Moving on with our coverage of short positions from the countries of the eurozone, we are covering Italy and Poland today. We have mentioned shorts from US hedge funds in Italian stocks in our last post. Several UK based hedge funds also have significant positions in Italy.
Recently Egerton Capital Limited disclosed a short in Banca Monte dei Paschi di Siena SpA (BIT:BMPS). Egerton is also shorting another bank, Banca Popolare di Milano (BIT:PMI), along with Odey Asset Management and US value hedge fund, Discovery Capital.
Electron Capital Partners' flagship Electron Global Fund returned 5.1% in the first quarter of 2021, outperforming its benchmark, the MSCI World Utilities Index by 5.2%. Q1 2021 hedge fund letters, conferences and more According to a copy of the fund's first-quarter letter to investors, the average net exposure during the quarter was 43.0%. At the Read More
Banca Monte is also short position of Odey Asset Management, Marshall Wace, and Wellington Management Company, with a combined negative position amounting to 3.23 percent of the shares outstanding. Other than banks, Odey is shorting TOD’S SpA (BIT:TOD), while Wellington Management is shorting Banca Carige SpA (BIT:CRG).
The most frequently shorted stock is Mediaset SpA (BIT:MS), a bet of seven hedge funds with a combined position on 4.86 percent of Mediaset’s shares outstanding. Mediaset is a communications and broadcasting company. The share price is down 39 percent year to date. The short sellers include, Egerton Capital, AQR, and Oxford Asset Management.
Highbridge Capital, AKO Capital and Marshall Wace are shorting Pirelli & C. SpA (BIT:PC), while Finmeccanica SpA (BIT:FNC) is a short bet of AKO Capital, AQR Capital, and Amber Capital, the total position equals 5.87 percent of the company’s shares. Month to date, Finmeccanica stock is up almost 8 percent.
Morton Holdings is betting on 2.12 percent of DiaSorin SpA (BIT:DIA).
In Poland, among the US funds, GLG Partners (subsidiary of Man Group PLC (LON:EMG)) has a short in 2.97 percent of Central European Distribution Corp (NASDAQ:CEDC), the alcohol beverage company. Discovery Capital and Blue Ridge Capital are betting on 0.82 and 1.51 percent of KGHM POLSKA MIEDZ SA (PINK:KGHPF) (FRA: KGHA). Morton Holdings is shorting 1.04 percent of PKN ORLEN S.A. ZY 1,25 (FRA:PKY1), while Wellington Management Company is betting on 1.43 percent of BRE BANK ZY 4 (FRA:BRU) (PINK:BREJY). Among the UK’s hedge funds, BlackRock, Inc. (NYSE:BLK) has a short position in 1.31 percent of NETIA HLDGS SA ORD (PINK:NTIAF).