Cripsin Odey Is Very Bearish On EMs, Bullish On USD

Odey Asset Management’s flagship Odey European Inc returned +8.6% in the third quarter of 2014, according to a quarterly presentation seen by ValueWalk. The latest returns from HSBC Hedge Weekly show that Odey European was up 9.97% for the year through December 12. In Odey’s short portfolio, the main contribution came from shorts in Adidas, Elekta, Ashmore, SeadDrill and Swatch. The short book returned a gain of 7.8% in the third quarter of last year. Odey European suffered losses in its bets against Royal Bank of Scotland, Bank of Ireland and Intu Properties. In the long book, the fund lost footing…