Odey AM’s Special Situations Fund Is Buying Pershing Square Tontine Ahead Of Its SPAR Conversion

Odey Asset Management’s Special Situations Fund (SSF) lost 2.15% in November, outperforming its benchmark, the MSCI World USD Index by a slim margin of 0.04% (the benchmark declined -2.19% in the month). Q3 2021 hedge fund letters, conferences and more The $83 million fund, founded in October 2019 and managed by Adrian Courtenay, has returned 22.5% year-to-date and a compound annual growth rate since inception of 35.6%. Corporate Governance Failures In his November update, which ValueWalk has been able to review, Courtenay highlights two stock-specific developments, which he believes involved “corporate governance failures” that led to an offer undervaluing the…