Odey Hedge Fund Said to Drop 17% in 16 Days as Markets Rally

(Bloomberg) Crispin Odey’s flagship hedge fund plunged 16.8 percent in the first 16 days of October, reversing a September gain that had pared its losses for the year, according to a person with knowledge of the situation. The loss by Odey European, a $1.4 billion fund betting on rises and declines in stocks, brings the drop for the year through Oct. 16 to 17.4 percent, said the person, who asked not to be identified because the information is private. The fund profited in August and September from Odey’s negative view of the Chinese economy.

A 7.6 percent increase in September cut the fund’s 2015 loss to 0.7 percent, said the person. Odey European posted a record monthly loss of 19 percent in April — described as “bloody” by Odey in an investor letter — before recovering in the following five months.

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