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Apollo adds Odey European Absolute Return fund

Apollo Multi Asset Management has added the newly launched Odey European Absolute Return fund to its multi-manager range.

The boutique multi-asset investment manager has recently introduced the Odey fund across its full range of Defensive, Cautious, Balanced and Adventurous multi-manager funds.

The Odey European Absolute Return fund was launched in late 2013 with Feras al-Chalabi, who also manages the £278.6m Odey Continental European fund, taking the helm as fund manager.

Existing cash positions in the Apollo multi-manager funds have been used to take the initial 3 to 5 per cent holding in the Odey fund.

Apollo portfolio manager Ryan Hughes says Al-Chalabi’s previous experience in taking both long and short positions made his new fund stand out.

Hughes says: “Feras is an exceptionally talented fund manager with a proven track record of outperformance over many years through his long-only Odey Continental European Fund.

“He also has experience of shorting stocks and was originally hired by Crispin Odey to short technology stocks at the height of the technology bubble.”

He adds the fund’s “flexibility” to take both long and short positions should also prove attractive in a year where there is likely to be “greater dispersion of returns.”

Another of Odey’s long/short funds, the £889.1m Odey Absolute Return fund, was soft-closed last year following strong investor demand.

Chase de Vere head of communications Patrick Connolly says: “We are sceptical of absolute return strategies.

“That said, if you are going to use them the right time would be after the stock market has performed well.”


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