- Odey Asset Management’s assets under management have halved since 2015.
- Founder Crispin Odey admits in a letter to investors that his recent record has been “not good.”
- Odey continues to make bearish bets on the state of the global economy.
LONDON — Top London hedge fund manager Crispin Odey has admitted to clients that his record over the last two years has been “not good” after assets under management halved.
Bloomberg reports that Odey wrote in a recent letter to clients: “Having called these markets down in 2015, my record on such calls is not good.”
Assets under management at Odey’s hedge fund Odey Asset Management have fallen from $US11.7 billion at the start of 2015 to $US5.5 billion in September this year.
Odey, who famously made clients money during the 2008 financial crisis, has made a serious of bearish bets on the global economy, predicting another crash. But the bets against bonds and stocks buoyed up by loose monetary policy have so far failed to pay off.
Odey Asset Management did not immediately respond to Business Insider’s request for comment.
Despite the recent poor performance, Bloomberg reports that Odey is doubling down on his bearish bets, telling clients in his letter that stock markets are “now starting to go hyperbolic” in a sign that a crash could be on the horizon.
“The idea that we will continue along the lines of the last 10 years looks a dangerous starting point for strategic thinking,” Odey wrote in his letter to investors.