Odey makes 'controversial' Tesco investment

New holding in European Focus fund

Crispin Odey's firm has bought shares in Tesco in its European Focus fund, saying the prospects for the beleaguered UK supermarket are improving.

In a newsletter to shareholders, Oliver Kelton, who manages the firm's €1.3bn European Focus fund, wrote: "This may well be a controversial investment. However, we have been following the company closely now for well over a year and believe that we have finally reached an attractive entry point." Tesco has seen a torrid 2015, with shares plunging 21% during the year to nearly their lowest level since 1997, making the stock price look attractively low, Bloomberg reports. However, year to date shares have already climbed 8% to 162p, despite turmoil in global markets, after the supermark...