UK-based Odey Asset Management is among the hedge funds that have made paper losses through holding short positions in German carmaker Volkswagen, whose share price rocketed on news of a massively increased stake by rival Porsche.

This adds one of the UK's longest-standing hedge fund managers, established almost two decades ago, to a list of managers nursing losses over Volkswagen that includes Greenlight Capital, SAC Capital - the world's most expensive hedge fund, with management fees of 5% and performance fees of 50% - Glenview Capital, Marshall Wace, Tiger Asia, Perry Capital and Highside Capital, according to the Wall Street Journal.