New analysis from GraniteShares, a global issuer of Exchange Traded Products (ETPs) with more than $ 1.5 billion under management reveals that on July 3rd 2023, Maire Tecnimont S.p.A. was the most shorted Italian listed company.
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Will Rhind, Founder and CEO at GraniteShares
Some 2.92% of the leading industrial group’s stock was held short by two investment firms, with AKO Capital LLP holding the largest short position with 1.69% of the company’s shares.
The second most shorted company was Esprinet S.p.A., a wholesale distributor of IT and consumer electronic products, with 2.74% of its stock held short by four fund managers. This was followed by Saipem S.p.A. and Industrie De Nora S.p.A. with 2.44% and 2.29% of their stock held short by three investment firms each.
GraniteShares continued its expansion in Italy last month with the launch of its first suite of 5X & 3X Leveraged ETPs on the FTSE MIB Index. Investors now have access, in euros and on the Italian Stock exchange, to four ETPs offering long and short daily leveraged exposures (5x and 3x) to the major Italian index.
The table shows the largest ten short positions in companies that are listed and trading on Borsa Italiana.
| Company | Percentage of stock held short | Number of funds shorting the stock |
| Maire Tecnimont S.p.A. | 2.92% | 2 |
| Esprinet S.p.A. | 2.74% | 4 |
| Saipem S.p.A. | 2.44% | 3 |
| Industrie De Nora S.p.A. | 2.29% | 3 |
| Saras Raffinerie Sarde S.p.A. | 2.08% | 3 |
| FinecoBank S.p.A. | 2.04% | 2 |
| Webuild S.p.A. | 1.45% | 2 |
| SECO S.p.A. | 1.40% | 1 |
| Amplifon S.p.A. Milano | 1.38% | 2 |
| Iveco Group N.V | 1.37% | 1 |
Source: WhaleWisdom, updated on July 3rd 2023
The analysis shows Citadel Advisors LLC and JPMorgan Chase & Company held the joint highest number of short positions on Italian listed companies of any investment firms, with four active shorts each. This was followed by Marshall Wace LLP and Canada Pension Plan Investment Board, which both held three active shorts.
The table shows the seven fund managers with the highest number of short positions on companies that are listed and trading on Borsa Italiana.
| Fund Manager | Number of short positions on Italian listed companies |
| Citadel Advisors LLC | 4 |
| JPMorgan Chase & Company | 4 |
| Marshall Wace LLP | 3 |
| Canada Pension Plan Investment Board | 3 |
| AKO Capital LLP | 2 |
| Capital Fund Management S.A. | 2 |
| Fosse Capital Partners LLP | 2 |
Source: WhaleWisdom, updated on July 3rd 2023
Will Rhind, Founder and CEO of GraniteShares, said: “Our research shows the Italian energy sector is increasingly seen as a target by sophisticated investors looking to capitalise on market volatility, with Maire Tecnimont S.p.A. and Saipem S.p.A. among the top three most shorted stocks.
“The trend of rising short positions in Italy shows no signs of slowing down with investors looking at a wide range of sectors when choosing to short Italian companies.
“In response to growing demand, we expanded our ETP offering last month with a suite of 5X & 3X Leveraged ETPs on the FTSE MIB Index, providing investors with the opportunity to express bullish and bearish trades on the Italian market.”
Source: ETFWorld.co.uk
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