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Alternative Market Briefing

Hedge funds wary of Greece

Tuesday, December 30, 2014

Benedicte Gravrand, Opalesque Geneva:

Over the past few years, nearly every high profile hedge fund manager has invested in Greek debt or equities, reported Value Walk last month. John Paulson (Paulson & Co), Seth Klarman (Baupost), Prem Watsa, Dan Loeb (Third Point), Jon Baeur (Contrarian Capital), Paul Kazarian (Japonica Partners), Fortress, Och-Ziff, David Einhorn (Greenlight), Brevan Howard and James Dinan (York Capital) have all invested in various asset classes, taking advantage of cheap valuations.

Hedge fund manager Dromeus Capital Group’s Greek focused fund – Dromeus Greek Advantage Fund, started in October 2012 to wager on Greece’s recovery – reportedly gained 160% from inception to June 2014.

But according to WSJ.com, Greece’s third attempt to elect a president on Monday, was just a bit too risky for most speculators - even if shares became very volatile that day. "With liquidity low in the week between Christmas and New Year, possible quantitative easing by the European Central Bank threatening to push up prices, and many managers keen not to mess up their annual performance number in the final days......................

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