Amid Horrendous Year, Crispin Odey Turns to These Stocks for Reprieve

Crispin Odey is a London based hedge fund manager and the founder of Odey Asset Management. Odey was successful on some bets made to capitalize on “Brexit”, though his performance for 2016 has been quite poor. His long short European fund was down by almost 35% as of mid-September 2016. The lackluster performance in 2016 has followed fund losses in 2014 and 2015 as well. This has resulted in the the fund losing over 70% of its assets under management (AUM) over the last one year, as per HSBC. In the article below, we look at some of the major stock holdings of Crispin Odey that might turn around his fortunes.

We follow over 700 hedge funds and other institutional investors and by analyzing their quarterly 13F filings, we identify stocks that they are collectively bullish on and develop investment strategies based on this data. One strategy that outperformed the market over the last year involves selecting the 100 best-performing funds and identifying the 30 mid-cap stocks that they are collectively the most bullish on. Over the past year, this strategy generated returns of 18%, topping the 8% gain registered by S&P 500 ETFs.

Kinross Gold Corporation (NYSE:KGC) was amongst the top buys of Odey Asset Management for the quarter ending September 2016 and comprised more than 10% of its 13F portfolio. The fund held 35 million shares of this stock, up more than 20 million shares from the second quarter. Of the 22 analysts covering this stock, 13 have rated it as a hold while 6 analysts have rated it as a buy. Apart from Odey Asset Management, other hedge funds like David Iben’s Kopernik Global Investors, Arrowstreet Capital, Manatuck Hill Partners, Jabre Capital Partners also have long positions in this stock, as of September 30. Although gold hasn’t done well recently due to increasing inflation expectations, it could do well in the long run if inflation gets out of control or if geopolitical conflict arises.