The Semper MIDAS Fund, L.P. seeks to exploit ongoing inefficiencies and dislocation in securitized debt markets with the objectives of: 1) maximizing risk-adjusted total return; 2) preserving capital; and 3) maintaining ample near-term liquidity. The Fund invests in RMBS, CMBS, and ABS across the capital structure and credit quality spectra. Our approach combines rigorous quantitative analysis, including bottom-up, loan-level credit analysis and structural stress-testing with thoughtful qualitative analysis, leveraging our team's over 20 years of experience in the marketplace. This enables identification of potentially misunderstood and mispriced securities offering compelling risk/reward asymmetry. The Fund employs hedging strategies to manage interest rate, credit spread and other risks, and may utilize modest leverage.
Semper Capital Management L.P., the Fund's investment manager, is an independent investment management firm specializing in residential and commercial mortgage-backed securities. Semper Capital has been an SEC-registered investment advisor since 1992.