From Hedge Fund Insight staff
Net short of equity exposure by over 100% of balance sheet.
Top 10 positions include 6 short positions. The sizing of the JGB/Australian Govt. Bond positions make it look like one relative value trade. Given there is a aggregate short position of 190.2% there is either a very long tail of individual shorts or some index positions have not been shown in the Top Exposures table. The largest shorts by percentage of outstanding capital of the company were: Ashmore Group, Lancashire Holdings, Tullow Oil, Intu Holdings and Trinity Mirror PLC.
Most Shorted reported recently that Crispin Odey reduced almost all his EU shorts in March: “I reduced the short book by a third, ” he is quoted as saying.
Investors have been here before with Crispin Odey: returns will be driven by the top down (asset allocation) rather than the bottom up (stock or sector selection). With reported daily moves of 5% it will be an interesting ride – safety straps recommended if you are an investor.