Greek-Focused Hedge Fund Doing Okay For Itself

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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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