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
■ The fund returned +1.3% in April ’13 against an MSCI Daily TR Net
Europe (€) return of +1.6%.
■ Positive performance for the month was predominantly due to our
long equity book (+2.1%), with Sports Direct (+53bps), Man Group
(+48bps) and Carphone Warehouse (+26bps) providing the biggest
contributions. The main detractors were Tesoro (-56bps) and British
Sky Broadcasting (-39bps).
■ The short book returned -0.4% after gains achieved on positions such
as ArcelorMittal (+14bps) and ThyssenKrupp (+13bps) were
outweighed by negative contributors such as Petrobas Petroleo
Brasileiro (-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 robustness
that we are expecting. Talking to company managements reveal still careful
planning rather than any expectation of the boom to come. The stock market is
hitting 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 is
consistent 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 literally
breathtaking.
Meanwhile, the emerging markets grow more dangerous by the day. The news
out of China shows good lending bailing out bad loans, rising inflation and rising
inventories. Brazil looks bad too. Australian interest rates now are falling to
world 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 be
virtue’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. All
performance figures quoted are net of fees. Past performance is
not a reliable indicator of future performance.
Source for above table and chart: Daiwa Europe Fund
Managers & MSCI. *Calculation on a NAV basis as at
30-Apr-13.
Since Inception
0
500
1000
1500
2000
Jun-92 Jun-96 Jun-00 Jun-04 Jun-08 Jun-12
Odey European Inc(€)
MSCI Daily TR Net Europe
30-Apr-2013
% Nav
Long Equity 203.6
Short Equity -76.7
Government Bond -16.4
Commodity 2.7
€ Fund Index Rel.
1-month 1.3 1.6 -0.3
3-month 6.9 4.3 2.6
1-year 28.8 18.5 10.3
3-year 19.6 24.5 -4.9
5-year 67.0 6.5 60.5
YTD 16.8 7.3 9.5
1yr to 30-Apr-2013 28.8 18.5 10.3
1yr to 30-Apr-2012 -11.4 -6.4 -5.1
1yr to 29-Apr-2011 4.9 12.2 -7.4
1yr to 30-Apr-2010 8.6 32.7 -24.0
1yr to 30-Apr-2009 28.5 -35.5 64.0
Since Inception 1553.0 324.0 1229.0
CAGR since inception 14.4 7.2 7.2
30-A pr-2013
1-year 3-year 5-year Inc.
Fund annual s.dev. 12.4 18.6 20.9 16.1
Index annual s.dev. 9.0 13.1 17.5 17.9
alpha 1.3 -0.2 0.9 1.0
beta 0.6 1.2 0.8 0.3
Correlation 0.5 0.9 0.7 0.3
Sharpe ratio 2.1 0.4 0.5 0.7
Fund info ratio 0.9 -0.1 0.6 0.4
Fund tracking error 11.7 10.5 16.2 20.0
Treynor 44.2 4.4 11.8 39.4
30-Apr-2013
€ Class (p) 845.18
£ Class (p) 322.44
£ B Class (p) 183.03
$ Class (p) 395.47
Fund Size (€m) 1649.6
Inception Date
Index MSCI Daily TR Net Europe
30-Apr-2013
01-Jun-92

2. 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
The investment objective of the Fund is capital
appreciation through investing in European securities,
bonds and currencies and related financial instruments
and non-European securities.
Crispin Odey
Portfolio Manager
Currency exposure is shown net of all assets held by the fund, including any forward
currency 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 counterparties
for 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 of
the 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 based
on 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 as
increase. 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 purposes
of 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 the
communication 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 the
fund 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 relating
to 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 whose
registered 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, 1992
Fund type Cayman Long-Short OEIC
Listing Irish Stock Exchange
Base currency €
Share classes €, £ (A & B), $
Dealing 1st
/15th
based on funds received previous day
forward to 5pm Dublin time / COB 14th & month end
Front end fee Up to 5%
Annual management fee 1%
Performance fee 20% of net gains on an equalisation basis
with an annual high water mark
Anti-dilution fee 0.5% NAV on subs/reds
Exit fee 1% if held <1yr
Min. investment € 100k, US$ 100k, or £ equivalent
Dividends Reporting & accumulation
Administrator SMT Fund Services (Ireland) Limited
Auditor Deloitte & Touche LLP
Price reporting Prices published daily in FT
ISIN €-KYG6708H1157 £A-KYG6708H1645
US$-KYG6708H1496 B-KYG6708H1728
SEDOL €-3110423 £A-B00VSMO
US$-3110434 £B-B2RGGH3
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
Internal unaudited figures
Internal unaudited figuresInternal unaudited figures
At 30-Apr-13At 30-Apr-13
At 30-Apr-13At 30-Apr-13
-40
-30
-20
-10
0
10
20
30
Aero.&Defense
Autos&Comps
Banks&Finance
BusinessServices
Chemicals
Construction
ConsumerDurable
Energy
Engr.&Manuf.
Environ.Control
Food,Bev&Tobac.
Healthcare
HouseholdGoods
Index
Insurance
Leisure&Hotels
Media
Mining&Metals
Others
Paper&Packaging
RealEstate
Retail
Software&Services
Tech.Hardware
Telecomms
Textile&Apparel
Transport
Utilities
Long
Short
-150
-100
-50
0
50
100
150
200
250
Dec-04 Jan-06 Feb-07 Mar-08 Apr-09 May-10 Jun-11 Jul-12
Long Equity Exposure
Short Equity Exposure
Net Equity Exposure
-0.3
0.1 0.2 0.3 0.3 0.5 0.5
98.4
-20
0
20
40
60
80
100
120
AUD
NOK
CAD
JPY
GBP
USD
SEK
EUR
Rank Security Strategy Market Value (%)
1 DAX INDEX FUTURE Short 10.0
2 FTSE 100 IDX FUT Short 9.5
3 British Sky Broadcasting Group Long 9.3
4 Sports Direct International Long 6.0
5 Sky Deutschland Long 5.6
Rank Security Strategy Market Value (%)
1 Long Gilt Future Jun13 Short 21.2
2 Euro-Btp Future Jun13 Long 9.1
3 JPN 10Y Bond(TSE) Jun13 Short 4.4
4 COTTON NO.2 FUTR Dec13 Long 2.0
5 COTTON NO.2 FUTR Jul13 Long 0.5