Greek drama sets up (tiny) market opportunity

A small group of hedge funds that includes Dan Loeb's Third Point, Richard Perry's Perry Capital, and Tom Wagner and Ara Cohen's Knighthead Capital Management continues to view uncertainty over Greece as a chance to make money.

"While the ongoing negotiations are likely to result in volatility, regardless of the outcome there should be attractive European recovery opportunities in both Greece and Europe more broadly," Gregory Schneiderman, a portfolio manager at $8 billion hedge fund allocator Aurora Investment Management, said in an email Friday.

Schneiderman noted that Greece was not a common position for hedge funds and that investors only see "a limited number of actionable opportunities" directly related to the troubled country.

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Still, some hedge funds can't resist the high risk-reward offered by Greece, where local stocks are down 55 percent over the last 12 months and government bonds still trade at about half their face value. Concerns about the country going bankrupt despite ongoing debt negotiations helped push U.S. stocks down sharply Friday

Hedge funds to bet on a Greek recovery include Third Point and Alden Global Capital via their respective Greek recovery-focused funds, and Perry and Knighthead are among those that own Greek government bonds, according to people familiar with the situation.

York Capital Management, Greylock Capital Management and Eaglevale Partners are in on the bullish Greek trade, including both stocks and bonds. Representatives for all the firms mentioned either declined to comment or did not respond to requests. CNBC.com reported on their stakes in February.

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"Greece has a very, very compelling argument from a risk-reward standpoint," said one investor who owns Greek government bonds and expects the country to stay in the European Union.