1. 31-Ja n -2014
■
The fund made +0.4% in January with a MSCI Daily TR Net World
return of -3.0%.
■
Short equities contributed +2.57%, short equity index futures
+1.00%, equity index options +0.66%, long equities -1.25% and short
government bond futures -1.61%.
■
■
Notable positive contributions came from long KPN (+1.11%), long
United Continental (+0.78%), short Ashmore (+0.75%), long a March
2014 FTSE 100 put (6650) (+0.66%), short Aberdeen (+0.38%), short
the Dax index future (+0.38%) and short Kemira (+0.35%).
Notable negative contributions came from short the 10 year Gilt
future (-0.94%), long Best Buy (-0.84%), short the 10 year treasury
future (-0.59%), long Ethan Allen (-0.59%), long Rockhopper
(-0.47%) and short Netflix (-0.39%).
£ I Class (p)
£ R Class (p)
$ Class (p)
€ Class (p)
Fund Size (£m)
Inception Date
Primary
Secondary
295.05
288.37
1.58
1.71
921.61
11-May-09
Cash
MSCI Daily TR Net World
Si n ce In cept i on
350
300
Odey Absolute Return(£)
Odey Absolute Return(£)
MSCI Daily TR Net World
MSCI Daily TR Net World
250
BBA LIBOR GBP 3 Month
BBA LIBOR GBP 3 Month
200
150
100
50
May-09 May-10 May-11 May-12 May-13
Note: Allocation and attribution figures are taken at close of business whereas fund performance is taken at 10am.
Source for above table and chart: Capita Financial Managers &
MSCI. Calculation on a NAV basis with net income reinvested
as at 31-Jan-14.
Commentary is provided on a quarterly basis.
The investment objective of the Fund is to achieve a positive absolute return over
a 12 month period independent of market conditions. Capital is at risk and there
is no guarantee that a positive return will be delivered over any one or a number
of 12 month periods.
The Fund will seek to achieve its investment objective by investing in or taking
exposures (using both long and synthetic short positions) to a range of asset
classes worldwide. The Fund may therefore invest in any, or all, of the following:
equities and equity related securities (including OTC derivatives), fixed and/or
floating rate debt securities issued by governments and/or corporate entities,
closed ended funds, collective investment scheme, derivatives, forward foreign
exchanges contracts, currencies and cash and cash equivalents.
James Hanbury
Portfolio Manager
Jamie Grimston
Portfolio Manager
Enquiries:
31-Ja n -2014
£
1-month
3-month
1-year
3-year
YTD
1yr to 31-Jan-2014
1yr to 31-Jan-2013
1yr to 31-Jan-2012
1yr to 31-Jan-2011
Inc. to 29-Jan-2010
Since Inception
CAGR since inception
January
February
March
April
May
June
July
August
September
October
November
December
YTD
Fund
0.38
5.34
36.59
90.33
0.38
36.59
35.86
2.57
24.36
21.83
188.37
25.10
Index
Rel.
-2.97
3.35
-2.18
7.52
11.93 24.66
27.16 63.17
-2.97
3.35
11.93 24.66
15.41 20.45
-1.56
4.13
19.01
5.35
13.68
8.15
72.04 116.33
12.16 12.94
2009 2010 2011 2012 2013 2014
-0.6
7.5
6.9
6.6
0.4
-0.6
2.8
8.9
3.1
0.8
1.7
2.2
1.3
2.9
1.0 -1.5
2.0
3.9 -2.5
2.4 -3.5
7.9
1.9 -4.7 -1.2
3.7
1.1
2.2
3.3 -1.2
0.9
3.4
6.3 -4.9 -11.0
3.6
1.1
8.9
9.2
1.0
3.0
4.9
-1.5
2.3
3.8
4.1
1.8
-1.1
2.7 -3.0
1.4
2.0
0.4
7.2
0.4
2.3
2.9
22.5 15.0
3.1 36.3 45.0
0.4
31-Ja n -2014
Andrew King
Tel: +44 20 7208-1454
Email: a.king@odey.com
Sarah St. George
Tel: +44 20 7208-1432
Email: s.stgeorge@odey.com
Long Equity
Short Equity
Government Bond
Corporate Bond
% Nav
139.6
-104.4
-61.9
0.2
Source for 3 tables above: Internal unaudited figures. All
performance figures quoted are net of fees. Past performance is
not a reliable indicator of future performance
12 Upper Grosvenor Street, London, W1K 2ND ~ Tel +44 (20) 7208-1400 Fax: +44 (20) 7208-1401 ~ www.odey.com
Authorised and Regulated by the Financial Conduct Authority

2. At 31-Jan-14
At 31-Jan-14
20
60
10
40
0
20
-10
0
-20
Long
-30
Short
Short
-20
-40
-60
Virgin Islands - British
US
UK
Switzerland
Sweden
Spain
Russian Federation
Netherlands
Luxembourg
Korea (South)
Japan
Israel
Ireland
Guernsey
Gibraltar
Germany
France
Finland
European Countries
Cyprus
China
Canada
Bermuda
Austria
Australia
Utilities
Transport
Telecommunications
Technology Hardware
Software & Services
Retail
Real Estate
Others
Mining & Metals
Media
Leisure & Hotels
Insurance
Index
Household Goods
Healthcare
Food, Bev & Tobacco
Engr. & Manufacturing
Energy
Construction
Commercial Services
Chemicals
Business Services
Banks & Finance
Autos & Components
-40
Long
Internal unaudited figures
Internal unaudited figures
At 31-Jan-14
At 31-Jan-14
Rank
1
2
3
4
5
100.10
100
80
60
0.20
0.20
NOK
CAD
GBP
-0.10
USD
0.10
SEK
-0.60
EUR
0.10
AUD
20
-20
Strategy Notional Exposure (%)
Long
7.1
Long
6.7
Long
5.2
Long
4.5
Long
4.3
Security
US 10Yr Note (CBT Mar14
Long Gilt Future Mar14
DAX INDEX FUTURE
FTSE 100 IDX FUT
FTSE 100 Index
Strategy Notional Exposure (%)
Short
29.7
Short
29.6
Short
10.6
Short
8.9
Short
7.0
At 31-Jan-14
40
0
Security
Regus
Koninklijke KPN
Sky Deutschland
Toyota Industries Corp
Samsung Electronics Co
Rank
1
2
3
4
5
120
Currency exposure is shown net of all assets held by the
fund, including any forward currency positions.
