Odey makes 'controversial' Tesco investment

New holding in European Focus fund

Anna Fedorova
clock • 1 min read

Crispin Odey's firm has bought shares in Tesco in its European Focus fund, saying the prospects for the beleaguered UK supermarket are improving.

In a newsletter to shareholders, Oliver Kelton, who manages the firm's €1.3bn European Focus fund, wrote: "This may well be a controversial investment. However, we have been following the company closely now for well over a year and believe that we have finally reached an attractive entry point." Tesco has seen a torrid 2015, with shares plunging 21% during the year to nearly their lowest level since 1997, making the stock price look attractively low, Bloomberg reports. However, year to date shares have already climbed 8% to 162p, despite turmoil in global markets, after the supermark...

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