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Marshall Wace makes €90m short wager against Kerry Group

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Marshall Wace has taken a €90 million short position against Kerry Group, one of Ireland’s largest and most successful companies, according to a report by Business Post.

The report cites stock exchange filings as revealing that the London-based hedge fund, which was founded in 1997 by Paul Marshall and Ian Wace, has shorted 0.5 per cent of Kerry’s stock, which at the firms currently share prince of €100, equities to just shy of €90 million.

Food inflation and supply chain problems triggered by geopolitical shocks including Brexit and Russia’s invasion of neighbouring Ukraine, have contributed to a fall in Kerry’s share price from a high of €126 in August of last year to today’s price. 

In July, Kerry announced a 13.3 per cent rise in revenue to €4.1 billion in the six months to June, with the company’s taste and nutrition division reporting a 9 per cent increase in half year sales to €3.45 billion, and a 25 per cent increase in earnings to €515 million. Its Dairy Ireland division meanwhile, had sales of €695 million, and profits of €38 million.

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