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Crispin Odey’s Main Hedge Fund Said to Gain 15% on Brexit Vote

Hedge-fund manager Crispin Odey, who had conducted a private poll ahead of the vote on the U.K.’s referendum on membership of the European Union, gained more than 15 percent in his flagship hedge fund on Friday, according to a person familiar with the situation.

Odey European Inc., a unit of Odey’s $10.2 billion London-based firm, gained because of short positions which have been in place since last year, said the person, who asked not to be identified as the information is private. Odey, 57, did not immediately answer an e-mail seeking comment. The poll had shown that the vote on membership of the political bloc would be much closer than stock markets suggested, Odey told The Evening Standard newspaper Wednesday.

Odey Asset Management bets on macro-economic trends. Another of the firm’s funds, Absolute Return Focus, was up about 4.5 percent at 9 a.m. London time due to short positions in equities and long positions in the U.S. dollar and gold, according to e-mailed comments seen by Bloomberg.

Odey, whose $10.2 billion London-based hedge fund bets on macro-economic trends, had spoken in favor of Brexit before the vote. His flagship fund Odey European was down 24.8 percent this year through June 15.

London’s largest homebuilder, Berkeley Group Holdings Plc, closed down 21 percent on Friday, the biggest drop since 2004. Odey Asset Management and Marshall Wace held the two biggest short positions against the homebuilder, according to data from the U.K.’s Financial Conduct Authority.

“This reflects proper disaffection in a world of low growth and almost no productivity growth which can only get worse if unanswered," he said. “People want honest appraisals, they need structures that humanize them, leaders that they can know and communicate with. This is a black day for those who would prefer decisions to be made in darkened rooms by experts.”

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