Tuesday, 1 December 2015
Last updated 8 hours ago
Dec 5 2013 | 1:20pm ET
Greece still has some distance to go to recover from its crippling financial crisis, but it has bounced back enough to help a hedge fund focused on the country double its investors' money.
Dromeus Capital Group launched its Greek Advantage Fund last October, and in its first 12 months, has returned 107%.
"Launching our fund during that period of extraordinary uncertainty, not only for Greece but for the Eurozone as a whole, may have seemed a risky proposition," co-founder Achilles Risvas said. "It was certainly a non-consensus idea, but the low level of asset prices meant we were absolutely convinced that we had valuation on our side."
In one case, Greek bank warrants, Dromeus has enjoyed a 250% return, following the banks' recapitalization. The fund has also benefitted from some non-Greek investments, including in pianomaker Steinway Musical Instruments, which was bought by hedge fund Paulson & Co. And, Risvas says, there's further room to grow.
"Corporate earnings, economic activity, credit conditions and investor sentiment suggest that we are about mid-way through the trading cycle that follows an economic meltdown of the type that Greece has had to endure," he said.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…