Odey AM lowers risk profile of Odey European Inc fund - reports

investmentweek.co.uk:

The fund's performance for the year is down 13.6%

According to a report by Reuters, Neave said in an investor letter that he had reduced the hedge fund's investments in stocks and bonds. In June, he also sold out of the fund's gold futures and increased its amount of cash in hand in a bid to increase liquidity.

The strategy's performance is down 13.6% for the year and its size declined by €28m from €284m in February 2023.

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OEI's government bond holdings added 3%, but its long and short side in the stocks portfolio underperformed.

Short positions on US technology stocks including Tesla and United Rentals, and long positions on rental company Leopalace, Learning Technologies and Jadestone Energy, all contributed to the fund's negative performance.

In the letter, Neave also said he had kept some exposure to commodities via long positions on crude and palm oil company stocks.

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Odey AM has been contacted for comment.

In July, Odey AM proposed restructuring the Odey European Inc and OEI MAC funds, which would see the strategies being switched to two new Cayman Islands-domiciled funds with the appointment of a third-party FCA-regulated investment manager.

According to the plans, Neave would remain as fund manager of the two hedge funds.

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