1. 12 Upper Grosvenor Street, London, W1K 2ND ~ Tel +44 (20) 7208-1400 Fax: +44 (20) 7208-1401 ~ www.odey.com
Authorised and Regulated by the Financial Conduct Authority
■ In October-14 the Fund returned +2.4% with the MSCI TR Net
World returning +2.0%.
■ Long equities made +6.65%, short equity index futures +1.28%,
equity index options +0.11%, currency hedges -0.30%, short equities
-1.00% and short government bond futures -2.94%.
■ Notable positive contributions came from long Plus500 (+1.52%), long
Regus (+1.30%), long Ethan Allen (+0.85%), long New Britain Palm
Oil (+0.71%), short the EURO STOXX 50 future (+0.70%), long First
American Financial (+0.60%), long Quanex (+0.57%), long Delta Air
Lines (+0.53%), long United Continental Holdings (+0.40%), long DR
Horton (+0.32%) and short Atmel (+0.27%).
■ Notable negative contributions came from short the 10-year Treasury
future (-2.36%), long AO World (-0.59%), short the 10-year Gilt
future (-0.58%), long Rockhopper (-0.32%), short Australia and New
Zealand Banking Group (-0.31%), short Westpac Banking
Corporation (-0.30%), short Commonwealth Bank of Australia
(-0.26%).
Note: Allocation and attribution figures are taken at close of business whereas fund performance is taken at 10am.
Source for 3 tables above: Internal unaudited figures. All
performance figures quoted are net of fees. Past performance is
not a reliable indicator of future performance
Source for above table and chart: Capita Financial Managers &
MSCI. Calculation on a NAV basis with net income reinvested
as at 31-Oct-14.
Commentary is provided on a quarterly basis.
The investment objective of the Fund is to achieve a positive absolute return over
a 12 month period independent of market conditions. Capital is at risk and there
is no guarantee that a positive return will be delivered over any one or a number
of 12 month periods.
The Fund will seek to achieve its investment objective by investing in or taking
exposures (using both long and synthetic short positions) to a range of asset
classes worldwide. The Fund may therefore invest in any, or all, of the following:
equities and equity related securities (including OTC derivatives), fixed and/or
floating rate debt securities issued by governments and/or corporate entities,
closed ended funds, collective investment scheme, derivatives, forward foreign
exchanges contracts, currencies and cash and cash equivalents.
James Hanbury
Portfolio Manager
Jamie Grimston
Portfolio Manager
Enquiries:
Andrew King
Tel: +44 20 7208-1454
Email: a.king@odey.com
Sarah St. George
Tel: +44 20 7208-1432
Email: s.stgeorge@odey.com
31-Oct -2014
% Nav
Long Equity 149.1
Short Equity -99.4
Government Bond -98.9
Foreign Exchange 73.9
Corporate Bond 0.2
Since Incept ion
0
50
100
150
200
250
300
350
May-09 May-10 May-11 May-12 May-13 May-14
Odey Absolute Return(£) I
MSCI Daily TR Net World
BBA LIBOR GBP 3 Month
£ Fund Index Rel.
1-month 2.4 2.0 0.5
3-month 6.3 5.6 0.7
1-year 5.4 9.1 -3.7
3-year 93.3 50.1 43.2
5-year 133.8 76.5 57.3
YTD 0.4 8.2 -7.8
1yr to 31-Oct-2014 5.4 9.1 -3.7
1yr to 31-Oct-2013 43.3 26.1 17.2
1yr to 31-Oct-2012 28.0 9.1 18.9
1yr to 31-Oct-2011 16.5 1.7 14.8
1yr to 29-Oct-2010 3.8 15.6 -11.8
Since Inception 188.5 91.9 96.6
CAGR since inception 21.3 12.6 8.7
31-Oct -2014
2009 2010 2011 2012 2013 2014
January -0.6 7.5 6.9 6.6 0.4
February -0.6 2.8 8.9 3.1 2.9
March 0.8 1.7 2.2 1.3 -1.7
April 2.9 1.0 -1.5 2.0 -4.8
May 3.9 -2.5 2.4 -3.5 7.9 1.3
June 1.9 -4.7 -1.2 3.7 1.1 -3.0
July 2.2 3.3 -1.2 0.9 3.4 -0.6
August 6.3 -4.9 -11.0 3.6 1.1 0.2
September 8.9 9.2 1.0 3.0 4.9 3.5
October -1.5 2.3 3.8 4.1 1.8 2.4
November -1.1 2.7 -3.0 1.4 2.0
December 0.4 7.2 0.4 2.3 2.9
YTD 22.5 15.0 3.1 36.3 45.0 0.4
£ I Class 296.10
£ R Class 288.47
$ Class 1.5817
€ Class 1.7133
Fund Size (£m) 914.58
Inception Date
Index MSCI Daily TR Net World
31-Oct -2014
11-May-09
