Bearish positioning detracts | China’s woes continue
After strong performance in August and September, the Fund was down 12.2% in October as global equity markets rallied. Short holdings in sectors including Consumer Discretionary, Financials and Industrials detracted from performance, while individual best performers, Renault (short) and Sky (long), added 0.6% and 0.4%, respectively.
Crispin Odey, manager of the Fund, strongly believes this is a bear market rally (often the most pronounced) and suspects people may look back at this time as the last opportunity to get out. The global economy is still in the early stages of a challenging period of adjustment for China, which will result in further devaluation of the the RMB, currency wars and rising tariffs.
View the October 2015 performance report: