Maverick has maintained its short in Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) at 0.93 percent since January. Other tiger cubs have increased short interest in Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) with Viking Global taking it up to 2.8 percent and Discovery Capital to 1.67 percent. Nokia is down 6.5 percent YTD on the Helsinki exchange and has lost its gains made during the short lived pre-earnings boost in January.
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Among other Finnish equities, Maverick Capital increased short position in Stora Enso OYJ (PINK:SEOAY) (HEL:STEAV)(HEL:STERV) to 1.29 percent while reducing exposure in Outotec Oyj (HEL:OTE1V) to 2.25 percent of the outstanding shares.
Coho Capital 2Q20 Commentary: Podcasts, The New Talk Radio
Coho Capital commentary for the second quarter ended June 30, 2020. Q2 2020 hedge fund letters, conferences and more Dear Partners, Coho Capital returned 46.6% during the first half of the year compared to a loss of 3.1% in the S&P 500. Many of our holdings, such as Netflix, Amazon, and Spotify, were perceived beneficiaries Read More
Other hedge funds have also increased exposure in Outotec Oyj (HEL:OTE1V) in the past weeks. The company works in the minerals industry and provides services to the mining and metallurgy sector.
Carlson Capital and UBS O’Connor increased their positions while Millennium Capital initiated a new short in Outotec Oyj (HEL:OTE1V). Outotec Oyj (HEL:OTE1V) recently beat analyst estimates for Q4 earnings.
Maverick Capital reduced its short exposure in Belgium’s favorite short equity Delhaize Group (NYSE:DEG) (EBR:DELB) from 2.4 percent to 2.27 percent while another Tiger cub Coatue Management also reduced short in Delhaize Group (NYSE:DEG) to 2.35 percent. The food retailer has traded nearly flat in the past one month.
In Denmark, Maverick Capital increased its short bet in FLSmidth & Co. A/S (CPH:FLS) to 1.27 percent. FLSmidth & Co. A/S (CPH:FLS) is also a short bet of David Einhorn’s Greenlight Capital, which has maintained the short at 2.66 percent since December 2012.
FLSmidth is involved in the cement and building materials industry and is the biggest European player in this sector. It is also one of the most frequently shorted stocks in Denmark where Citadel, AQR Capital, D.E Shaw hold a position. Highbridge Capital, a JPMorgan Chase (NYSE:JPM) owned hedge fund, reduced short in FLS to less than 0.5 percent on Feb 14.
In the latest Q4 earnings, FLSmidth’s profits declined 19 percent compared to the year ago quarter. Despite of the declining profits, FLS gained its highest price in last ten months on Feb 20, analysts at JPMorgan Chase & Co. (NYSE:JPM) believe that the increasing demand from the U.S. is a strong tailwind for the future earnings. FLS is up almost 19 percent YTD on Copenhagen’s trading floor.