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Odey’s Brook Developed Markets Fund drops 10.6 per cent on Russian equities

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Brook Developed Markets Fund, a hedge fund at a unit of Odey Asset Management, has marked its Russian equity exposures down to “close to or at zero” after the country’s invasion of Ukraine, according to a report by Bloomberg.

Manager James Hanbury has written a letter to investors apologising for the losses after the USD500 million fund saw a 10.6 per cent fall last month, one of the largest since it launched nine years ago.

Hanbury’s woes, contrast with those of fellow Odey Asset Management money manager Crispin Odey whose main European Inc hedge fund ended February up 7.9 per cent and is up about 33 per cent year to date.

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