Crispin Odey builds huge short against UK government debt

Set to benefit should UK government debt fall

Hedge fund manager Crispin Odey has built up a short position against UK government debt that is now worth 154.8% of his flagship €173m European fund.

According to documents seen by the Financial Times, the position is now the single largest position on the fund. Odey, who has publicly backed Brexit, has been building the position in 30-year debt since November 2016, five months after the vote. Odey AM assets more than halve to $5.5bn Should there be a significant decline in UK government bond prices the fund is set to benefit after a difficult period for performance - the fund has dropped in size from €2.5bn at the start of 2015 to €173m. The derivative contract is tied, which is tied to long-dated gilts that are more sensiti...