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

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of