Crispin Odey bought shares in Russian mining company Polymetal International after prices fell
Silver tycoon Crispin Odey bought shares in Russian mining company Polymetal International after prices fell, The Mail on Sunday can reveal.
The hedge fund mogul said he invested in the London-listed company two weeks ago as investors dumped Russia-linked stocks.
The share price, at £3.15, is still 71% lower than before Russia invaded Ukraine. But Odey said: “Over 60% of his business is not in Russia but in Kazakhstan, so it’s really overstated.” So I bought some for £1.40.
Meltdown: Crispin Odey bought shares in Russian miner Polymetal
The Harrow-trained fund manager said he also held a “small” number of shares in Russian oil giant Rosneft. But the price fluctuation “was so horrible that I didn’t follow”.
Odey established Odey Asset Management in Mayfair, London, in 1991.
He manages funds including flagship product Odey European, which he says is up 56% so far this year. The war triggered sanctions on Russia and investors rushed to sell stocks before restrictions meant most Russian assets could not be traded.
Polymetal founder and largest shareholder Alexander Nesis is on the US list of sanctioned Russian oligarchs. The company is run by his brother, Vitaly.
Odey also said the rising cost of living in the UK means the country faces a recession later this year, adding: “Given the labor shortage, wages will have to rise quite a bit. strongly, and that’s what we’ll get in the second half of the year.
“Then the pressure will be on rising interest rates.”