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Hedge Fund News: Crispin Odey, Caxton Associates, Bill Ackman

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Hedge Fund Manager Odey Says U.K. Stocks Could Plummet 80% (Bloomberg)
Crispin Odey, whose main hedge fund has lost about 43 percent this year, says U.K. stocks could slump 80 percent as the economy is roiled by a recession and higher inflation following the vote to leave the European Union. Shares will come under pressure after the FTSE 100 share index climbed 30 percent over five years even as earnings fell by 80 percent, the money manager said in a letter to investors last week seen by Bloomberg News. Odey Asset Management has short positions — bets the stocks will fall — in companies including Tullow Oil Plc, Intu Properties Plc, and ITV Plc.

Crispin Odey

Macro Hedge Funds Come Roaring Back (The Wall Street Journal)
Caxton Associates was at the forefront of an October rebound by hedge funds profiting from a surge in government bond yields. The New York-based firm, which runs around $7.6 billion in assets and is headed by U.K.-based Chief Executive Andrew Law, gained 5.1% last month to Oct. 26, according to an investor, helped by the recent bond market selloff. That was its best monthly performance in more than three years and means the fund, which had been in the red, is up 2.3% in 2016. So-called macro funds bet on bonds, stocks and currencies but have struggled in recent years in markets dominated by central bank bond-buying, losing money in three out of the previous four calendar years, according to Hedge Fund Research.

Chipotle Feud With Pershing the Latest Sign of Company’s Continued Struggles (TheStreet)
On Monday, Chipotle Mexican Grill ( CMG) renewed its annual Halloween promotion: Come into any location dressed in costume and you can purchase an entrée for only $3. But the beleaguered burrito chain itself is receiving more tricks than treats. On Monday, the company’s stock plunged by nearly 2.5% as investors continued to show the same aversion to the stock as they have since several hundred people got sick from food-borne bacteria at different locations last year. Chipotle optimists have good reason to be scared. Last week, several major media outlets reported that the troubled fast-casual chain is spending a lot of money to defend itself against activist investor William Ackman.

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