(Bloomberg) -- Crispin Odey's main hedge fund slumped to a fourth annual loss in the last five years as his bearish bets misfired amid the longest-running equities bull market in history.
The Odey European Inc. hedge fund finished 2019 down 10.1% despite a late rally in December, according to a spokesman for London-based Odey Asset Management.
Last year's performance means the outspoken hedge fund manager needs to generate a 111% return just to make up for the losses incurred by his investors over the last five years. Odey, who has for years been a vocal critic of central bank policies, turned net long equities in November. That switch helped the fund gain 11.4% in December.
The spokesman said reduced political uncertainty following the U.K. general election last month contributed to a strong end to the year for the firm's funds. It also started two new funds last year, he said.
Odey, a backer of Brexit and U.K. Prime Minister Boris Johnson, entered December with net long bets on British stocks. They rallied after Johnson's emphatic election victory that gave him the mandate he needs to pull the U.K. out of the European Union. Previously, Odey had faced outrage on social media for his wagers against the pound and trades that some saw as an attempt to profit from the U.K.'s economic woes.
Hedge funds betting on a market collapse have suffered during the lengthy bull market. Bearish hedge fund manager Russell Clark saw his Horseman Global Fund slump by 35% last year -- its biggest-ever annual loss -- as his short bets went awry.
While Odey's funds struggled, those run by other managers posted positive returns. The Odey Allegra Developed Markets fund run by James Hanbury gained 27.9% in 2019, and the new Odey Concentrated Natural Resources fund managed by Henry Steel gained 38.4%.
Below are the 2019 returns for some of the firm's other funds:
| Fund | Fund Manager | Dec-19 | 2019 |
| OEI Mac | Crispin Odey | 11.6 | -7.2 |
| LF Odey Absolute Return | James Hanbury | 10.1 | 11.1 |
| Odey Absolute Return Focus | James Hanbury | 12.4 | 9.4 |
| Odey Allegra Developed Markets | James Hanbury | 10.6 | 27.9 |
| Odey Concentrated Natural Resources* | Henry Steel | 2.5 | 38.4 |
| Odey Special Situations** | Adrian Courtenay | 4.4 | 9.1 |
*Started in March 2019 **Launched in October 2019 Source: Company data | |||
--With assistance from Chris Bourke.
To contact the reporter on this story: Nishant Kumar in London at nkumar173@bloomberg.net
To contact the editors responsible for this story: Shelley Robinson at ssmith118@bloomberg.net, Patrick Henry, Suzy Waite
©2020 Bloomberg L.P.
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