Odey Discusses Howard Marks’ Astute Observation On Why Hedge Fund Alpha Is Increasingly Rare [January Letter]

According to a copy of the firm's January investor update which ValueWalk has been able to review, the Odey Asset Management Odey Special Situations Fund returned 7.7% in January, outperforming its benchmark, the MSCI World USD Index, by 8.7%.

The $60 million fund, which Adrian Courtenay manages, has achieved strong returns since its inception in October 2019.

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Since the inception, the US dollar class has returned just under 68%, compared to 23.3% for its benchmark. It has achieved a Sharpe ratio of 2.2 and a correlation to its benchmark of 0.25.

The long/short equity fund predominantly follows a merger arbitrage strategy, which Courtenay believes helped...