Fri, Apr 18, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Dan Loeb to launch Greek-focused hedge fund

Thursday, April 11, 2013

From Precy Dumlao, Opalesque Asia – Activist hedge fund manager Dan Loeb is launching a new hedge fund focused on buying Greek assets on the assumption that the European Union will bailout the troubled economy.

In a report by Businessweek, Loeb’s new Third Point Hellenic Recovery Fund will be banking on the same strategy over last year’s Greek rescue by the EU which drove Third Point’s profits in 2012.

It described the new fund as an "event-driven corporate situations" fund and added that Third Point would invest less than 1.5%of the assets in its existing hedge funds in the new pool and would raise additional money from institutional investors.

According to Loeb’s letter to investors, its Greek fund would use a so-called drawdown structure and would release capital as investment opportunities arise.

In its shareholder letter last February, Third Point reported that its assets rose nearly $400m in one month to a record $11.6bn. The flagship third point hedge fund has AUM of $5,686bn, another record for the event/driven value oriented hedge fund. The hedge fund was up 1.2% in February bringing total returns for 2013 to 6%, reported ValueWalk.com.

The hedge fund has a CAGR return of 17.8% compared to the S&P 500 of 6......................

To view our full article Click here

Banner
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. CTAs could face new challenges in a rising rates environment[more]

    Bailey McCann, Opalesque New York: CTAs have taken a beating performance wise lately, and asset flows reports show that investors aren't sticking around to see how the movie ends. Now, a new white paper from Roy Niederhoffer and Coen Weddepohl notes that as interest rates start to tick back u

  2. Investing – Big hedge funds bought Puerto Rico's junk bonds, Fidelity explores new trading venue amid flash trade concerns, Crisis-era Greek bonds reward early buyers with big effective returns, Cargill unit discloses stake in Freddie preferred[more]

    Big hedge funds bought Puerto Rico's junk bonds From Reuters.com: Several large hedge funds doubled down on Puerto Rico in last month's giant bond sale despite the U.S. territory's financial struggles, the Wall Street Journal reported, citing confidential documents reviewed by the newspa

  3. Opalesque Exclusive: Classic Auto Funds Limited (CAF) launches several car investing funds[more]

    Bailey McCann, Opalesque New York: A new trend in alternative alternatives is emerging - car appreciation funds. Classic Auto Funds Limited (CAF) is the first to market with several funds that make super elite luxury cars into real asset investments. As a result of growing overseas demand couple

  4. Commodities – Popular value fund manager David Iben bets on Russia, gold,[more]

    From Reuters.com: With large bets on Russia and North American gold miners, one of the best performing stock pickers in the wake of the 2008 financial crisis is back with a new fund that reflects his deep aversion to following the crowd. In the Kopernik Global All-Cap Fund, David Iben is follo

  5. Opalesque Exclusive: Pensions, endowments, family offices reconsider life settlement investments[more]

    Bailey McCann, Opalesque New York: Hedge funds were once the largest investors in the life settlement industry, now the industry is seeing more interest from pensions, endowments and family offices directly. Life settlements have always been considered a niche part of the investing landscape, an