Bold swoops help Odey pull back lost ground
The City financier Crispin Odey recorded a 24 per cent return in his flagship hedge fund last year, powered by daring investments in companies such as Barclays and BSkyB.
The Odey European fund saw its assets grow to $1.8bn (£1.1bn) during the first 10 months of the year, according to new data, making it the second-best-performing hedge fund in Europe and the fifth best in the world.
The strong performance contrasts with the 20.3 per cent drop the fund recorded in 2011 when a number of Mr Odey's investments backfired. These included Barclays, whose shares fell 33 per cent in 2011 but rose 49 per cent last year despite being embroiled in the Libor-rigging scandal.
Other investments to serve the fund well in 2012 included the retailer Sports Direct, where Mr Odey backed a multi-million pound bonus for the company's founder Mike Ashley, labelling him a "genius".
Mr Odey and his wife Nichola Pease are estimated to be worth £455m, according to the last Sunday Times Rich List. He took home £9.4m in pay last year. In October, he increased his holding in troubled rival Man Group to 5 per cent.
The new figures from Bloomberg named the United States-based Metacapital Management as the world's best-performing hedge fund after it grew 38 per cent by betting on mortgages.
Odey hit the headlines last year when he submitted plans for a £120,000 chicken house in the grounds of his estate in the Forest of Dean.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies