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LF Odey Opus Inclusive - Class A - Accumulation (GBP)

Sell:176.88p Buy:176.88p Change: 0.56p (0.32%)
Prices as at 14 May 2021
Change: 0.56p (0.32%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Prices as at 14 May 2021
Change: 0.56p (0.32%)
Prices as at 14 May 2021
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

Our view on this Fund

This fund does not feature on the Wealth Shortlist of funds our analysts believe have the potential to outperform their peers over the long term. This is not a recommendation to sell; however, if you are thinking of adding to your investments, we believe the Wealth Shortlist is a good place to start. View funds on the Wealth Shortlist »

Crispin Odey is one of the boldest investors we know. He isn't afraid to take a different view from most other fund managers, and this is reflected in how this fund is invested. He's sometimes early in changing how the fund's invested based on his economic views, and this can lead to periods of weaker performance. But long-term investors have generally been rewarded for their patience. This isn't a guide to how the fund will perform in future though.

This is an expensive fund and we think there are others in the same sector, or that invest globally, which have the potential do well at much lower cost.

Our view on the sector

The Mixed and Flexible Investment sectors could be the answer for investors who want to leave the asset allocation decisions to an expert. Funds in these sectors invest a certain amount of their portfolio in shares, from 0% to 35% in the case of the Mixed Investment 0-35% Shares Sector, 20% to 60% for the Mixed Investment 20-60% Shares Sector, 40% to 85% for the Mixed Investment 40-85% Shares Sector, and 0% to 100% for the Flexible Investment Sector. Any proportion of the fund not invested in shares can be invested in bonds, cash, currencies, commodities or property. Funds within these sectors can be very different from each other so they'll perform differently too. Each should be looked at on its own merits, taking account of your investment objectives and the amount of risk you want to take.

Performance Analysis

Crispin Odey has managed this fund since launch. It focused on global companies and performed much better than the broad global stock market for many years. In 2014/15, the manager became more cautious in his outlook for global stock markets. So he invested less in shares and more in other assets, such as cash, government bonds and gold, which have the potential to hold up better when stock markets are weak. This held back performance for a few years because stock markets carried on performing well, and the manager's value-focused approach also didn't help. Currently it mainly invests in shares.

The fund tends to look quite different to its peers and the market, which means performance is also likely to look different. We think this could boost long-term performance, though the manager won't always get it right. The fund could provide some shelter during tougher times, but lag when stock markets perform strongly.

Investment Philosophy

Odey's a contrarian investor and focuses on undervalued companies that are out-of-favour with other investors, but have the potential to recover. Once they do their share prices could rise, but there are no guarantees.

Process and Portfolio Construction

Crispin Odey starts by forming a view of what's going in the world, taking into account political and economic factors. He often invests in unpopular areas of the market - this means he can invest in companies at cheaper prices, which have the potential to do well once they return to favour. He also invests in cash, bonds and commodities. This is usually when he has a more cautious outlook and wants to make the fund more conservative.

Overall he invests in companies of all sizes, from big multinationals to higher-risk smaller businesses with superior growth potential. He can also invest in unquoted companies, which don't trade on any stock market. There is currently only one unquoted company in the fund. However, Odey intends on reducing this investment and overall we expect the fund's exposure to unquoted companies to come down over time.

The manager also has the ability to use derivatives, which increases risk.

question mark Manager Track Record Based on HL Quantitative Research

  • LF Odey Opus R Inc
  • IA Global

Fund Track Record

14/05/16 to 14/05/17 14/05/17 to 14/05/18 14/05/18 to 14/05/19 14/05/19 to 14/05/20 14/05/20 to 14/05/21
Annual return 13.83% 12.90% -9.21% -6.73% 30.11%

Please remember past performance is not a guide to future returns. Where no data is shown, figures are not available. This information is provided to help you choose your own investments, remember they can fall as well as rise in value so you may not get back the original amount invested.

Fund Management Group Comment

The firm was established by Crispin Odey in 1991 to focus on active fund management at a time when the industry was focused on index-tracking investment approaches. In 2008 the firm launched Odey Wealth Management to deliver a portfolio management service in addition to investment funds. In 2010, they embarked on a joint venture with Bruellan Wealth Management, a Swiss asset management firm serving high net worth individuals, to bring Odey Asset Management's investment know-how to the Swiss market.

Crispin Odey's fundamental belief is original research and rigorous analysis should drive the investment process. It is driven by performance and not asset gathering and benchmarks play no part in portfolio construction. This approach means the group's strategies are necessarily capacity constrained. We feel this is generally positive for existing investors, as it keeps the funds nimble enough to react quickly to market developments, and allow the fund managers to focus on delivering sustained outperformance.

Information about the fund

Fund manager biography

Manager Name: Crispin Odey
Manager start date: 6 August 2001
Manager located in: N/A

Crispin heads the investment management team and is lead Portfolio Manager of Odey European Inc as well as the Odey Pan European and Opus funds. Crispin left Barings to found Odey Asset Management. At Baring Asset Management he had managed the Baring European Growth Trust and was the Director responsible for Continental European pension fund money. Prior to Barings he was with Framlington Fund Managers. Crispin graduated from Christ Church, Oxford, in 1980.

Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used. Benchmark data provided subject to this disclaimer.
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account