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Odey launches Allegra Developed Markets fund for Hanbury


Odey Asset Management has launched a new fund targeting developed market equities for James Hanbury.

The $23.9m (£18.9m) Odey Allegra Developed Markets fund is a long-only Ucits IV fund domiciled in Ireland and is benchmarked against the MSCI World Index, which covers 24 countries including the US, the UK, Japan, Canada and France.

The fund seeks long-term capital appreciation and has a minimum investment of £5,000. The sterling share class has an investment management fee of 1.2 per cent and, according to its Key Investor Information Document, the ongoing charge is estimated to be 1.35 per cent.

In addition, the product has a 20 per cent performance fee on the relative performance over and above the MSCI Daily Total Return Net World index.

Hanbury also runs the £555m Odey UK Absolute Return fund, which was launched in May 2009. Between inception and 30 April, the fund has returned 124.9 per cent against the 71.9 per cent gain seen in the FTSE All Share benchmark.

The new fund takes Odey Asset Management’s range to 18 products, with three portfolios – the Odey Naver, Odey Orion and Odey Swan funds – launching earlier in 2013.


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