Odey uses directional managers and manages the fund’s exposure according to its market views.
The way the fund manages money was borne out of Odey’s experiences in 1994 when the flagship fund had an annual drawdown of 43%. That year the fund suffered massive redemptions but also learnt some painful lessons about position size, liquidity and the importance of not letting intellectual ideas dominate the risk management/trading process.
The mandate allows for a maximum leverage of 350% for equity
The week on Risk.net, December 2–8, 2017Receive this by email