Fund Investment Objectives

The Waterfall Victoria Funds are an investment partnership seeking to achieve superior risk-adjusted returns primarily through investing in structured finance transactions, focusing on pools of credit-sensitive or distressed consumer and commercial loans, securities and related financial instruments. Victoria launched 3Q07 to capitalize on the distress in the US mortgage market with a primary focus on non-performing residential mortgages (NPLs). Victoria's returns are driven by capital gains from purchasing Non-Performing Loans (NPL) at discounts and exited at higher prices via proprietary loss mitigation programs.