Keeping up with the habit of giving brilliant returns, another fund of Odey Asset Management, Odey Continental European Fund added a 3.9 percent return in the month of November, bringing the year’s return to date at 12.2 percent. We previously reported that Odey Absolute Return gained 33.3 percent in the year through November.
The top gainers in last month were Sky Deutschland AG (FRA:SKYD)(EPA:SKYD) and Ryanair Holdings Plc (LON:RYA) (NASDAQ:RYAAY), whilst the worst performers were Amadeus IT Holding SA (MCE:AMS) and Sports Direct International Plc (LON:SPD).
Odey Continental European Fund’s top ten holdings include, SAP AG (FRA:SAP) (ETR:SAP), Volkswagen AG (FRA:VOW) (ETR:VOW), Sky Deutschland AG (FRA:SKYD)(EPA:SKYD), Vivendi SA (EPA:VIV), BASF SE (ETR:BAS) (FRA:BAS), Ryanair Holdings Plc (LON:RYA) (NASDAQ:RYAAY), ASSA ABLOY AB (STO:ASSA-B), Bayer AG (FRA:BAYN) (ETR:BAYN), adidas AG (ETR:ADS), Ferrovial SA (MCE:FER). The new addition to the top ten is BASF SE (ETR:BAS) (FRA:BAS), a chemicals company, whereas Anheuser-Busch InBev NV (EBR:ABI) (NYSE:BUD), seller of a large number of beer brands, exited the top ten.
The fund managers call euro crisis ‘eurosclerosis’ where the economy has been shaken by progressive weakening of demand. Both the airline and auto industry has taken a turn for the worse, the only companies that are weathering the storm are Ryanair Holdings Plc (LON:RYA) (NASDAQ:RYAAY), easyJet plc (LON:EZJ) and Volkswagen AG (FRA:VOW) (ETR:VOW). Among these names, Volkswagen has broken sales records by delivering over 8.9 million vehicles in the eleven months of this year, this marks a 10.4 percent increase on a year on year basis. The maximum increase in sales was seen in regions of North America and Asia Pacific. Europe’s low cost airline Ryanair Holdings has been expanding its business through the year. Recently Goldman Sachs Group, Inc.(NYSE:GS) upgraded their stock rating of Ryanair Holdings from neutral to buy.
Odey Continental European Fund manages $314 million (up from $301 million in October), the portfolio is managed by Feras Al-Chalabi.