European Short Disclosure December 2012

The short disclosure from SSR represents a meaningful and significant increase in manager transparency. Historically, insights into managers’ short books were not available even to their investors, not to mention the general investment community.

Critical insights can be learned by analyzing this data in a systematic fashion, both about individual managers and the industry as a whole. Investors now have access to unprecedented levels of transparency in historically opaque investment processes. We believe that studying this new transparency source can significantly benefit allocators as well as investment managers.