Famed emerging markets investor Mark Mobius, executive chairman of Franklin Templeton’s Templeton Emerging Markets Group, is warming to Greek equities even after the benchmark Athens index, the ASE Composite Index, has surged 50% since July.
The Global X FTSE Greece 20 ETF (NYSEArca: GREK) has soared 46.1% since July 22. GREK is up another half percent Monday on volume that is nearly triple the daily average.[Greek ETF Bounces Back]
Mobius, who manages more than $40 billion, said he is particularly interested in Greek bank shares, which he said should benefit from a broader economic improvement, reports Tommy Stubbington for the Wall Street Journal.
Interest in Greek banks has been rising among noteworthy professional investors. Earlier this month, John Paulson, who made winning bets on the sub-mortgage crisis and subsequent rebound in U.S. bank stocks, said his fund had substantial stakes in Piraeus Bank and Alpha Bank. [Hedge Funds Indirectly Love Greece ETF]
Paulson’s move into Piraeus and Alpha became public just a few months after David Einhorn’s Greenlight Capital revealed “medium-sized long positions” in those banks. News of Einhorn’s stakes in Greek banks was publicized in late July.