London-based hedge fund manager Crispin Odey is having a crappy year.
His main fund got destroyed again in September after having a disastrous August.
Odey European posted a 8.3% decline last month sending the flagship fund down 22% YTD, Financial News reported citing Odey’s letter to investors.
He joins a growing group of long/short equity hedge fund managers showing poor performance numbers this year thanks to the eurozone debt crisis and increased market volatility.
During the third quarter, hedge funds suffered the fourth worst quarterly performance in industry history, according to Hedge Fund Research.
No surprise here, then: In his letter to investors, Odey said a majority of the fund’s losses came from its long equity portfolio, the report said.
From Financial News:
The worst detractor to performance was its position in Sky Deutschland, which lost 1.24% in the month. Combined with negative performance from other sectors such as banks (-0.90%), autos and parts (-0.79%) and food producers (-0.69%), this outweighed gains in holdings such as British Sky Broadcasting (0.34%), APR Energy (0.11%) and Samusng Electronics (0.10%). The letter said that the short book posted a return of 0.7% with index hedges providing the biggest contribution.