Hindsight is a wonderful thing, but it is little more than a bittersweet comfort if you are a renowned hedge fund manager whose flagship fund has had its worst ever month, losing more than 19% in a “bloody” April. Just ask Crispin Odey.

In his latest monthly note to investors in the €3.1 billion Odey European fund, seen by Financial News, Odey began to sum up last month's performance with the words: "April was bloody."