Odey Asset Management | Hedge Fund Tracker Notes

Odey Asset Management

Odey Asset Management | Hedge Fund Notes


Below please find our Hedge Fund Tracker notes on Odey Asset Management:

Resource #1: (5.10.09) When it comes to betting on British banks, Odey Asset Management can’t miss. The London hedge fund, which posted double-digit returns last year when most hedge funds saw double-digit losses, soared last month after reversing positions on such battered names at the Royal Bank of Scotland Group and Barclays. source

Resource #2: (5.7.09) Odey European Inc., the hedge fund run by Crispin Odey, posted the biggest monthly gain in its 17-year history after betting that “junk” shares would be the biggest beneficiaries in a market rally.

The fund advanced 28 percent in April, according to data compiled by Bloomberg. Odey, 50, reversed his bets on bank stocks falling, and bought shares in Royal Bank of Scotland Group Plc, Barclays Plc and companies such as Avis Europe Plc.

Odey, who’s based in London, purchased shares of some the companies for as little as two times earnings, said an investor familiar with his strategy. Europe’s benchmark Stoxx 600 Index trades at 20 times earnings today. Europe’s weakest companies led April’s record rally in stocks, as investors bet the first global recession since World War II had eased. Barclays jumped 90 percent and RBS 70 percent in London trading during April. source

Resource #3: (4.20.09) The current rally in stock markets may be the start of a new bull market, said hedge fund manager Crispin Odey, founding partner at Odey Asset Management and one of the hedge fund industry's highest profile figures.

"Opinion is divided over whether this is a bear market rally or the beginning of a new bull market. I think it has the chance to be a new bull market," Odey said in a note to clients.

"In little over a month much has changed", following a sharp rally in stocks led by banks and base materials stocks, he said. source


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