When Numbers Don’t Add Up: OMBIX
I stumbled upon OMBIX (JP Morgan Mortgage Backed Securities Fund) doing some research. Morbid curiosity caused me to look up its performance. Much to my surprise, Yahoo Finance reports returns of:
Is difficult to understand how a firm with holdings (per Yahoo) in Mortgage Backed Securities, even AAA ones, could be doing so well.
While I don’t have information suggesting the fund is being run by crooks, I am suspicious. If they did manage to keep their investors out of losing positions, the managers deserve an award.