Even though by now most of the investment world knows that Crispin Odey had the worst year in his entire history as a hedge fund manager during 2016, the exact scale and root of his losses have not yet been revealed, until now.
In the OEI MAC fourth quarter and full year letter to investors, a copy of which has been reviewed by ValueWalk, the real devastation of 2016 on Odey’s funds and reputation is revealed.
Even After Losing 50% In 2016, Odey Is Still Outperforming
Up until mid-2014, Crispin Odey was one of the best performing hedge fund managers around. Between 21 February 1994 and mid-2014 his OEI MAC fund produced a total return of over 1400% net eclipsing all comparable benchmarks, but now after losing a staggering 49% during 2016 the OEI MAC’s total return since inception has collapsed to 452.8% around 7.8% annualized. Over the past three years the fund has lost an enormous 57.6% and over the same period assets under management have more than halved. Still, despite last year’s losses, the OEI MAC fund has outperformed the MSCI TR net Europe index since inception by 1.4% per annum. The hedge fund’s second worst year was in in 1994 when the newly formed fund tanked 40%.
Heading into 2017, Odey remained heavily net short.
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