LF Odey Continental European R

Targets capital growth from a concentated portfolio of European equities.

  • 924.74p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • -
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 1.50%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 1.58%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 0.30%

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 20 October 2020, fund data last updated 02 April 2014

The Fund targets long term capital appreciation through investing primarily in securities issued by companies with principal offices in Continental Europe.

Fund summary

Sector Flexible Investment
Structure OEIC
Launched April, 1997
Size £95m
Yield 0.30%
Charging basis Income
Dividends paid Acc units only


Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.58%


Proportion (%)

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Investment process

Manager research

Average monthly relative returns

  • 15/16 -0.40%
  • 16/17 -0.36%
  • 17/18 0.38%
  • 18/19 -0.70%
  • 19/20 -0.64%

Bestinvest MRI

  • 3 years -0.32%
  • 5 years -0.34%
  • Career 0.19%
  • 3 years 29.80%
  • 5 years 19.80%
  • Career 90.00%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Oliver Kelton

Kelton joined Odey in March 2015, bringing with him the Waverton European fund (now Odey European Focus). He joined Waverton in 2001 as a European equity analyst. Since 2003 he has been managing specialist Pan-European equity portfolios and took over running the Waverton European Fund in April 2010. From May 2007 he was also the manager of the Pepin Fund, a plain vanilla long / short European equity Fund which was closed in April 2013. He has a 1st class honours degree in Economics and Politics from Bristol University and is a CFA charterholder.

Track record

Oliver Kelton has 10.4 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.19%. During the worst period of relative performance (from February 2016 - March 2020) there was a decline of 23% relative to the index. The worst absolute loss has been 29%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 90%.

Periods of worst performance

Absolute -29.00% (September 2018 - March 2020)
Relative -23.00% (February 2016 - March 2020)

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.


Proportion (%)

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Top 10 holdings

Data accurate as at 30 June 2020

9.5563% Deutsche Telekom Ag
5.8155% A.p Moeller-Maersk 3.375% 28/08/2019
5.7112% Deutsche Bank Ag
5.6807% Bnp Paribas Sa
5.3772% Aker Bp Asa
5.0924% Bouygues
5.0261% Arcelormittal Sa
4.5777% Ryanair Hldgs
4.4306% H & M Hennes & Mauritz
4.2907% Continental Ag
Source: Trustnet

Sector breakdown

Financials 22.00%
Energy 20.00%
Industrials 15.00%
Communications 14.00%
Consumer Discretionary 12.00%
Materials 8.00%
Information Technology 3.00%
Utilities 3.00%
Consumer Staples 2.00%
Money Market 1.00%

Key Investor Information