Hedge funds quids in after betting on sterling slide

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SEVERAL hedge fund bosses, including Leave backer Crispin Odey, were quids in today after betting on a drop in the pound. 

Mayfair-based funds Odey Asset Management and Horseman Capital were just two investors said to have taken big contrarian bets on stocks and sterling yesterday as markets suggested Remain would win. 

Sterling fell to its lowest since 1985 of $1.33 after rallying yesterday.

“I may make a bit of money today but I’ve lost a lot in the run-up,” Odey told the Evening Standard. “I’ve made back what I’ve lost over the last 10 days and a little bit more. I’ve had a different view on what will happen. I was brave yesterday.”

He also has shorts on dozens of FTSE stocks, including Berkeley (down 20%), Intu Properties (off 11%) and ITV (18% adrift).

Horseman recently shorted 0.5% of car dealership Inchcape’s shares. The shares today fell 6.5% .

Horseman did not respond to a request for comment.

Odey said the out vote was a “fantastic decision for the electorate”

“The trouble we have now is we’ve been hanging on for several years with low interest rates and it can’t carry on. It’s now going to demand some very creative thinking. People don’t want to be lied to in a world of low productivity growth,” he added.

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Source Article from http://www.standard.co.uk/business/hedge-funds-quids-in-after-betting-on-sterling-slide-a3280196.html

June 24, 2016 |
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