The largest European short position in the last week of May was registered by Ennismore Fund Management Ltd in C&C Group PLC, accounting for 3.29% of total aggregated European short positions by size.
That’s according to SEI Novus’ monthly pan-European short position data for May, which reveals the most significant market trends and moves.
Citadel Alternative Asset Management LP’s position in Koninklijke Philips NV (Dutch healthcare technology company), took second spot accounting for 1.03% and AQR Capital Management LLC’s position in Cellnex Telecom, S.A (Spanish wireless telecommunications infrastructure and services company) was third, accounting for 0.71%.
Marshall Wace LLP was the manager with the greatest short exposure in May, accounting for 21.18% of registered short positions, followed by BlackRock Institutional Trust Company accounting for 9.81% and AKO Capital LLP accounting for 6.62%. For a second month, Marshall Wace maintained short exposure far greater than rival hedge funds.
Industrial stocks were the most shorted in May, ending the month accounting for 23.63% or total short activity in Europe, followed by consumer discretionary stocks accounting for 19.58% of registered European short positions. Industrials and consumer discretionary have consistently been the most shorted sectors so far in 2022.
The top five most shorted European stocks by size, as a proportion of all registered European short positions, were: C&C Group PLC, 3.2%; Aker BP ASA 1.9%; Koninklijke Philips NV 1.9%; Adidas AG 1.7%; and Cellnex Telecom SA 1.7%.
The top three countries with the greatest short exposures were the United Kingdom with 26.38%, Germany followed by Sweden with 11.68%. Ireland saw a notable jump in its short exposure increasing from 0.23% to 3.36% in May.
