Hedge fund manager Crispin Odey was caught out by the market rally in April, reversing the gains from pandemic-driven market turmoil in March.

Odey Asset Management's Odey European fund fell 9.5% in April and is now down 3.7% in 2020, according to data from HSBC. It's a sharp drop after a 21% gain in March, and a 6.5% rise in the first quarter of 2020. The decline in the fund, managed by Odey himself, came off the back of the rally in markets which ran contrary to Odey's bearish strategy outlook.