One of Europe’s richest and best-known hedge fund firms had a disappointing March amid “choppy” markets during the month.
London-based Odey Asset Management revealed in an investor letter obtained by Financial News that its $2.3 billion fund lost 7.3% last month, blaming global events such as “an uncertain Russia and an invasion of the Crimea.”
The particular fund also lost 4.6% since the beginning of the year while its benchmark index, the MSCI Europe, rose 2.1%.
Odey is optimistic that the U.S. will recover in this year, while China will "crumble" and emerging markets will continue to fall, after a brief rally. He also expects emerging market economies to take a hit, and their currencies to lose value, while the developed world “will prove more resilient” despite also “feel[ing] the pain.”
Odey manages about $10 billion in assets.