Odey’s Special Situations Fund is betting on a 3-way bidding warMichelle Jones
The Odey Special Situations Fund was up 4.2% in February, outperforming its benchmark. The MSCI World USD Index was up 2.6% for the month. In his February letter to investors, which was reviewed by ValueWalk, Adrian Courtenay said the fund remains fairly defensively positioned because its merger arbitrage book, which mostly consists of what they consider "cash-like" risk, is the largest exposure at 175% of net asset value. The fund's long/ short book is only 53% of net asset value.