market folly

Crispin Odey's UK hedge fund Odey Asset Management has opened up a position in RSM Tenon Group (LON: TNO). Per trading on June 23rd, this brand new position is equivalent to 5% of RSM's outstanding shares.

The disclosure was made on June 27th and indicates the position was acquired via the contract for difference (CFD) market. We've also just posted up Odey's latest market commentary where he says it's still a stockpicker's market.

UK-based hedge funds have been busy as of late as Lansdowne Partners was out buying Mwana Africa as we detailed last week.

Per Google Finance, "RSM Tenon Group PLC, formerly Tenon Group PLC, provides a range of professional and business services. The Company has five segments: audit, taxation and advisory; turnaround and corporate recovery; risk management; financial management, and specialist tax. It provides solutions to clients that range from individuals and entrepreneurially-led owner-managed businesses to corporations and public sector organizations."