Crispin Odey Hedge Fund’s Losses Deepen to 17.9% in First Half

Crispin Odey’s flagship hedge fund slumped to a 17.9% loss in the first half.

The Odey European Inc. Fund fell in five out of six months, including a 7.3% drop in June, wiping out a surge during the market sell-off in March, according to a letter to investors seen by Bloomberg. Odey’s losses compare with a 3.5% slide across the industry that was led by led by event-driven and equity hedge funds, according to preliminary figures from the Bloomberg Hedge Fund Indices.

“The future is as unknowable today as it was three months ago,” Odey wrote in the letter, without giving an explanation for the fund’s performance.

The fund’s losses come despite Odey Asset Management reportedly making at least 25 million euros ($28 million) betting against shares in scandal-hit German payment company Wirecard AG, and a reported gain of at least 75 million pounds ($94 million) from the demise of U.K. shopping mall owner Intu Properties Plc.

The performance follows years of losses as Odey maintained bearish bets during an historic bull run. When the market cratered in March, he was among the few bearish investors to profit from the downturn, posting a 21% gain for the month. His main fund has shrunk over the years, and now manages $624 million, according to the letter. That’s down from about $700 million in March.

A representative of Odey Asset Management declined to comment on the losses.

©2020 Bloomberg L.P.

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