As travellers face soaring prices to rent cars this holiday season amid surging demand and a shortage of new vehicles, two little-known investment groups are reaping huge rewards from one of the hedge fund industry’s most lucrative trades of 2021.
Certares Management and Knighthead Capital Management are sitting on paper gains of almost $3bn after an audacious $2bn bet in May on Hertz, part of the century-old car hire pioneer’s exit from pandemic-induced bankruptcy.
Central to their investment thesis is that the pandemic blow to Hertz, when a collapse in global travel crushed demand for its vehicles, will be a blip overridden by a longer-term opportunity.
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