Thursday, 7 May 2015
Last updated 11 hours ago
Nov 12 2012 | 2:30pm ET
Dromeus Capital specializes in emerging markets. But the Swiss-based hedge fund's latest offering looks a little closer to home—and to an economy generally saddled with less-promising adjectives than "emerging."
Dromeus has launched a fund to invest in Greece—both government debt, as well as equities and corporate debt. The Geneva-based firm's reasoning is simple: Greece has been so badly beaten down that it has little room left to fall.
"The huge uncertainty and political instability has caused investors to sell down Greek assets to prices from which the likelihood of further declines is limited," Dromeus CEO Achilles Risvas told Reuters.
"Our trade ideas do no fit, in our view, in the prevailing perception that dictates Greece is 'uninvestable' and a synonym for bankruptcy."
For the corporate names, Dromeus, which has an office in Athens, plans to focus on companies it sees as best-equipped to handle Greece's current recession, which has forced its European Union brethren to bail it out and to question its continued place in the euro common currency. Initially, the Dromeus Greek Advantage Fund will focus on fixed-income assets.
Risvas said Dromeus has nearly reached its €200 million capacity for the fund.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…