Crispin Odey, the London-based hedge fund manager who has argued that rising bank valuations could presage a new bull market, posted a 28% gain in his European hedge fund last month – more than double the gain on his fund over all of last year.
Crispin Odey, the London-based hedge fund manager who has argued that rising bank valuations could presage a new bull market, posted a 28% gain in his European hedge fund last month – more than double the gain on his fund over all of last year.
David Stewart, chief executive of Odey Asset Management, said that over the first four months of the year, the fund has made a 24.7% return. This is a substantial turnaround for the fund, which posted a -2.45% return for the first three months of the year. The figures mean that the fund’s return in April alone would have been 28%.
The strong performance for the year to date will add weight to Odey’s reputation as a prescient stockpicker. His hedge fund made money for investors last year thanks to controversial short positions on banks that had been in place for over a year: his fund returned 11% to investors in 2008. The MSCI World index for global equities markets fell 42% over the same period.
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