We have been waiting for Greece to disclose short positions in equities for a while now. The Greek regulatory authority, Hellenic Republic Capital Market Commission, had banned short selling starting October 31st of last year. Although the ban has been lifted now, we still can’t find any short disclosure coming from Greece. Either Capital Market Commission (HCMC) is not updating (or as Angela Merkel would put it, “Greece is lazy”) or no one has a bet that exceeds the threshold of 0.5 percent ownership in the outstanding shares. While we wait on Greece, we thought this would be a good time to dedicate an entire article to listing short disclosures in eurozone’s other ailing arm, Spain. We have not covered Spain in much detail before.
The pressure on Spanish banks has eased in the last couple of months. There are a fewer number of short positions to be found in the banking sector, however there are still some. Wellington Management Company, LLP and Discovery Capital have a negative position of 2.56 percent and 0.69 percent for Bankinter SA (MCE:BKT), Spain’s investment bank. Wellington reduced its position from 3.48 percent. Teton Capital has a short position of 1 percent for Caja de Ahorros del Mediterraneo (MCE:CAM), another bank. Valiant Capital Management LP also has a short position of 0.56 percent for Banco de Sabadell SA (MCE:SAB).
Bolsas Y Mercados Espaneoles Socdad Hldg (MCE:BME), manager of the financial markets and stock exchanges of the country’s major cities has been shorted by Eminence Capital (0.76 percent), Marshall Wace (0.76 percent) and 0.94 Adelphi Capital (0.94 percent).
Mediaset Espana Comunicacion SA (MCE:TL5), a braodcasting company, was put n a short position by Highbridge Capital, Saemor Capital and Millennium Capital. Mediaset is also a shorting favorite in Italy.
Steadfast Capital has a bet on 0.6 percent of Mapfre SA (MCE:MAP), an insurance company.
BlackRock and Marshall Wace are shorting 0.79 and 0.54 of Gamesa Corporacion Tecnologica SA (MCE:GAM), a company in the renewable energy sector. Egerton Capital, Amber Capital and Marshall Wace shorted Fomento de Construcciones y Contratas SA (MCE:FCC), an environmental services company. Meditor Capital management shorted 1.16 percent of Red Electrica Corporacion SA (MCE:REE).
Egerton Capital is shorting 0.7 percent of Zeltia SA (MCE:ZEL), a pharmaceutical company. OrbiMed Advisors have a short bet on 0.53 percent of Almirall SA (MCE:ALM), which is involved in the distribution and storage of pharmaceuticals.
Amber Capital is shorting 1.2 percent of Abengoa SA (MCE:ABG) and 1.4 percent of ACS Activ. de Construc. y Servicios SA (MCE:ACS).
A technology solutions company, Indra Sistemas SA (MCE:IDR), is held by the highest number of hedge funds. Hoplite Capital, Meditor Capital, Adelphi Capital, Morton Holdings, and Antipodean Advisors and Columbus Circle Investors have an aggregate negative position in about 7 percent of the shares. Lansdowne Partners Limited have a short position in 0.99 percent of Amadeus IT Holding SA (MCE:AMS), which provides IT solutions in the travel sector.
Dalton Strategic Partnership has a bet on 0.69 percent of Zardoya Otis SA (MCE:ZOT).