Clareville Pegasus Up 54%

Dec 3 2013 | 10:42am 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

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

iCapital Network: The Trump Effect On Direct Lending

Feb 23 2017 | 4:21pm ET

The arrival of the Trump Administration has raised questions among private debt...

 

From the current issue of