One of the funds managed by legendary hedge fund investor Crispin Odey has suffered double-digit losses in recent weeks that take it to a 33% loss in the last 12 months.
The performance of the €578 million Odey Swan Fund since late February has reversed double-digit gains made earlier in the year, according to a person familiar with the matter.
Odey’s investment style can see him win and lose big in quick succession. In 2015, his flagship €2.7 billion Odey European Fund ended the year with a 12.8% loss but less than a fortnight into 2016 it had returned 14%. The Swan Fund is marketed as high risk.
Odey had been short China, emerging markets, oil and commodities, as well as luxury goods, and started to lose money as some of these sectors began to rally, the person said.
The fund is a Ucits fund offering daily liquidity. Details of the fund’s holdings and prices are available on the Hargreaves Lansdown funds platform. The platform also reports that the Swan fund had a high allocation to the financial services sector.
The Odey European Fund and Odey Swan Fund are just two of the funds offered by Odey Asset Management, which was founded by Odey in 1991 and manages $ 11 billion across global and European strategies on behalf of institutional and individual investors.
Odey himself manages about half of the overall assets in different funds.