Odey Asset Management's hedge fund has now chalked up a huge 193% return so far in 2022, with the London-based firm founded by Crispin Odey making the most of the UK bond and currency markets turmoil sparked by Kwasi Kwarteng's announcement of a huge package of unfunded tax cuts, according to a report by Bloomberg.

The report cites an unnamed source as revealing that the fund jumped 25% in September last month on the back of Odey's long-running short bets against UK government bonds and sterling.

YTD gains are now far in excess of the fund's previous yearly best – a 60% gain recorded way back in 1993. 

The fund’s short exposure to bond trades was worth about 111% of its net asset value going into September, mostly related to two UK government securities maturing in 2050 and 2061, 

According to a separate investor note seen by Bloomberg, the fund's short exposure to bond trades was worth about 111% of its net asset value going into September.