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Number of European short positions hits highest level since May 2020, says SEI Novus data

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The UK’s short exposure soared in July relative to other European countries, to give it the greatest short exposure in the region at 22.6%, according to the latest data from SEI Novus. Short exposure in Germany meanwhile, the country with the greatest short exposure in June, fell to 22.18%, followed by the Netherlands at 11.12%.

The UK’s short exposure soared in July relative to other European countries, to give it the greatest short exposure in the region at 22.6%, according to the latest data from SEI Novus. Short exposure in Germany meanwhile, the country with the greatest short exposure in June, fell to 22.18%, followed by the Netherlands at 11.12%.

The number of overall short positions jumped from 465 on 30 June to 483 on 31 July, the highest number since May 2020.
 
Industrials stocks were the most shorted in July, ending the month accounting for 21.89% of total short activity in Europe, followed by consumer discretionary stocks accounting for 18.87% 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 are: ASML Holding NV, 4.5%; C&C Group PLC, 3.9%; SAP SE, 2%; Adidas AG, 2%; and Kingfisher PLC, 1.9%.
 
ASML Holding NV, C&C Group PLC, SAP SE and Adidas AG were the top four most shorted for the second month in a row.
  
SEI Novus’ dataset represents the publicly available, aggregated European short position data from all ESMA-regulated countries and the UK, providing a detailed overview of short activity by industry, fund, geography and short position performance. The aggregated data set covers over EUR30 billion in short positions from more than 150 managers.

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