New York (HedgeCoVest.Com) – Crispin Odey revealed that his main Odey European Fund experienced a loss of 19.3% during the month of April. The performance was disclosed in a letter to investors according to the Wall Street Journal.The loss marks the sixth time the fund has experienced a double-digit monthly loss, however this is the biggest monthly loss for the fund, eclipsing a loss of 14.1% the fund suffered back in June 1995. The loss also puts the fund down 18.2% on the year.
According to the letter, the fund was on the wrong side of emerging markets and the U.S. dollar and failed to capitalize on falling oil prices. “Nobody likes being wrong. Nobody likes looking foolish. Nobody likes losing money,” Odey stated in the letter.
Odey is also involved in another battleground with their stake in Plus500 Ltd. The embattled company plunged in recent weeks as the company froze some customer accounts as the result of a Financial Conduct Authority concerning the company’s anti-money-laundering policies. Odey upped their stake after the decline and as a result they are the largest single shareholder in the company now. Plus500 Ltd. has a number of hedge funds betting on the stock going down, but Odey continues to believe in the company.