Crispin Odey’s Hedge Fund Is Making Money Again

(Bloomberg) -- Crispin Odey is making money again as markets start to reflect his bearish outlook.

The flagship Odey European Inc. fund returned 2.9 percent in June, its sixth straight monthly advance, according to an investor update seen by Bloomberg News. The gains mark the hedge fund’s longest winning streak since 2013 and boost returns for the first half to 23 percent.

Selloffs have led equity hedge funds to return less than 1 percent on average in 2018, according to preliminary estimates from Eurekahedge. Odey predicted a market crash for years, and until now suffered deep losses when his forecasts didn’t come true.

• His main fund is still down over the past three years, having lost 12.8 percent in 2015, 49.5 percent in 2016 and 22 percent in 2017
• In June, Odey said that the most-shorted stocks were actually rising, which he cited as another catalyst for a market correction. His other notable predictions include a 2016 warning that U.K. stocks could plummet 80 percent
• A spokesman declined to comment

To contact the reporter on this story: Nishant Kumar in London at nkumar173@bloomberg.net

To contact the editors responsible for this story: Neil Callanan at ncallanan@bloomberg.net, Paul Armstrong, Keith Campbell

©2018 Bloomberg L.P.