Below is a letter from CF Odey Continental European Fund’s – although it seems unrelated to “bloody April” there has been a small change in management. See below for an excerpt from a letter obtained by ValueWalk.
CF Odey Continental European Fund’s manager commentary for the month ended May 29, 2015.
May 2015 Report
Warren Buffett’s Annual Letter: Mistakes, Buybacks and Apple
Warren Buffett published his annual letter to shareholders over the weekend. The annual update, which has become one of the largest events in the calendar for value investors, provided Buffett's views on one of the most turbulent and extraordinary years for the financial markets in recent memory. Q4 2020 hedge fund letters, conferences and more Read More
- In May-15 the Fund returned +1.0% against the MSCI Daily TR Net Europe Ex UK return of -0.4%.
- Positive performance came from our holdings in sectors including Electrical Technology (+0.4%), Transport (+0.2%) and Producer Manufacturing (+0.2%).
- Individual best performers this month were Alcatel-Lucent (+0.4%) and Ryanair Holdings (+0.3%); the worst were Deutsche Wohnen (-0.2%) and Grand City Properties S.A (-0.2%).
CF Odey Continental European Fund – Manager’s Report:
10 years ago Crispin asked me to take over the management of the CF Odey Continental European Fund, a fund he had started in 1997 as the flagship retail fund for the firm. The fund has had a rich history of managers, both Crispin from 1997-1999 and Hugh Hendry from 1999-2005. Over my tenure I have more than doubled the unit price of the fund and handily beaten the relevant benchmark. However, as many of you know I launched my UCITS long-short absolute return fund last year. After 10 years at the helm of the CF
Odey Continental European Fund, it feels like a good time to pass on the reins to allow me to focus on my increasing long-short responsibilities. However, in addition to the Odey European Absolute Return Fund, I shall continue to run my long-only fund, Odey Allegra European, whose pan-European remit most closely mirrors the long book of my absolute return product.
From 1st July, Oliver Kelton will assume responsibility for the CF Odey Continental European Fund and will continue Odey’s rich legacy of stock picking in Europe. Many of you will already know Oliver, who has joined Odey from Waverton Investment Management, where he built a strong European franchise. His performance track record is exceptional. Indeed anybody involved in European equities over the last decade, will be familiar with his fierce intellect, his incisive questioning of management teams, his contrarian instincts, and his proven ability to pick stocks. It is a great pleasure to be able to hand on the baton of the CF Odey Continental European Fund to a Portfolio Manager of his calibre.
I would like to thank you all for your support.