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LF Odey Opus Class I - Accumulation (GBP)

Sell:200.30p Buy:200.30p Change: 0.54p (0.27%)
Prices as at 24 May 2019
Sell:200.30p
Buy:200.30p
Change: 0.54p (0.27%)
You can buy or sell holdings in this fund through an ISA, Lifetime ISA, SIPP or Fund & Share Account
Prices as at 24 May 2019
Sell:200.30p
Buy:200.30p
Change: 0.54p (0.27%)
Prices as at 24 May 2019
You can buy or sell holdings in this fund through an ISA, Lifetime ISA, SIPP or Fund & 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 our Wealth 50 list of what we believe are the best funds in each sector. If a fund is not within our Wealth 50 this is not necessarily a recommendation to sell. However, if you are thinking of adding to your investments we believe Wealth 50 funds are superior alternatives. View funds on the Wealth 50 »

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.

We think the fund will continue to perform differently to its peers. It could provide some shelter during tougher times, but lag when stock markets perform strongly.

Investment Philosophy

Crispin Odey looks for out-of-favour companies and invests in those he thinks will recover. Once they do their share prices could rise, but there's 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.

The fund tends to hold a fairly small number of investments, which means each one can have a big impact on performance. This increases risk, and so does the ability to invest in smaller companies and use derivatives.

question mark Manager Track Record Based on HL Quantitative Research

  • LF Odey Opus R Inc
  • FTSE All World TR GBP
FROM: TO:


Fund Track Record

24/05/14 to 24/05/15 24/05/15 to 24/05/16 24/05/16 to 24/05/17 24/05/17 to 24/05/18 24/05/18 to 24/05/19
Annual return 12.98% -9.61% 15.04% 14.15% -5.90%

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 an ISA, Lifetime ISA, SIPP or Fund & Share Account