Odey’s Shrinking Hedge Fund Exposes a Pile of Illiquid Assets
- Decline in assets puts spotlight on fund’s unquoted securities
- Huge bets against bonds have fueled a 45% rebound this year
Crispin Odey outside court in London, U.K., on Feb. 18.
Photographer: Hollie Adams/BloombergThis article is for subscribers only.
Crispin Odey’s long decline is exposing a new risk for the investors who are left: as his troubled money pool gets smaller, a larger slice is in hard-to-sell holdings.
After a flood of redemptions and losses, the share of unquoted securities in his main fund jumped to almost 25% of its long equity holdings as of January, according to an investor document seen by Bloomberg. That’s up from 16% in November when Odey started disclosing the figures.