ECONOMY

Horizon loses nearly 8 pct over the last two months

horizon-loses-nearly-8-pct-over-the-last-two-months

Horizon Capital Management, which suspended its hedge fund in June due to its exposure to non-trading Greek assets, lost nearly 8 percent over the last two months, a letter to investors seen by Reuters showed.

The Uruguay-based firm, which said it has reopened the fund for fresh subscriptions and redemptions after the Greek stock market started trading on Monday, for the first time in five weeks, disclosed its first net asset value since May.

The Horizon Growth Fund, which manages $146 million, had nearly a third of its capital in Greece just before the country imposed capital controls.

The exposure stood at 21 percent in July with Public Power Corporation and infrastructure firm Ellaktor among its top-three holdings at the end of March, the letter showed.

“These times of turbulence are infrequent and upsetting and create short-term losses but hopefully set up opportunities in the medium term,” Horizon told investors.

[Reuters]