A successful short bet on government bonds helped Crispin Odey’s flagship hedge fund to a 15 per cent gain in March, according to a report by Bloomberg.
The report says that a recent investor update issued by the company reveals that the fund, Odey European Inc, is now up 53 per cent so far in 2022.
Bloomberg says that a separate investor letter shows that the firm’s leveraged short exposure to bond trades stood at almost 500 per cent of the fund’s NAV at the end of February, through bets on two UK government securities that mature in 2050 and 2061. Both long-dated bonds have fallen this year resulting in big gains.
