Odey’s Special Situations Fund Has Slimmed Down: Here’s What’s Left

Odey’s Special Situations Fund was roughly flat for November, down 0.3% to bring its year-to-date return to -12.4%. The MSCI World USD Index gained 6.4% for November, although the Odey fund remains 2.16% ahead of the benchmark’s year-to-date return.

In his November letter to investors, portfolio manager Adrian Courtenay said they had moderated the fund’s risk tolerance, targeting more consistent returns with greater weighting to yield-based activities. The result is expected to be reduced monthly volatility as the Odey Special Situations team aims to gradually increase the fund’s risk stance as they rebuild its performance.