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The Ibex 35 is the index european stock market more bearish of the entire Eurozone in this year of the coronavirus. However, the breakdown of the 28% who collects them knows even a little bit to the speculators. Your bets against listed companies of the index exceeds 750 million euros in full return to the state of alarm, and between macroeconomic forecasts increasingly dark.
The sharp falls that builds up the Ibex 35, far from alert or to give satisfaction to the hedge funds betting against you, have aroused still more his appetite. In fact, as of today, have positions bearish for 753,3 million euros. A figure calculated on the basis of their investments and the market prices that mark the listed index for the wagering.
And it is that, while the Council of Ministers has decreed the return of all the national territory, the state of alarm, almost a third of listed companies of the Ibex suffered the caress poisoned these hedge funds. In round numbers, 11 out of the 35 values in the index, king of the Spanish stock market have bearish in its capital.
The more besieged
Among them, in addition, three suffer from the presence of more than one fund bearish in its shareholdings. In this sense, the most popular currently is Acciona. Against a company that adds to backwash more than 2% so far this year, a bet of up to four hedge funds: Ako Capital (0,98%), Oceanwood (0,5%), Egerton (0,69%) and Naya Capital (0.6 per cent).
In total, a at 2.77% of the share capital of the company headed by José Manuel Entrecanales is taken out by these funds. A participation, that exceeds 146 million euros and that is the second largest dimension, highest among all listed companies of the Ibex 35.
Punishment to the tourism
The first post of this ungrateful podium is what it takes Cellnex. In this case, only a bearish bet against the equity of the company, but their listing prices and the inflation of the bet (0,8%) grow-out position until the 206,6 million euros. It is Citadel Europe, which is one of the hedge funds most active in the publicly-traded Spanish.
Currently, the managers of Citadel held positions against the price of another company listed on the Ibex 35: Meliá Hotels. In this case, the to 0.68% that has taken in short-in the hotel is equivalent to an investment of 4.9 million euros against a stock already lost 59% of its value since that started the year.
Here, the weak forecasts, which are drawn for the Spanish economy -that they get worse with each new measure back to the confinement, which enters into force – are coupled with the difficult recovery of the tourism sector. And is expected to be one of the last to raise its head once a medical remedy effective against the Covid-19.
It is worth remembering at this point that Aenathe manager semi-public Spanish airports, have recently suffered the attack of the shorts for the first time in five years. The scourge of the coronavirus to his business was the call of boarding to the fund Marshall Wace, which currently you have already reduced your position in the company below 0.5% the National Commission of the Market of Values (CNMV) and the bulk of european supervisors mark as a minimum to consider relevant and spread a short position in the market as a whole.
Marshall Wace
There are two other listed companies in the Spanish index by antonomasia, in which Marshall Wace yes preserved short positions. This is the constructor ACS and the renewable Solaria.
In the first, its position reached 0.87% of the shares of the company, which together with the portion that accumulates the bears of Ako Capital, resulting in a 1,76% of the capital and the equivalent to 125,2 million euros of investment.
With regard to Solariathe newcomer to the Ibex 35 in replacement of MásMóvil, the bet by the decline in stock market which formulate the Marshall Wace reached 0.6% of its share capital. This participation implies, at market prices, a commitment of something more than 11.8 million euros against its evolution on the stock exchange. And in his first week in the index the king of the parquet madrid has suffered a setback, higher than 11%.
However, none of the listed above up to now has the dubious honour of being the most pressured by the bears in terms of weight in his own capital. This position corresponds to Indraas a 3,61% of its shares is taken by the three funds that bet against you. A position added to that is the equivalent to 38.9 million euros against its stock market performance.
The downside of Immersion Capital are those who trust in its decline more strongly, as alone hoard a 2,22% of the technology in the short positions. A more than significant distance and almost tied it place the funds Fosse Capital Partners (0.7 per cent) and Voleon Capital Management (0,69%).
Stalking to the bench
Even the financial sectorthe target of persistent rumours about corporate movements that help to improve the profitability of a business hobbled by interest rates at historic lows, you pound the teeth of the bears. The same Banco Sabadell, which is pointed out as the next key piece in the dance of mergers, is the target of these speculators.
0.95% of the capital of the vasellano work in the hands of Samlyn Capital, which in recent weeks has gone fatter progressively short position in the bank. Currently, your investment reaches a market valuation of € 15.5 million while the graphic of the entity is unable to retrieve the 0.3 euros per share.
In the case of Bankinteris AQR Capital which brings together 0.5% of their shares in the minimum threshold that marks the border to be considered a bass player of relevance. Despite the fact that the ceo of the entity, Maria Dolores Dancausa, has explicitly stated that the managers of this ‘hedge fund’ are “wrong”, what is certain is that the plots have become after four years of truce.
The cast listed on the Ibex 35 that the bears have cast the eye is complete with PharmaMar (0,62%), Ferrovial (0,59%) and Naturgy (0.5 per cent). Of the numbers of your third trimester and how you are evolving a pandemic that affects more and more of the economy will depend on the success or failure of a strategy that has to continue to do business with the defeat of the quotes.