LONDON, Aug 10 (Reuters) - Freddie Neave, the hedge fund manager who replaced Crispin Odey in charge of Odey Asset Management's European Inc. fund, has dropped the firm's short position on UK gilts, according to an investor letter seen by Reuters.
The Odey European fund which overseas 248 million euros ($273.47 million) in assets, is currently down 15.6% for the year as of July 31, the letter dated August 8, said.
Crispin Odey, one of Britain's best-known hedge fund managers, reaped millions of pounds in 2022 by wagering against British government bonds, also known as gilts.
His firm ended that year up 151.46%, and was the top fund tracked by HSBC's Alternative Investment Group data in 2022.
"Government bond exposure has been taken to zero," the letter signed by Neave said.
"This can give investors comfort that the exposures they face over the coming weeks are materially lower than in the ordinary course of business," it added.
OAM and Crispin Odey did not immediately respond for a request for comment.
($1 = 0.9069 euros) (Reporting by Nell Mackenzie, editing by Sinead Cruise)
