Thursday, 2 April 2015
Last updated 12 hours ago
Jan 17 2013 | 1:45pm ET
A new hedge fund betting that Greece had hit rock bottom has been spectacularly rewarded for its faith in the troubled country.
Dromeus Capital isn't the only hedge fund to make a killing on Greek long bets; Falcon Edge Capital, GSO Capital Partners, Perry Capital and York Capital Management have all done so, and Third Point's big bet on Greek sovereign debt earned it a tidy 100% return and contributed to its 21% return this year.
But since Dromeus new Greek Advantage Fund, which raised about €200 million, invests exclusively in Greece, its returns have been even more dramatic: The fund rose more than 40% during its first three months of operation, through December, the Financial Times reports.
The new fund began trading in October, with Dromeus CEO Achilles Risvas calling the bottom of the Greek market. His thesis was that Greek stocks and debt had been so beaten down during the financial crisis that they had nowhere to go but up. Dromeus is sticking by that story into the new year.
"We remain strong believers for further repricing in Greek fixed income and selected equity assets," Dromeus wrote to clients.
Still, the firm warned that there remains tremendous uncertainty in Greece, especially political uncertainty. But Dromeus said it was taking those risks into account and selecting its investments carefully.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…