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Crispin Odey's Flagship Hedge Fund Plummeted About 20% in 2017

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Crispin Odey’s European long-short equity fund deepened its losses in December, pushing its decline for 2017 to more than 20 percent, according to a performance document seen by Bloomberg News.

The Odey European fund, which is overseen by the hedge-fund manager himself in London, fell 8.2 percent in its euro share class in December, the document shows. This follows the firm’s 49.5 percent slump in 2016, its worst annual decline since it started trading in 1992.

Depending on the share class, the fund fell 20 percent to 22 percent last year, according to a separate investor document.

A spokesman for London-based Odey Asset Management LLP declined to comment.

Crispin Odey is known for his bearish bets and criticisms of central bank policies. Last summer, he was short on metal stocks in anticipation of slowing economic growth in China and also maintained that the credit cycle, fueled by loose monetary policy, had peaked.

Below is a summary of returns for Odey and other firms:

Fund2017 Return2016 Return
BlueCrest Capital Management#*5450
Horseman European Select39.5-38.5
MW Eureka*131.3
MW Global Opportunities*12.9-0.3
Lansdowne Developed Markets9.7-15
Anavon Global Long/Short9.4-1
MW Market Neutral TOPS*8.212.7
Winton Fund*7.9-3
Horseman Global2.3-24
Odey European Euro share class-21.7-49.5

Sources: Investor letters, company information, * people familiar, # private investment firm

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