A second star manager at Odey Asset Management has emerged with a fund larger and more successful than founder Crispin Odey's own funds.

Oliver Kelton’s $408m Odey European Focus fund has returned 9.8% this year to October 31, according to a letter to investors. The long-only fund generated returns of 0.8% in October. Since its launch in 2010, investors in the fund have seen returns of 169%.