Crispin Odey’s main hedge fund slumped to a fourth annual loss in the last five years as his bearish bets misfired amid the longest-running equities bull market in history.

The Odey European Inc. hedge fund finished 2019 down 10.1% despite a late rally in December, according to a spokesman for London-based Odey Asset Management.

Last year’s performance mean the outspoken hedge fund manager needs to generate a 111% return just to make up for the losses incurred by his investors over the last five years. Odey, who has for years been a vocal critic of central bank policies, turned net long equities in November. That switch helped the fund gain 11.4% in December.

The spokesman said reduced political uncertainty following the U.K. general election last month contributed to a strong end to the year for the firm’s funds. It also started two new funds last year, he said.

Hedge funds betting on a market collapse have suffered during the lengthy bull market. Bearish hedge fund manager Russell Clark saw his Horseman Global Fund slump by 35% last year -- its biggest-ever annual loss -- as his short bets went awry.

While Odey’s funds struggled, those run by other managers posted positive returns. The Odey Allegra Developed Markets fund run by James Hanbury gained 27.9% in 2019, and the new Odey Concentrated Natural Resources fund managed by Henry Steel gained 38.4%.