Data compiled by Bloomberg showed that Antoniades’ Alico M&S Domestic Equity fund gained 4.8% this year—the only fund out of the 35 focused on Greece. Some of the funds lost an average of 15%. Others recorded as much as 28% in losses.
The ASE Index declined 18% to Greece’s capital controls and bailout talks that lasted for months, which ignited concerns that the country might exit the Eurozone. Antoniadis maintained his primary holdings in Greek stocks even if the situation turned sour, and the stock exchange closes.
Antoniadis invested in undervalued Greek stocks
Antoniadis described his investment strategy as “very obvious.” He avoided investing in banks and consumer companies based on his belief that these sectors would suffer the most negative impact during the crisis.
He made investments in undervalued Greek stocks based on earnings and management track record. His funds major stockholdings include Hellenic Petroleum SA, Hellenic Exchanges SA, and Mytilineos Holdings SA, which gained 9 percent on average this year.
According to Antoniadis, “There are plenty of healthy companies to invest in. I’m referring to profitable companies with growth prospects and decent cash flows, minimal or even no leverage which are traded at a discount of their net worth and with single multiples.”
Antoniadis helps managed around $21.5 million (€19.3) million at Metlife MFC. He has been investing in Greece for more or less 20 years of his life. He maintains an overweight position in commodity producers and technology stocks relative to the Hellenic Mid & Small Cap Index.
Antoniadis told Bloomberg, “It’s a continuous process of gaining experience. It’s different from the beginning of my career back in 1994. At that time, markets didn’t have this depth, all these participants, and technology.”
He started his career in investing at NBG Asset Management MFMC, the first mutual fund company in Greece. Antoniadis also previously worked as CIO of Marfin MFC, which is currently doing business as CPB Asset Management.
Antoniadis considered Hellenic Exchanges as “cash-cow story” given the fact that its stocks pay a dividend of 4.4% and a proxy for the banking sector minus associated risks.
The Athens bourse operator has €151 million euros in cash and equivalents or 48% of its market value as of June 30, according to data compiled by Bloomberg; The stock climbed 3.9% this year.
Antoniadis believes that “Greece will face hard times in the short term due to austerity measures,” He added that he remained optimistic over the long-term if the Greek government reforms properly.