An Odey Asset Management commodities-focused hedge fund run by portfolio manager Henry Steel, and personally backed by the firm's founder Crispin Odey, has been shuttered following losses linked to large Russian positions last year, according to a report by Bloomberg.

An Odey Asset Management commodities-focused hedge fund run by portfolio manager Henry Steel, and personally backed by the firm's founder Crispin Odey, has been shuttered following losses linked to large Russian positions last year, according to a report by Bloomberg. 

The report cites an unnamed source as revealing that the Odey Concentrated Natural Resources Fund, which Steel started in 2019 with money from Odey and some external investors, then failed to raise assets, prompting the decision to liquidate.

According to Steel's year-end client letter, which has been seen by Bloomberg, the fund which had $10 million under management at the end of last year, lost 20% in 2022 after it wrote down its Russian bets to zero.