its lenders have declared the fund in default and are trying to seize its assets, Zenith Investment Partners, a research firm, wrote in a report on Thursday. Zenith's report cited a notice that Basis Capital sent to investors on Wednesday.
Basis warned that if its lenders seize assets of the Basis Yield fund and sell at "distressed sale prices," the net asset value of the fund could be halved compared to its May 31 level, Zenith's report said.
Basis Capital, founded in 1999 by Steven Howell and Stuart Fowler, didn't return a phone call and an e-mail seeking comment on Thursday morning. Zenith also didn't return a call and an e-mail.
The Basis Yield Alpha fund lost roughly 14% in June, according to a letter the firm sent to investors earlier this month. MarketWatch obtained a copy of the letter. Another fund, the Basis Pac-Rim Fund, was down more than 9% in June, the letter also disclosed.
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