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Insights from the European Short Disclosure Regulation (ESMA). Using daily filings, we track around €50 bn in short investment across 250+ managers.

Data Source: 
European Short Disclosure Regulation
Update Frequency: 
Monthly
EU Short Disclosure

Bears still roam in Europe

July 1, 2021

While it's true that there are only a few hundred bears left in the wilds of Southern Europe, they do seem to be active at certain hedge funds.

The alpha bear right now is AQR Capital Management, which recently increased its exposure from -3.43% to -8.51%. Marshall Wace simultaneously moved from a net-positive to a net-negative position, while BlackRock and Citadel moved incrementally to the short side. AKO Capital and JPMorgan, though, seem to have come to similar conclusions about EU equities as has AQR.

By the way, don't worry too much about the literal rather than metaphoric bears. They still thrive throughout Scandanavia and the Baltics.