Crispin Odey’s latest play makes interesting reading.
Crispin Odey is the Brexit-backing founder of Odey Asset Management and he has been pilling on the pounds (no pun intended) with his favorite and well-aired bet against GBP.
The political charade surrounding Brexit means Crispin Odey’s short position in the British pound, and not to mention his mammoth short bets in Gilts (Uk government debt) are all helping to make the billionaire hedge fund manager become richer than he already is.
“Crispin Odey is the Brexit-backing founder of Odey Asset Management and he has been pilling on the pounds (no pun intended) with his favorite and well-aired bet against GBP”
All eyes on Crispin Odey’s latest play reveal that his hedge fund Odey Asset Management has taken out a few curious mining sector bets
Henry Steel is the manager of the Odey Concentrated Natural Resources Fund, which takes a mix of long and short equity positions. The fund has about $1bn of capital under management.
Crispin Odey’s latest play has been in the mining sector through Odey Concentrated Natural Resources Fund.
The biggest short is Turquoise Hill, the Canadian-listed company through which Rio Tinto owns a giant underground copper mine in Mongolia.
Crispin Odey’s latest play entails bets against Rio Tinto, according to Odey Concentrated Natural Resources Fund which is managed by the miner’s ex-employee
Henry Steel, who as mentioned above is the manager on the Odey’s natural resources fund, formerly worked in 2011 as an executive assistant to Rio’s then chief financial officer, according to his LinkedIn profile. Henry Steel has also written a Ph.D. thesis on risk management that used the Oyu Tolgoi mine as a case study.
“Crispin Odey’s biggest short is Turquoise Hill, the Canadian-listed company through which Rio Tinto owns a giant underground copper mine in Mongolia”
In other words, Henry Steel is an insider with in-depth knowledge about Rio Tinto’s future risk/reward potential.
Put another way Crispin Odey’s latest play, short Rio Tinto could mean Crispin Odey is likely to be laughing all the way to the bank with yet another winner
Rio Tinto’s stocks have been making a come back in the last month, see Rio Tinto’s chart here.
“Shares in Turquoise Hill have fallen 45 percent over the past year to trade at C$2.30 amid delays in the $5.3bn underground expansion of the giant copper and gold mine”
Crispin Odey’s latest play is that Rio Tinto’s stock price recovery is going to soon run out of steam
Odey Asset Management biggest short is Turquoise Hill, the Canadian-listed company through which Rio Tinto owns a giant underground copper mine in Mongolia.
Henry Steel at Odey Asset Management believes the problems at Oyu Tolgoi mine will force Turquoise Hill to raise more money from its shareholders. Shares in Turquoise Hill have fallen 45 percent over the past year to trade at C$2.30 amid delays in the $5.3bn underground expansion of the giant copper and gold mine.
Crispin Odey’s latest play also includes his largest long positions in the Odey fund would be French power producer EDF and German energy company Uniper
Crispin Odey’s Concentrated Natural Resources Fund other investments comprise of Canada’s Barrick Gold and Tanzania-focused gold miner Acacia Mining, which is majority-owned by Barrick Fund.
Crispin Odey’s latest play coincides with the fund manager engaging in the regular management of the companies in its portfolio
So Crispin Odey could be embracing investor activism too.
