Odey Fund Manager Presents Thesis For Noront Resources

The Odey Special Situations Fund was down 1.9% for July, compared to its benchmark, the MSCI World USD Index, which was up 1.79%. Year to date, Odey's fund is up 0.9%.

Q2 2021 hedge fund letters, conferences and more

In his July letter to investors, which was reviewed by ValueWalk, Adrian Courtenay said the year-to-date return is disappointing. However, they have made progress in optimizing their existing positioning, identifying new opportunities and developing risk management. He believes investors will be rewarded for their patience later this year.

Biggest contributors and detractors

In July, the big detractor was the fund's arbitrage book, which subtracted 1.32% in a month where arbitrage...