In a letter seen by the Financial Times, the firm told clients that between January 2015 and August 2017, its total assets under management had fallen from $11.7bn to $6bn.
The report also indicated that the Odey European Fund has shrunk in size from €2.5bn to €184m over the same time frame.
An ardent and vocal backer of Brexit, Odey is famed for going against the grain, favouring domestic stocks while the consensus flocks to defensive companies and betting against the continuation of the equity market rally.
Odey has consistently bemoaned central banks’ quantitative easing measures, last year writing to investors that ultra-low interest rates have resulted in misallocation of capital around the world, as his European long-short equity fund struggled.
The €720m Odey European Fund, launched by the hedge fund manager in 1992, shed close to 50% of its value in 2016, as currency swings and rising equity markets impinged on its performance.
Odey’s flagship fund has continued widening its losses this year and had lost 14% by mid-September, according to a performance document picked up by Bloomberg News last month.