May 22, 2019 / 11:04 PM / a month ago

FACTBOX-Short positions on leading Italian bank shares

    By Danilo Masoni
    MILAN, May 23 (Reuters) - Analysis of data from Italian
market regulator Consob, which tracks changes in short positions
above 0.5%, shows that funds which built big bets against shares
in Italy's leading banks since 2018 have loosened their
grip. 
    Below is a summary of funds' positions as of May 21 and
their recent moves on five of the country's leading banks:
Intesa Sanpaolo, UniCredit, Banco BPM, UBI Banca and BPER Banca.

    INTESA SANPAOLO:
    No investment fund currently has a net short of above 0.5%.
    Below is a summary of moves since January 2018. 
 HOLDER                 NET SHORT     AS OF       COMPARED WITH
 Bridgewater            0.48%         11/07/2018  1.35% peak on
 Associates, LP                                   23/03/2018
    
    UNICREDIT:
    No investment fund currently has a net short of above 0.5%
    Below is a summary of moves since January 2018. 
 HOLDER                 NET SHORT     AS OF        COMPARED WITH
 AQR Capital            0.49%         28/03/2018   1.27% peak on
 Management, LLC                                   08/01/2018
 Bridgewater            0.48%         17/07/2018   0.82% peak on
 Associates, LP                                     02/03/2018
 
    BANCO BPM:  
    Details of funds whose current positions above 0.5% with
comparatives going back to January 2018.
 HOLDER             NET SHORT   AS OF            COMPARED WITH
 AHL Partners LLP   0.57%       15/04/2019       1.21% peak
                                                 18/10/2018
 AQR Capital        1.12%       15/05/2019       3.11% peak
 Management, LLC                                 03/01/2018
 BlackRock          0.58%       7/05/2019        1.1% peak
 Institutional                                   12/12/2018
 Trust Company                                   
 Citadel Europe     0.52%       14/05/2019       0.51% peak
 LLP                                             07/03/2019
 Lansdowne          0.72%       07/02/2019       NA
 Partners (UK) LLP                               
 Marshall Wace LLP  0.79%       15/05/2019       4.32% peak
                                                 29/10/2018
 PDT Partners, LLC  1.25%       09/05/2019       1.45% peak
                                                 15/01/2019
    
    UBI BANCA:
    Current positions above 0.5% with comparatives going back to
January 2018.      
 HOLDER             NET SHORT  AS OF             COMPARED WITH
 AQR Capital        1.8%       17/05/2019        1.7% peak 
 Management, LLC                                 09/01/2018
 BlackRock          0.5%       17/05/2019        0.7% peak  
 Institutional                                   29/08/2018
 Trust Company                                   
 Citadel Europe     0.8%       06/05/2019        0.92% peak 
 LLP                                             10/01/2019
 Lansdowne          0.54%      08/02/2019        NA
 Partners (UK) LLP                               
 Marshall Wace LLP  1.69%      16/05/2019        3.81% peak
                                                 06/03/2019
 PDT Partners, LLC  0.62%      20/03/2019        0.53% peak
                                                 28/09/2018
 
    BPER BANCA:    
    Current positions above 0.5% with comparatives going back to
January 2018.      
 HOLDER             NET SHORT  AS OF             COMPARED
 AHL Partners LLP   0.99%      25/04/2019        1.52% peak 
                                                 18/10/2018
 Gladstone Capital  0.71%      01/04/2019        0.66% peak 
 Management LLP                                  06/02/2019
 Oceanwood Capital  1.04%      15/05/2019        0.92% peak
 Management Ltd                                  08/05/2019
 
    There have been other funds that have cut their short bets
on BPM, BPER and UBI below the 0.5% level in recent months with
positions peaking around the end of 2018 or earlier this year.
    Link to full data from Consob: here
     
    

    
 (Compiled by Danilo Masoni; editing by Josephine Mason and
Alexander Smith)
  
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