Odey Asset Management continues to show faith in fellow hedge fund Man Group plc. The fund increased its long position in Man Group from 5.15 to 6.07 percent of  Man Group’s outstanding shares on Thursday, Reuters reports.

Odey Asset Management Logo

Odey’s bullish bet on Man Group is not shared by other competing UK based hedge funds like Lansdowne Partners, Marshall Wace and AQR Capital Management. Man’s shares have recovered significantly year to date and have already recorded a gain of 26 percent . With these returns the short positions could not have been profitable for the above mentioned hedge funds.

Odey Asset Management has been building excellent returns for the first quarter; its flagship Odey European has already gained 15 percent in Q1 and is one of the best performers of Q1. Odey European manages $2 billion. Odey Absolute Return, AUM $808 million, was up 11 percent in last quarter.

On the other hand, Man Group’s AHL Diversified with $1.5 billion under management has gained 6.69 percent through April 15 while AHL Evolution with $2.3 billion under management was up 6.42 percent YTD through April 12. AHL Diversified was down -1.08 percent in the last year whereas Evolution posted a return of +23.5 percent. Man Group went through a major loss of assets last year when several clients pulled out their investments. The largest publicly traded hedge fund suffered through $2.6 billion in client outflows in Q4 2012, and the fund ended the year with $57 billion in total assets under management. The fourth quarter of 2012 marked Man Group’s sixth straight quarter of outflows. Emmanuel Roman, Man Group’s new CEO took charge of the firm at the end of February. Other changes in senior management were also carried out and the general sentiment is that Man Group’s performance will increase in the coming months.