T2 Capital Partners Hedge Fund Tracker Notes

T2 Capital Partners

T2 Capital Partners LP | Hedge Fund Notes

The following piece on T2 Capital Partners is being published as part of our daily effort to track hedge funds in the industry. To review other hedge fund research notes please see our Hedge Fund Tracker Tool.

Resource #1: (12.8.08) New York-based T2 Partners is betting that the housing crisis will continue through next year, shifting a portion of its assets into mortgage-backed securities for the first time. The hedge fund’s founder, Whitney Tilson, announced the firm’s plans at a Reuters summit in New York yesterday.

“For the first time in our 10-year history we are buying distressed debt, and we are selling equities to do it,” Tilson said. He said some of the one-time triple-A-rated bonds offer “enormous” returns on capital, with the most senior securities paying interest, allowing the firm to get cash back “very, very rapidly.”

“It would be hard to find a more tainted asset, and of course therein lies opportunity for people who can do the work on it and who don’t care what the rating is,” Tilson said, adding that the securities his firm is buying are “pools of the most toxic mortgages ever written.” source

Resource #2: (11.13.08) Pleas see our 13F analysis of T2 securities here: T2 Capital Partners LP | 13F Holdings Analysis

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