Another hedge fund is singing the mortgage blues as it lost significant value from hits in the subprime mortgage sector. Basis Capital Fund Management Ltd. has announced that its Yield Fund lost as much of 80% of its value in the last 30 days. Basis Capital Fund Management Ltd. is an Australian company. They disclosed the revaluation Monday in a letter to investors. The losses have worsened since a month ago, when it said the fund may decline more than 50 percent. The firm managed $1 billion in March.

By August 15th losses might exceed 80 percent as the U.S. subprime mortgage rout prompted creditors to force the Sydney-based company to sell assets. One reason this company is singing the mortgage blues is they could not tell how exposed they were to U.S. subprime difficulties. “Any fund with securities backed by lower quality U.S. mortgages is having trouble finding prices and valuations,” said James Alexander, who helps manages the equivalent of $9.9 billion at AllianceBernstein Holding LP in Melbourne.