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.