Odey Asset Management looks to boost Absolute Return Fund by accumulating shares in Plus500 – passes 13%


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 online CFD and FX trading platform 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.

odey
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
Plus500 chart since inception

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Odey Asset Management looks to boost Absolute Return Fund by accumulating shares in Plus500 - passes 13%

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