Saturday, 25 April 2015
Last updated 14 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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…