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Alternative Market Briefing

Hedge fund PVE Capital finds returns in peripheral European credit

Monday, November 04, 2013

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Gennaro Pucci
Beverly Chandler, Opalesque London:

An increase in US interest in peripheral European credit is flagging up opportunities for Gennaro Pucci, CIO, of PVE Capital. Launched in 2009, PVE Capital is a $300m London based hedge fund manager that specialises in credit, designed to take advantage of opportunities that exist in the global credit market landscape, particularly in Europe. Its founder and CIO Gennaro Pucci, has over 18 years of experience in credit, and eight years of experience in the hedge fund industry. His managed accounts and funds have achieved a cumulative return of 307.85% over that period.

The firm runs a traditional long/short credit fund which has had a challenging year, offset by a strong recovery in October. "We are positioned strongly for tightening of credit spreads in Europe at the end of this year and we think there is a rationale for consistent tightening still to come" Pucci says in an interview with Opalesque.

PVE invests through baskets of credit derivatives, consisting of names with wide and tight spreads which perform when there is a decrease in dispersion. Underlying securities in the baskets consist of investment grade and crossover names within the European markets. "We are primarily doing a trade long peripheral countries and corporations and short core countries" he says.

Special situation credit has given them growth of over 20% this year, with a $220m managed ......................

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