Internal unaudited figures
Internal unaudited figures
At 31-Jan-14
At 31-Jan-14
Comparators
Fund inception date
Fund type
Base currency
Share classes
Dealing / Valuation
Front end fee
Annual Management fee
Performance fee basis
Primary: Cash; Secondary: MSCI World TR Net
11 May, 2009
UK Long / Short UCITS IV
£
£R, £I, €I & $I (Acc.)
Daily forward to 10am / 10am
Up to 4%
(£R) 1.25% & (£I, €I & $I) 0.75%
20% of the increase in the value per share of the
fund between the beginning and the end of the year.
Fees crystallise annually. Losses carried forward.
Anti-dilution fee
May apply 0.75% to NAV on subs/reds
Min. investment
R £5,000; £I, €I & $I £100,000
Dividends
Accumulation shares only
Authorised Corporate Director (ACD)
Capita Financial Managers Ltd
Auditor
Ernst and Young LLP
Price reporting
Prices published daily in FT
ISIN
R: GB00B55NGR79, £I: GB00B55NGS86
€I: GB00B3SX1S66, $:GB00B3Z00X80
SEDOL
R: B55NGR7, £I: B55NGS8, €I: B3SX1S6, $:B3Z00X8
1-year 3-year
200
Fund annual s.dev.
Inc.
6.82
11.84
12.68
150
Index annual s.dev.
10.27
10.96
12.82
100
alpha
2.37
1.34
1.21
beta
0.29
0.73
0.62
Correlation
0.47
0.69
0.64
Sharpe Ratio
4.59
1.83
1.75
Fund info Ratio
2.21
1.55
0.99
Fund tracking error
11.15
10.07
11.3
Treynor
125.1
31.87
37.91
∞
2.39
2.41
50
0
-50
-100
-150
May-09
Long Equity Exposure
Short Equity Exposure
Net Equity Exposure
May-10
May-11
Internal unaudited figures
May-12
May-13
Sortino
Internal unaudited figures
This is a marketing communication from Odey which is not intended to be viewed as a piece of independent investment research.
© 2013 Odey Asset Management LLP (“OAM”) has approved this communication which is for private circulation only, and in the UK is directed to persons who are professional clients or eligible
counterparties for the purposes of the FCA’s Conduct of Business Sourcebook and it is not intended for and must not be distributed to retail clients. It does not constitute an offer to sell or an
invitation to buy or invest in any of the securities or funds mentioned herein and it does not constitute a personal recommendation or investment taxation or any other advice. The information and
any opinions have been obtained from or are based on sources believed to be reliable, but accuracy cannot be guaranteed. Past performance does not guarantee future results and the value of all
investments and the income derived therefrom can decrease as well as increase. Investments that have an exposure to currencies other than the base currency of the fund may be subject to exchange
rate fluctuations. This communication and the information contained therein may constitute a financial promotion for the purposes of the Financial Services and Markets Act 2000 of the United
Kingdom (the “Act”) and the rules of the FCA. This communication is not subject to any restrictions on dealing ahead. The distribution of this communication may, in some countries, be restricted by
law or regulation. Accordingly, anyone who comes into possession of this communication should inform themselves of and observe these restrictions. OAM is not liable for a breach of such
restrictions or for any losses relating to the accuracy, completeness or use of information in this communication, including any consequential loss. Please always refer to the fund’s prospectus. OAM
whose company No. is OC302585 and whose registered office is at 12 Upper Grosvenor Street, London, W1K 2ND, is authorised and regulated by the Financial Conduct Authority.
12 Upper Grosvenor Street, London, W1K 2ND ~ Tel +44 (20) 7208-1400 Fax: +44 (20) 7208-1401 ~ www.odey.com
Authorised and Regulated by the Financial Conduct Authority