Connecticut-based Lucerne Capital Management is one of the top 2015 funds betting on European stocks.
Lucerne, run by Pieter Taselaar and Thijs Hovers, was up 23.8% in 2015 through the end of May, reports the Wall Street Journal. The firm says it has benefited from the selloff in the European markets, and its positions in stocks like telecom company Altice, tech firm TKH Group, and auto supplier Stabilus. It seems counter intuitive, but Lucerne argues it has better access to European companies from the U.S. than firms based in Europe. Writes the Journal:
“Corporate access is better over here than sitting in Europe,” said Jonathan Larken, chief marketing officer at the firm, which manages more than $500 million. He said the management of midcap companies that Lucerne covers travel to the U.S., meaning that Lucerne gets one-on-one meetings with management, whereas if they were based in London they may be “sitting in an auditorium” meeting companies.
European focused hedge funds are having a good 2015, as the ECB’s quantitative easing program is helping drive performance of European-stock firms past their U.S. peers. London-based Adelphi Capital’s $1.8 billion European fund is up 9.4% this year. Marshall Wace’s $1.4 billion Europa fund has climbed 9.3%, and Antares European fund is up 16% this year.
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