Odey european abril 2014


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Odey european abril 2014

  1. 1. 12 Upper Grosvenor Street, London, W1K 2ND ~ Tel +44 (20) 7208-1400 Fax: +44 (20) 7208-1401 ~ www.odey.comAuthorised and Regulated by the Financial Conduct Authority■ The fund returned +1.3% in April ’13 against an MSCI Daily TR NetEurope (€) return of +1.6%.■ Positive performance for the month was predominantly due to ourlong equity book (+2.1%), with Sports Direct (+53bps), Man Group(+48bps) and Carphone Warehouse (+26bps) providing the biggestcontributions. The main detractors were Tesoro (-56bps) and BritishSky Broadcasting (-39bps).■ The short book returned -0.4% after gains achieved on positions suchas ArcelorMittal (+14bps) and ThyssenKrupp (+13bps) wereoutweighed by negative contributors such as Petrobas PetroleoBrasileiro (-20bps), Fiat (-19bps) and Peugeot (-17bps).■ Elsewhere, government bonds gave a positive contribution of +0.1%whilst our commodities returned -0.1%.Events are moving quickly. The US economy continues to show the robustnessthat we are expecting. Talking to company managements reveal still carefulplanning rather than any expectation of the boom to come. The stock market ishitting new highs but leadership, until only recently, was with the defensives.There is still little new money coming into the equity market. None of this isconsistent with anything other than the very beginning of this bull market.However, when you’re in it, daily, prices are rising and the excitement is literallybreathtaking.Meanwhile, the emerging markets grow more dangerous by the day. The newsout of China shows good lending bailing out bad loans, rising inflation and risinginventories. Brazil looks bad too. Australian interest rates now are falling toworld levels and the fall in the Aussie dollar is to follow.These are the days that make an old investor smile with excitement. “Let glory bevirtue’s shadow”, as Cicero said. Payback time for all those years of pain,holding equities.That is if you’re still there?Source for above 3 tables: Internal unaudited figures. Allperformance figures quoted are net of fees. Past performance isnot a reliable indicator of future performance.Source for above table and chart: Daiwa Europe FundManagers & MSCI. *Calculation on a NAV basis as at30-Apr-13.Since Inception0500100015002000Jun-92 Jun-96 Jun-00 Jun-04 Jun-08 Jun-12Odey European Inc(€)MSCI Daily TR Net Europe30-Apr-2013% NavLong Equity 203.6Short Equity -76.7Government Bond -16.4Commodity 2.7€ Fund Index Rel.1-month 1.3 1.6 -0.33-month 6.9 4.3 2.61-year 28.8 18.5 10.33-year 19.6 24.5 -4.95-year 67.0 6.5 60.5YTD 16.8 7.3 9.51yr to 30-Apr-2013 28.8 18.5 10.31yr to 30-Apr-2012 -11.4 -6.4 -5.11yr to 29-Apr-2011 4.9 12.2 -7.41yr to 30-Apr-2010 8.6 32.7 -24.01yr to 30-Apr-2009 28.5 -35.5 64.0Since Inception 1553.0 324.0 1229.0CAGR since inception 14.4 7.2 7.230-A pr-20131-year 3-year 5-year Inc.Fund annual s.dev. 12.4 18.6 20.9 16.1Index annual s.dev. 9.0 13.1 17.5 17.9alpha 1.3 -0.2 0.9 1.0beta 0.6 1.2 0.8 0.3Correlation 0.5 0.9 0.7 0.3Sharpe ratio 2.1 0.4 0.5 0.7Fund info ratio 0.9 -0.1 0.6 0.4Fund tracking error 11.7 10.5 16.2 20.0Treynor 44.2 4.4 11.8 39.430-Apr-2013€ Class (p) 845.18£ Class (p) 322.44£ B Class (p) 183.03$ Class (p) 395.47Fund Size (€m) 1649.6Inception DateIndex MSCI Daily TR Net Europe30-Apr-201301-Jun-92
  2. 2. 12 Upper Grosvenor Street, London, W1K 2ND ~ Tel +44 (20) 7208-1400 Fax: +44 (20) 7208-1401 ~ www.odey.comAuthorised and Regulated by the Financial Conduct AuthorityThe investment objective of the Fund is capitalappreciation through investing in European securities,bonds and currencies and related financial instrumentsand non-European securities.Crispin OdeyPortfolio ManagerCurrency exposure is shown net of all assets held by the fund, including any forwardcurrency positions. Internal unaudited figures.This is a marketing communication from Odey which is not intended to be viewed as a piece of independent investment research.