Odey Still Bearish, Explains Massive Long Gold Bull Position

2016 has been a difficult year for investors in Crispin Odey’s $1.5 billion OEI MAC fund, and July only compounded the pain. Down -4.1% on the month, the fund is negative by -29.9% year to date. Short stock exposure and currency bets hurt performance in July while longs, government bonds and commodity bets, primarily in gold, helped boost returns, according to a July investor letter reviewed by ValueWalk.

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Odey significantly more short than long

Odey is operating a dramatically short long / short ratio at present: 84.1% long and a whopping 163.1% of assets short.

On the month, the...