Odey Special Situations Fund Declines -1.2% In January, Finds New Arbitrage Deals

The Odey Special Situations Fund returned -1.24% in January compared to a loss of -5.29% for its benchmark, the MSCI World USD Index, in the period.

Q4 2021 hedge fund letters, conferences and more

In the fund's January update, a copy of which ValueWalk has been able to review, portfolio manager Adrian Courtenay writes that while it is never pleasing to "commence the year with a negative month," the fund's strategy means that it will occasionally report monthly losses.

At the end of the month, the $87 million fund had gross exposure of 173% of net asset value in the arbitrage book, and the long equity component of the fund's gross...