Sat, Dec 3, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Dromeus hedge fund calls for caution on Greece

Thursday, March 28, 2013

Bailey McCann, Opalesque New York:

Dromeus Capital Group, the firm behind one of the leading Greece focused hedge funds has turned cautious on Greek investments raising its cash balances for the first time since its inception. The fund was launched in October 2012, and returned 40% last year on the idea that Greek assets were underpriced. Now, fund principals say that it may be time to ease up, making reference to the overall economic situation in the region, and the approach of European leaders.

The fund is focused on acquiring distressed corporate bonds and steeply discounted equities, which paid off last year. But, as the Cyprus situation unfolds and an era of austerity driven contraction defines the region, moving back into cash may be the safer choice.

"Greek asset prices have been through a tremendous rally over the last three quarters but future prospects increasingly depend on budget execution and output recovery and we have doubts on both," says Achilles Risvas, Managing Partner at Dromeus Capital.

The firm notes that markets have been too ready to celebrate the progress on the fiscal front, taking at face value the official forecasts. The Financial Times has some charts from Dromeus highlighting their doubts. EU leaders have forecas......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. M&A - AllianzGI to acquire Sound Harbor Partners, SS&C completes acquisition of Wells Fargo's Global Fund Services business[more]

    AllianzGI to acquire Sound Harbor Partners Allianz Global Investors (AllianzGI), an active investment manager, announced that Sound Harbor Partners, a US private credit manager led by Michael Zupon and Dean Criares, have agreed to join its fast-growing Private Debt Platform. Under the te

  2. Europe - UK investors to pay more tax on money in offshore funds, Do you want to hand your money to super-algo or a Swiss banker?[more]

    UK investors to pay more tax on money in offshore funds From FT.com: Hedge funds in Dublin and Luxembourg are set to be hit by new rules that will force UK investors to pay more tax on the money they hold in offshore funds. As part of the government’s Autumn Statement on the country’s fi

  3. Hunt for yield pushes more investors into riskier assets[more]

    From FT.com: Pension funds and insurance companies have increasingly embraced riskier assets in their hunt for higher returns over the past five years. Alternative assets such as property, infrastructure, private equity and hedge funds have been bought up by institutional investors in a world where

  4. People - Nectar Financial hires senior investment team, Texas A&M replaces retiring foundation investment chief, Ex-Cadwalader partner Woolery makes another sudden exit, How to become a Python coder at a top hedge fund, by the co-CTO of Man AHL[more]

    Nectar Financial hires senior investment team Nectar Financial AG, a Swiss financial technology company for wealth and asset management, has announced that it has hired two key senior leaders to spearhead its digital asset management efforts. The company also announced that it has entere

  5. Activist News - Cognizant has introductory discussion with activist investor Elliott; to review letter, Starboard Value makes huge investment in Hewlett Packard, Hedge fund calls for removal of First NBC Bank CEO[more]

    Cognizant has introductory discussion with activist investor Elliott; to review letter From Indiatimes.com: Cognizant said it had an introductory discussion with Elliott Management after receiving the activist hedge fund's letter asking for a board shakeup, a buyback, a dividend and chan