Odey's Swan fund down 40% over three months in 'battlefield' market

Fell by 16% during March

Crispin Odey's €535m Swan fund has lost nearly 40% over the last three months, paring back the gains made at the start of the year.

Between 31 December 2015 and 20 January 2016, the long/short fund benefitted from market turbulence and gained 15%, compared to losses of 1.2% by the offshore FO Mixed Asset-Flexible sector. However, lead manager Odey (pictured) has failed to sustain this outperformance, and over the last three months to 19 April the fund is down 39%, according to FE. This contrasts with gains of 5.5% by the sector, making the fund the worst performer out of 149 funds in its peer group. Over one year, the fund is down 32.7%, compared to average losses of 1% by sector peers. In particular, Odey has ...