Crispin Odey’s Odey European Inc Fund, which consists of the OEI, OEI Mac, and Odey Swan funds had yet another terrible month during August.
For August 2016 the fund returned -8.1%, against the MSCI Daily TR Net Europe (EUR) return of +0.7%. Year-to-date the fund is now down by 34.9% and over the past 12 months, the fund has lost 38.5%. Over the previous five years, the fund is down by 8.2% underperforming its benchmark by 72.1%.
After currency hedging, the short equity book made a negative contribution for the month of -4.1% and the long equity book made a negative contribution...