The fund returned 2.4% in October, outperforming the MSCI World Index which returned 2%. Long positions positively contributed, notably in Plus500, Regus, and Ethan Allen. Short positions in 10-year Treasury futures and Australian banks detracted from performance. Overall, the fund has outperformed its benchmark since inception with a net annualized return of 21.3% compared to 12.6% for the index.

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

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
Currency exposure is shown net of all assets held by the fund, including any forward
currency positions.
This communication is for information purposes only and not intended to be viewed as a piece of independent investment research.
© 2014 Odey Asset Management LLP (“OAM”) has approved this communication which is for private circulation only, and in the UK 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. This communication and the information contained therein may constitute a financial promotion for the purposes of the Financial Services and Markets Act 2000 of the United
Kingdom (the “Act”) and the rules of the FCA. This communication is not subject to any restrictions on dealing ahead. 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 these 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 at 12 Upper Grosvenor Street, London, W1K 2ND, is authorised and regulated by the Financial Conduct Authority.
At 31-Oct-14
At 31-Oct-14 At 31-Oct-14
Internal unaudited figures Internal unaudited figures
Internal unaudited figures
Internal unaudited figures
Internal unaudited figures
At 31-Oct-14
At 31-Oct-14
Internal unaudited figures
At 31-Oct-14 At 31-Oct-14
Comparators Primary: Cash; Secondary: MSCI Daily TR Net World
Fund inception date 11 May, 2009
Fund type UK Long / Short UCITS IV
Base currency £
Share classes £R, £I, €I & $I (Acc.)
Dealing / Valuation Daily forward to 10am / 10am
Front end fee Up to 4%
Annual Management fee (£R) 1.25% & (£I, €I & $I) 0.75%
Performance fee basis 20% of the increase in the value per share of the
fund between the beginning and the end of the year.
Fees crystallise annually. Losses carried forward.
Anti-dilution fee May apply 0.75% to NAV on subs/reds
Min. investment R £5,000; £I, €I & $I £1,000,000
Dividends Accumulation shares only
Authorised Corporate Director (ACD) Capita Financial Managers Ltd
Depositary National Westminster Bank plc
Auditor Ernst and Young LLP
Price reporting Prices published daily in Financial Times
ISIN R: GB00B55NGR79, £I: GB00B55NGS86
€I: GB00B3SX1S66, $:GB00B3Z00X80
SEDOL R: B55NGR7, £I: B55NGS8, €I: B3SX1S6, $:B3Z00X8
Rank Security Strategy Notional Exposure (%)
1 Regus Long 8.9
2 Sky Deutschland Long 8.0
3 AMAYA GAMING GROUP INC Long 7.5
4 Plus500 Long 6.8
5 Toyota Industries Corp Long 4.8
Rank Security Strategy Notional Exposure (%)
1 US 10Yr Note (CBT)Dec14 Short 98.9
2 DAX INDEX FUTURE Dec14 Short 6.5
3 EURO STOXX 50 Dec14 Short 6.4
-200
-150
-100
-50
0
50
100
150
200
May-09 May-10 May-11 May-12 May-13 May-14
Long Equity Exposure
Short Equity Exposure
Net Equity Exposure
1-year 3-year 5-year Inc.
Fund annual s.dev. 8.6 10.4 12.3 12.5
Index annual s.dev. 6.3 8.8 11.4 12.1
alpha 0.2 1.1 0.9 0.9
beta 0.4 0.7 0.6 0.6
Correlation 0.3 0.6 0.6 0.6
Sharpe Ratio 0.6 2.1 1.4 1.5
Fund info Ratio -0.4 1.1 0.6 0.7
Fund tracking error 9.2 9.6 10.9 11.1
Treynor 13.2 36.8 28.2 32.0
Sortino 0.8 3.1 1.9 2.1
-0.4
1.8
7.6
9.9
13.5
26.6
41.1
-5
5
15
25
35
45
AUD
SEK
CAD
JPY
EUR
GBP
USD
-25
-15
-5
5
15
25
Aerospace & Defense
Autos & Components
Banks & Finance
Business Services
Chemicals
Commercial Services
Construction
Energy
Engr. & Manufacturing
Entertainment
Food, Bev & Tobacco
Healthcare
Household Goods
Index
Insurance
Leisure & Hotels
Media
Mining & Metals
Others
Real Estate
Retail
Software & Services
Technology Hardware
Telecommunications
Textile & Apparel
Textiles
Transport
-55
-40
-25
-10
5
20
35
50
Australia
Belgium
Canada
China
Cyprus
Finland
France
Germany
Guernsey
Ireland
Israel
Japan
Luxembourg
Malaysia
Netherlands
Other Europe
Other Global
Russian
South Korea
Spain
Sweden
Switzerland
UK
US
BVI