Monthly Fund Update April 2015
May 28th, 2015
In April 2015, the Odey International Fund returned -18.2% against the MSCI Daily TR Net Europe return of +1.0%. Significant negative performance came from our FX positions (-11.5%), mainly from long USD and short AUD positions; we substantially reduced our FX book towards the end of the month. Our holdings in sectors including Electrical Technology (-1.3%), Industrial Services (-1.1%) and Finance (-1.1%) also disappointed. Individual best performers this month were Las Vegas Sands Corp. (+0.7%) and Sky Plc (+0.4%); the worst were Ericsson LMB (-0.7%) and Seadrill Ltd (-0.6%).
To read more of the April Monthly Fund Update, please click here.
We also released an Interim Fund Update in April providing a more in depth view on the Fund's negative performance for the period. The pain of the last month has led us to reduce our exposures for the time being. But we believe most of our key themes remain intact in the medium term and we will be active in exploiting the opportunities those themes present.
To read more from the Interim Fund Update, please click here.