The hedge fund run by veteran UK manager Crispin Odey, who told his investors yesterday "we are definitely being labelled the bad boys" for shorting UK banks, outperformed his benchmark by 8.81% last month.

Odey's fund, which takes long and short positions in European equities, made a loss of 2.66% for September while the MSCI Europe index fell 11.46%. For the year to the end of last month the fund is up 6.11%, 28.05% ahead of the index.