Despite the extreme market volatility, the Odey Special Situations Fund was up 1% for September, bringing its year-to-date return to -3.5%. The fund’s benchmark, the MSCI World USD Index, plunged 9.3% in September and is down 25.4% year to date. The Odey team preserved their investors’ capital by selling off a long list of arbitrage positions to reduce the fund’s long equity exposure to 21% to deal with an inflationary bust scenario. Q3 2022 hedge fund letters, conferences and more Dramatic Positioning Shift In his September letter to investors, which was obtained by ValueWalk, Odey portfolio manager Adrian Courtenay said…
Odey’s Special Situations Fund Slashes Its Long Equity Exposure To 21 Percent
Michelle deBoer-Jones
Michelle deBoer-Jones is editor-in-chief of Hedge Fund Alpha. She also writes comparative analyses of stocks for TipRanks and runs Providence Writing Services. Previously, she was a television news producer for eight years, producing the morning news programs for NBC affiliates in Evansville, Indiana and Huntsville, Alabama and spending a short time at the CBS affiliate in Huntsville.