- London manager's negative view on China economy boosts returns
- Odey European lost 13% last year after `bloody' April
Crispin Odey’s main hedge fund gained 14 percent this month, wiping out last year’s loss in 11 days, according to a person with knowledge of the matter.
The money manager’s negative view on China helped boost Odey European, which bets long and short on equities, said the person, who asked not to be named as the data is private. London-based Odey declined to comment.
The bet that China’s economic troubles would cause a slowdown that could embroil the developed world is now paying off. Turbulent trading in the Chinese yuan this year has heightened concerns the country’s economy will slow and fueled a 15 percent slump in the benchmark Shanghai Composite Index.
The gain through yesterday follows a 13 percent decline suffered by the 1.1 billion euro ($1.2 billion) fund last year, according to figures seen by Bloomberg. It had a record loss of 19 percent in April, which Odey described as “bloody” in a note to investors.
Odey, 56, founded Odey Asset Management, which oversees about $12 billion in assets, 25 years ago, according to its website. The firm’s Odey European strategy rose 5.5 percent in 2014 and 26 percent in 2013.
Financial News earlier reported Odey’s January gain.