Losses at the listed hedge fund managed by Cheyne Capital more than doubled in the last quarter amid fresh writedowns and a charge for the fund's hedging activities. However, these were partially offset by the managers' continued success in persuading mortgage originators to buy back some of the loans they had sold the fund.

Announcing its results for the three months to the end of June - the first quarter of the listed fund's reporting year - Queen's Walk Investment said it made a €5m ($7.3m) net loss, compared to its €2.3m loss from the previous three-month period.