Since 7th of March, Bank of Montreal (BMO) has opened 10 significant shorts targeting Swedish companies.(*) Such shorting, concentrated on a single country and executed in a short time-span, is a very rare occurence in MostShorted‘s records. These 10 Swedish shorts are currently BMO’s only active significant EU shorts. Furthermore, and as shown in Chart 1, BMO’s shorts are rather well-spread across Swedish industry sectors. Such sector-diversification indicates that this shorting activity might be aimed at broader Swedish economy.
Chart 1: BMO’s Swedish Shorts Span a Number of Sectors
10 Bank of Montreal’s Shorts
Table 1 depicts 10 significant shorts of BMO. Seven of these short positions originated on 20th and 21st March. The two largest shorts are 1% and 1.02% short against Castellum and Svenska Handelsbanken, respectively. Interestingly, none of the 10 stocks which BMO shorted is among Top 5 Swedish most shorted stocks.
Only AQR holds more shorts than BMO in Sweden (11 vs 10). However, AQR’s high number in Sweden is not unusual, as it is one of the most active funds in our records, currently holding about 90 significant EU shorts.
Table 1: Significant Shorts of Bank of Montreal
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(*) Data presented in this note is limited to significant short positions which at least equal 0.5% of company issued capital. Data presented is as of March 22nd, 2017.
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Note, while BMO is disclosed as a holder of these shorts, BMO might be acting on behalf of its clients