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Alternative Market Briefing

Only few hedge funds have direct hedge fund exposure to Greece

Tuesday, June 30, 2015

Komfie Manalo, Opalesque Asia:

The Greek risk is limited for hedge funds on the Lyxor platform as few funds hold direct net exposures to Greek assets, and moreover these are fairly limited, said Lyxor Asset Management.

Only 11 funds are directly exposed to Greece

Lyxor in its Weekly Briefing said that only 11 funds are directly exposed to Greece, a majority found in the Event Driven and Credit space. Nine funds own Greek equities (local companies and banks). About half of them have exposures to Greek Sovereign bonds.

"We note that there is dispersion in the aggregated net exposure to Greece among managers, ranging from -4.5% to 5.6% of net assets of the funds, Philippe Ferreira, Lyxor AM’s head of research, managed account platform. "We estimate that the impact from future developments in Greece (losses or gains) would be limited for such funds. A majority of them have sought to isolate this risk. Some have reduced their exposures; others have implemented hedging strategies. In a worst case scenario, we estimate that the losses would be limited."

Yesterday it was reported that some hedge funds, including David Einhorn and John Paulson were in panic mode Greek Prime Mini......................

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