The jolt to the market due to U.S. subprime mortgage concerns has affected a number of companies worldwide, even if they have not invested in the troubled asset class.New Zealand's Macquarie Fortress Investments Ltd., for example, said July 31 that its Macquarie New Zealand Fortress Notes have been "adversely impacted by price volatility in the U.S. credit markets" even though it has "no direct exposure to U.S. subprime mortgages." The company said that although the decline in the funds' value is entirely due to supply-demand flows in the market and there are "no major concerns about the overall credit quality of senior loans in the portfolio," the investment manager has had to sell selected loans to meet margin calls. Moreover, there are concerns about whether the fund will be able to continue to meet margin calls if asset values continue to drop, Macquarie said.

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