Tue, Sep 2, 2014
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. Study shows what resonates with investors: 'Unwavering', 'passionate' beats 'committed', 'dedicated' and more surprises[more]

    Komfie Manalo, Opalesque Asia: A new study by Pershing, a unit of BNY Mellon company, showed that an effective value proposition strengthens audience connections and fosters growth, yet many advisors have had little objective guidance in formulating such statements until now. In the study

  2. Legal – GE Capital and Petters-related hedge fund in legal battle, SEC sanctions Donald Brownstein's hedge fund over conflicts of interest[more]

    GE Capital and Petters-related hedge fund in legal battle From Startribune.com: A billion-dollar legal battle is brewing in Florida over who knew what and when about the decade-long Ponzi scheme operated by former Wayzata businessman Tom Petters. The bankruptcy trustee for two failed Flo

  3. Managed futures' global diversification is important in next phase of economic recovery[more]

    Komfie Manalo, Opalesque Asia: The global diversification provided by managed futures may prove to be extremely valuable as the markets enter the next phase of the economic recovery, said Campbell & Company, a pioneer in absolute return invest

  4. Comment – Why you should avoid the hottest hedge fund hands, Swedroe attacks Hussman over risk management, relative value strategy[more]

    Why you should avoid the hottest hedge fund hands FromCNBC/Yahoo.com: Investors who don't have money with Pershing Square Capital Management are likely salivating at the hedge fund's industry-leading 26 percent return from January through July. But investing with Bill Ackman and other to

  5. Ex-UBS prop trader's hedge fund Manikay Partners eyes UK launch[more]

    From eFinancialnews.com: Manikay Partners, a $1.7 billion US multi-strategy hedge fund set up in 2008 by a proprietary trader from UBS with backing from Goldman Sachs, is planning to open in the UK. New York-based Manikay's move into Europe comes after Financial News revealed on Monday that Aurelius