© 2013 Odey Asset Management LLP (“OAM”) has approved this communication which is for private circulation only, and in the UK it is directed to persons who are professional clients or eligible counterpartiesfor the purposes of the FCA’s Conduct of Business Sourcebook and it is not intended for and must not be distributed to retail clients. It does not constitute an offer to sell or an invitation to buy or invest in any ofthe securities or funds mentioned herein and it does not constitute a personal recommendation or investment, taxation or any other advice. The information and any opinions have been obtained from or are basedon sources believed to be reliable, but accuracy cannot be guaranteed. Past performance does not guarantee future results and the value of all investments and the income derived therefrom can decrease as well asincrease. Investments that have an exposure to currencies other than the base currency of the fund may be subject to exchange rate fluctuations. The fund is not a recognised collective investment scheme (“CIS”)for the purposes of the Financial Services and Markets Act 2000 of the United Kingdom (the “Act”). This communication and the information contained therein may constitute a financial promotion for the purposesof the Act and the rules of the FCA. This communication is not subject to any restrictions on dealing ahead. This communication is exempt from the scheme promotion restriction (in section 238 of the Act) on thecommunication of invitations or inducements to participate in unrecognised CISs on the grounds that it is being issued to and/or directed at only the types of persons referred to above. In the UK, shares in thefund are available only to such persons and any other persons should not rely or act upon this document. The distribution of this communication may, in some countries, be restricted by law or regulation.Accordingly, anyone who comes into possession of this communication should inform themselves of and observe the relevant restrictions. OAM is not liable for a breach of such restrictions or for any losses relatingto the accuracy, completeness or use of information in this communication, including any consequential loss. Please always refer to the fund’s prospectus. OAM, whose company No. is OC302585 and whoseregistered office is 12 Upper Grosvenor Street, London, W1K 2ND, is authorised and regulated by the Financial Conduct Authority.Comparative benchmark Primary: Cash, Secondary: MSCI Daily TR Net Europe (€)Fund inception date 1 June, 1992Fund type Cayman Long-Short OEICListing Irish Stock ExchangeBase currency €Share classes €, £ (A & B), $Dealing 1st/15thbased on funds received previous dayforward to 5pm Dublin time / COB 14th & month endFront end fee Up to 5%Annual management fee 1%Performance fee 20% of net gains on an equalisation basiswith an annual high water markAnti-dilution fee 0.5% NAV on subs/redsExit fee 1% if held <1yrMin. investment € 100k, US$ 100k, or £ equivalentDividends Reporting & accumulationAdministrator SMT Fund Services (Ireland) LimitedAuditor Deloitte & Touche LLPPrice reporting Prices published daily in FTISIN €-KYG6708H1157 £A-KYG6708H1645US$-KYG6708H1496 B-KYG6708H1728SEDOL €-3110423 £A-B00VSMOUS$-3110434 £B-B2RGGH3Enquiries:Andrew KingTel: +44 20 7208-1454Email: a.king@odey.comSarah St. GeorgeTel: +44 20 7208-1432Email: s.stgeorge@odey.comInternal unaudited figuresInternal unaudited figuresInternal unaudited figuresAt 30-Apr-13At 30-Apr-13At 30-Apr-13At 30-Apr-13-40-30-20-100102030Aero.&DefenseAutos&CompsBanks&FinanceBusinessServicesChemicalsConstructionConsumerDurableEnergyEngr.&Manuf.Environ.ControlFood,Bev&Tobac.HealthcareHouseholdGoodsIndexInsuranceLeisure&HotelsMediaMining&MetalsOthersPaper&PackagingRealEstateRetailSoftware&ServicesTech.HardwareTelecommsTextile&ApparelTransportUtilitiesLongShort-150-100-50050100150200250Dec-04 Jan-06 Feb-07 Mar-08 Apr-09 May-10 Jun-11 Jul-12Long Equity ExposureShort Equity ExposureNet Equity Exposure-0.30.1 0.2 0.3 0.3 0.5 0.598.4-20020406080100120AUDNOKCADJPYGBPUSDSEKEURRank Security Strategy Market Value (%)1 DAX INDEX FUTURE Short 10.02 FTSE 100 IDX FUT Short 9.53 British Sky Broadcasting Group Long 9.34 Sports Direct International Long 6.05 Sky Deutschland Long 5.6Rank Security Strategy Market Value (%)1 Long Gilt Future Jun13 Short 21.22 Euro-Btp Future Jun13 Long 9.13 JPN 10Y Bond(TSE) Jun13 Short 4.44 COTTON NO.2 FUTR Dec13 Long 2.05 COTTON NO.2 FUTR Jul13 Long 0.5