British hedge fund manager Crispin Odey recorded his best year yet after his fund's gains surged by 193 per cent amid tumultuous markets last month.
His hedge fund soared about 25 per cent in September after benefiting from his long-running short bets against UK government bonds and pound amid wild volatility sparked by Prime Minister Liz Truss’s plans to enact large-scale tax cuts.
The surge boosted his year-to-date gains to 193 per cent, according to a source, Bloomberg said.
His previous best yearly performance was almost three decades ago, when he returned 60 per cent in 1993.
He previously employed Kwasi Kwarteng, Britain's new chancellor, as an analyst before he became an MP.
On Monday, Mr Kwarteng announced that the UK government has a plan to “get Britain moving” in a speech to Conservatives aimed at restoring his authority, hours after backtracking on a key proposal to cut taxes for the country's highest earners.
Mr Odey's fund’s short exposure to bond trades was worth about 111 per cent of its net asset value going into September, mostly related to two UK government securities maturing in 2050 and 2061, according to a separate investor note seen by Bloomberg.
A spokesman for the London-based Odey Asset Management declined to comment.
The government’s plans for unfunded tax cuts caused a rush out of UK government bonds and forced the Bank of England to intervene to calm markets.
Mr Odey’s on-and-off wager against the pound has attracted criticism on social media and in political circles.
Some see the trade as an attempt by the famed money manager to profit from the UK’s economic woes after Brexit.
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Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
NATIONAL%20SELECTIONS
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
Kareem Shaheen on Canada
Neighbourhood Watch
Rajasthan Royals 153-5 (17.5 ov)
Delhi Daredevils 60-4 (6 ov)
Rajasthan won by 10 runs (D/L method)
War on waste
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
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Civil%20War
Company profile
Company name: Dharma
Date started: 2018
Founders: Charaf El Mansouri, Nisma Benani, Leah Howe
Based: Abu Dhabi
Sector: TravelTech
Funding stage: Pre-series A
Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
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SUCCESSION%20SEASON%204%20EPISODE%201
Transgender report
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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SPECS
Killing of Qassem Suleimani
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MATCH INFO
Inter Milan 1 (Martinez 18' pen)
Juventus 2 (Dybala 4', Higuain 80')
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
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ANATOMY%20OF%20A%20FALL
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
'Shakuntala Devi'
Starring: Vidya Balan, Sanya Malhotra
Director: Anu Menon
Rating: Three out of five stars
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
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