The Argonauts return: Norris piles into Greek banks

Argonaut founding partner Barry Norris has bought back into Greece for the first time since 2006 in the belief the country's banking sector is now a compelling opportunity.

Greece now represents the largest country weighting in both Norris' £197m Argonaut European Alpha and £10m European Absolute Return fund, at 11.7% and a net 12.7% respectively as of 31 October. Banks represent the main focus of the manager's interest: Greece's Piraeus is now the fourth largest holding in European Alpha, at 5.6% of the portfolio, and he has also made investments in National Bank of Greece and other institutions. Norris (pictured) said Argonaut's analysis suggests Piraeus can withstand non-performing loans rising from 31% today to 50% in an adverse scenario, while NBG c...