Odey’s firm jettisons airlines: Fund manager sells holding in IAG after shares rebounded this year
Odey Asset Management has dumped its stakes in Ryanair and British Airways owner IAG, The Mail on Sunday can reveal.
Fund manager James Hanbury sold his holding in IAG – International Consolidated Airlines – after shares rebounded by more than 8 per cent this year.
Airlines were pummelled by the pandemic as international flights ground to a halt. IAG reported last month that losses in the first half of the year had hit €2billion.
The presentation seen by The Mail on Sunday also shows that Hanbury has been investing in Frasers Group over the past month.
Taking off: Fund manager James Hanbury sold his holding in IAG – International Consolidated Airlines – after shares rebounded by more than 8 per cent this year
It emerged last week that Frasers Group chief executive Mike Ashley will be stepping down from his retail empire, which owns Sports Direct, passing the baton to his son-in-law Michael Murray.
Hanbury’s funds have an investment in Oxford Nanopore, the British life sciences firm that is set for a blockbuster flotation.
He also bet that shares in cinema chain AMC Entertainment – popular with ‘armchair’ retail investors – would fall.
His funds were hit this year when shares in electrical retailer AO World plunged by 47 per cent.
The fund group was set up by hedge fund tycoon Crispin Odey in 1991, who stepped back from overseeing the firm last year to focus on running his own funds.