market folly

Crispin Odey's hedge fund Odey Asset Management has revealed a brand new short position via UK regulatory filing. Due to trading on the 18th of October, the hedge fund has started a new short in Admiral Group (LON: ADM) to the tune of -0.25% of ADM's total shares outstanding.

It's been a while since we last covered activity from this hedge fund but you'll recall in Crispin Odey's market commentary he felt that equities remain attractively priced but unloved back in September. In terms of other portfolio activity from Odey, we noted an increase in their stake in Pendragon (LON: PDG) as well.

Taken from Google Finance, Admiral Group plc is "the holding company for the Admiral Group of companies. The Company’s principal activity is selling and administration of private motor insurance and related products. The Company principal business is selling, administering and underwriting United Kingdom private car insurance through four brands: Admiral, Bell, Diamond and elephant.co.uk."

For more activity in UK markets from prominent hedge funds, head to our UK positions update.