November 22, 2016 / 8:06 AM / a year ago

Brexiteer Odey's fund loses 369 million euros

LONDON (Reuters) - Hedge fund manager Crispin Odey lost about 369 million euros (313.03 million pounds) in the year to Nov. 14 despite being one of the biggest financial winners of Britain’s vote to leave the European Union.

The Odey European Fund lost 44.1 percent by mid-November, reducing its assets to 468.15 million euros from more than 837 million euros in January, according to investor documents seen by Reuters.

Odey’s fund had been down 29 percent leading up to the Brexit referendum but chalked up a gain of more than 15 percent on the Brexit vote from an allocation to gold and a series of short positions betting on falling share prices.

One of the more lucrative of those shorts lost him money this month. A long-term bet that the share price of Lancashire Holdings (LRE.L) will fall worked against the European fund in November as the stock rose 4.73 percent between Nov. 1 and Nov. 14. The fund lost 2.6 percent over the two weeks.

Odey, who backed Britain’s campaign to leave the EU, also lost money in November in a long position in Sky (SKYB.L), which fell 5.5 percent over the first two weeks of the month.

Odey Asset Management managed $8.2 billion in assets overall at Oct. 28, according to its website, down from $10.2 billion in June.

Odey did not respond to requests for comment.

Editing by David Goodman

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