Odey's flagship fund tumbles 18% in April

Crispin Odey's flagship portfolio sustained heavy losses last month after the manager appeared to be caught out by a move in the Australian dollar.

The Odey Swan fund, a UCITS version of the manager's flagship long/short European hedge fund, lost 17.7% of its value in April, according to FE. A reversal in the fortunes of the Australian dollar has been blamed for the slump: Odey's bearish view on the global economy is expressed in part by a leveraged short AUD/long USD trade, in the belief that falling commodity prices would hurt the Australian economy. Odey: My portfolio is like a hot curry The Australian dollar has weakened significantly this year, partly due to domestic weakness and partly because of the soaring US dollar...