Clareville Pegasus Up 54%

Dec 3 2013 | 11:42am ET

Clareville Capital is racking up big returns this year, without even a hand from Twitter Inc.'s initial public offering.

The London-based firm's Pegasus Fund is up 54% through the end of October, a month that saw it add another 4.8% to the total, ValueWalk reports. The hedge fund is soaring on the back of the travel sector, co-manager David Yarrow wrote to clients.

Pegasus' largest investment is in British Airways parent International Consolidated Airlines. But the fund also has bets on discount airline easyJet and travel agency Thomas Cook Group. The former is up 85% this year and the latter 260%.

Both of which are better than the roughly 60% gain in Twitter shares over its IPO price. Yarrow dismissed IPO investing, writing "no matter how much work you do on an IPO and how interested you are, the allocation you receive is at the whim of the book runner."


In Depth

Q&A: Sancus Capital And The Disruption Of The CLO Market

Oct 5 2017 | 6:28pm ET

Traditional collateralized loan obligation (CLO) funds in the U.S. market can offer...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Finding Success as Alternatives Converge

Oct 9 2017 | 4:00pm ET

Rising interest among institutional investors over the past several years has led...

 

From the current issue of