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: Rotation Capital's Rothfleisch On SPAC 2.0

Aug 11 2017 | 7:43pm ET

Corporate actions have long been a staple of event-driven investors, but activity...

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

Star Mountain: Private Lending in the Lower Middle-Market

Aug 14 2017 | 4:45pm ET

Private credit has become one of the most popular alternative asset classes in recent...

 

From the current issue of