Crispin Odey's Flagship European Fund Down -44% YTD Despite Brexit Gains

Nov 22 2016 | 9:15pm ET

2016 continues to be a horrible year for famed British hedge fund manager Crispin Odey.

Despite having gained more than 15% on the day after Britain’s decision to exit the European Union in June, Odey’s flagship European fund is down more than 44% for the year to date through November 14, according to a Reuters article citing investor documents. The fund’s assets are down to €468 million from more than €837 million in January, the documents show. 

Odey strongly supported the campaign to leave the EU. Prior to the vote, the fund was down more than 29%, although an overweight stance in gold and a heavily short equity posture paid handsome dividends following the surprise result of Britain’s referendum. 

Odey Asset Management had $8.2 billion in total AUM as of October 28, Reuters said, down from $10.2 billion in June and $11.1 billion at the end of 2015. Odey, who was once briefly married to Rupert Murdoch’s daughter, launched the London-based firm in 1991. 

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