• 05 Dec 2013 at 3:02 PM

Greek-Focused Hedge Fund Doing Okay For Itself

John Paulson’s pianos have also helped Dromeus Capital.

Dromeus Capital Group launched its Greek Advantage Fund last October, and in its first 12 months, has returned 107%. “Launching our fund during that period of extraordinary uncertainty, not only for Greece but for the Eurozone as a whole, may have seemed a risky proposition,” co-founder Achilles Risvas said. “It was certainly a non-consensus idea, but the low level of asset prices meant we were absolutely convinced that we had valuation on our side.” In one case, Greek bank warrants, Dromeus has enjoyed a 250% return, following the banks’ recapitalization. The fund has also benefitted from some non-Greek investments, including in pianomaker Steinway Musical Instruments, which was bought by hedge fund Paulson & Co. And, Risvas says, there’s further room to grow.

[FINalternatives]

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  1. Posted by Guest | December 5, 2013 at 4:49 PM

    So stealing electricity to survive is the turnaround in a country's economy?

  2. Posted by Guest | December 5, 2013 at 8:23 PM

    Looks like a zero-sum game with Paulson's fund.