Fund That Beat 90% of Its Peers Is Now Betting on Greek BanksBy
East Capital invested in Alpha Bank, Eurobank Ergasias
Says Russia is most straight-forward investment case
Betting on banks in Greece may not be your average mutual fund’s main investment idea.
But for East Capital, which in 2016 delivered a 36 percent return and beat 90 percent of its peers, increasing exposure to the euro zone’s most beaten up economy is precisely the right thing to do.
“Banks have the most upside”, Tim Umberger, deputy head of Eastern Europe at East Capital, said in an interview in Oslo on Monday. “We built a position in 2016 because after three rounds of capital increases on the basis of severe stress tests their balance sheets look more robust, while we think valuations are very low.”…
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