Odey, European Funds Rise In Oct.

Odey Asset Management's putrid 2011 took a break last month.

The firm's flagship European fund jumped 9.1% in October, Reuters reports. London-based Odey will have to repeat that return over the last two months of the year to pull itself out of the hole it dug earlier; the fund remains down about 15% year-to-date.

Odey was one of a number of European hedge funds to do well from October's equity market rally. Egerton Capital's European fund rose 4.1% on the month, and Polygon Investment Partners' Convertibles fund 2.27%. The latter fund is up 11.61% on the year. CQS and Horseman Capital also posted big returns.

Across the English Channel, Bernheim Dreyfus' Diva Synergy Enhanced Fund added 2.37% (down 7.42% year-to-date).