Greece Drives Dromeus’ 26% Return

Jul 22 2014 | 1:14pm ET

Greece-focused hedge fund Dromeus Capital Management continues to cash in on its bet on the country, which is emerging from a massive debt and financial crisis that nearly forced it out of the euro.

Geneva-based Dromeus is up a further 26% this year, Bloomberg News reports, bringing its return since its October 2012 inception to an impressive 160%. Among the firm’s winners this year was the recapitalization of Greece’s Eurobank Ergasias.

The deal “will create significant value for shareholders,” Dromeus wrote to investors. “Whilst the Eurobank shares finished the quarter up 19% from the placing price, they remain a core holding for the fund as we believe there is further upside in the trade.”

Dromeus isn’t the only hedge fund profiting handsomely from the Greek recovery. Third Point’s Hellenic Recovery Fund—launched six months after Dromeus debuted—is up 12% this year and 34% since inception, and Greek bets have helped fuel Paulson & Co.’s global Recovery Fund, which is up 4.5% this year after returning 63% last year.


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...