To be sure, Greece isn't a major play for hedge funds overall. "While a few are playing in debt and stocks, Greece isn't a big hedge fund trade yet because the politics are so uncertain," said Arthur Salzer, chief investment officer of Northland Wealth Management, an Ontario-based firm that runs about $400 million in total investments, including hedge funds, for clients.
"Only a few managers have initiated positions, and sizing is pretty small," added Eric Siegel, head of hedge fund research and management at Citi Private Bank. "They're still assessing the situation given all the uncertainty and waiting to fully build out positions."
Novus data on Greek ADR stock investments show that hedge fund investments declined from $396 million on June 30 to $270 million on Dec. 31, paltry sums for the hedge fund industry. Only a small, single-digit percentage of Greek debt is held by private investors, according to Deutsche Bank estimates.
That said, Dan Loeb's Third Point remains invested in Greece through its dedicated Hellenic Recovery Fund despite concern over new leftist Prime Minister Alexis Tsipras.
"We believe that unless an agreement with creditors is reached this month, Greece will begin experiencing extreme liquidity pressures in early March," Loeb wrote in a recent investor letter.
Loeb noted that Germany, the most powerful actor in Europe, would likely work to keep Greece in the EU, thereby adding certainty to the situation.
Some earlier fans of Greece seem to be steering clear of the troubled country for now.
Paul Singer's Elliott Management appears to be out of the Greek trade, despite reportedly investing in the country several years ago, according to a person familiar with the situation.
"Greece [in addition to almost all of Europe] needs to be growing faster than it is currently growing. Unemployment and underemployment are horrendous, and the depression there is in its seventh year and counting," Singer wrote in a recent letter to clients, noting his pessimism on Greece and others in Europe making necessary structural reforms.
It could not be determined if previously reported Greek hedge fund investors Aurelius Capital Management, Och-Ziff Capital Management and Baupost Group were involved today. There were no obvious indications, such as public filings or statements.
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Bullish bets on Greece have been painful of late.
Eaglevale Partners—the $400 million hedge fund firm co-managed by Chelsea Clinton's husband Marc Mezvinsky—saw its $15 million Greek-focused fund fall 48 percent in 2014, according to The Wall Street Journal. Prominent hedge fund manager Marc Lasry was a personal investor in that fund.
Eaglevale's main fund also dropped slightly last year, in part because of incorrect bets of a Greek recovery, according to the report. The firm is still bullish on Greek stocks, according to person familiar with the situation.