TL; DR: We noted first National Bank of Greece short position decreases in 2019 by Oceanwood Capital. Since end of January and prior to these decreases, we recorded sixteen consecutive short position increases.*
- Last week, Oceanwood Capital decreased their short position in National Bank of Greece twice: on 2019-09-16. from 2.1% to 2.01%, and on 2019-09-18, from 2.01% to 1.85%,
- These are their first reductions, after sixteen consecutive short position increases that we noted in 2019,
- Since end of January, stock price of National Bank of Greece (market cap about €2.5b) moved from under €1 to as much as €2.78 on 2019-09-23,
- Marshall Wace also holds a big short (short >0.5%) in National Bank of Greece. This short has been above 0.5% since end of May and, as of the latest disclosures, is at 0.59%,
- Both funds had big shorts in this Greek bank also in the past (Marshall Wace 2016-2018 and Oceanwood 2017-2018),
- Currently, this is not the only big short by Oceanwood Capital in a Greek bank. they also hold a short position in Eurobank Ergasias (0.99% short),
- Some of Oceanwood's bets against EU banks have already been reduced in 2019, eg shorts in Alpha Bank, Metro Bank and UBI Banca.
Development of 2019 short positions by Marshall Wace and Oceanwood Capital in National Bank of Greece:
Update on 2019-09-24; The latest short disclosures: Oceanwood's short position in National Bank of Greece from 1.85% to 1.77% on 2019-09-20 and Oceanwood's short position in Eurobank Ergasias from 0.99% to 0.89% on 2019-09-20.
Update on 2019-09-25; The latest short disclosures: Oceanwood's short position in National Bank of Greece from 1.77% to 1.57% on 2019-09-24 and Oceanwood's short position in Eurobank Ergasias from 0.89% to 0.75% on 2019-09-24.
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* Note: Presented short selling data is based on European net short position data which is disclosed to the public when short positions at least equal to 0.5% of company issued share capital. „Big short“ refers to a short position above 0.5% of company issued capital. Presented data and analytics is as of available on 2019-09-23.
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