View Full Version : Yale Grad Trusts in Bank of Baghdad

02-10-2014, 10:42 PM
For Grant Felgenhauer, a money manager whose hedge fund owns $110 million of Iraqi equities, the 15 explosions that reverberated across the country in a single day earlier this month weren’t a reason to stop buying.
“The Iraq (http://topics.bloomberg.com/iraq/) that is unfolding in Baghdad is not the Iraq you read about in the headlines,” Felgenhauer, a portfolio manager at Euphrates Iraq Fund Ltd., said in a Jan. 16 phone interview from the nation’s capital. “The opportunities offered by Iraqi equities overshadow anything else we see in the world today.”
The Yale University graduate, who formerly traded Russian stocks at Bill Browder’s Hermitage Capital Management in Moscow, returned 28 percent last year with bets on Iraqi shares such as Bank of Baghdad (http://www.bloomberg.com/quote/BBOB:IQ), compared with a 9.5 percent decline for Iraq’s ISX General Index. That helped make New York-based Euphrates the fourth-best performing emerging-market fund managing more than $50 million in 2013, outpacing gains at rivals such as BlackRock Inc., according to data compiled by Bloomberg.