Odey Still Bearish Says Yuan Will Have To Fall "By At Least 30%"

After a rough start to the year, Crispin Odey’s flagship Odey European fund has staged a recovery in August and September. Odey’s OEI MAC fund, which invests in Odey’s European fund, was up 9.2% for September, according to a letter to investors reviewed by ValueWalk. This performance compares to the MSCI Daily TR Net Europe USD return of -5.0% and a MSCI Daily TR Net Europe GBP return of -3.6% for the same period. Odey’s short AUD/USD position, which has been the source of the fund’s troubles this year, made a positive contribution of +1.8% during the month. Other currency positions made negative returns. Odey’s…