Odey Asset Management, the London based investment firm managing $12.2 billion for institutional investors, private banks & individual investors today crossed the 13% ownership barrier in CFD broker Plus500 (LON: PLUS).
According to the official TR-1 report filed with the London Stock Exchange, CF Odey Absolute Return Fund holds 10.32%, and all other funds hold less than 3%. Plus500 shares have higher price targets from various investment advisories, and the firm is also coming off the heels of a blowout H1 financial report in which results came in with net profit up a staggering 249%.
Thus, it can be safe to say that Odey expects accumulating more shares will pay off by the end of the year to juice up the Absolute Return Fund’s returns in 2014; performance is lagging drastically behind the past 2 years. You can view returns in the chart below of the Odey Absolute Return fund since it’s inception.
Source: Financial Times
To note, while Odey is gathering up a larger position in Plus500, yesterday JP Morgan reduces its shareholding in Plus500 to under 10% following previously rapid increases.
Plus500 chart since inception