ActusRay Partners, the investment manager integrated into the Hong Kong real estate group Hong Kong Sun Hung Kai, has increased its short position in OHLA to 0.73% of its share capital, according to the latest data reported to the National Securities Market Commission (CNMV).
The firm had initially declared a short on the Spanish construction company on August 3 equivalent to 0.53% of the shares, a level that it raised to 0.61% on August 18, until reaching the 0.73% it currently holds.
With this move, it becomes the third manager to maintain a bearish position in OHLA, joining Citadel and Two Sigma, which had already taken similar positions during the month of July.
In the case of Citadel, the firm reported a short of 0.51% on July 14, although it reduced this exposure to 0.44% just three days later. For its part, Two Sigma opened on July 29 a position of about 0.5% of the company's capital.
As of today, the only bearish position in OHLA that exceeds the threshold of 0.5% is the one held by the manager based in Hong Kong.
Since the beginning of summer, OHLA's shares have accumulated a decline of 10.7%, falling from trading at 0.47 euros on Monday, June 22, to around 0.42 euros currently.
The entry of these funds into the capital of OHLA comes after the strong volatility recorded in mid-July, when the company's shares suffered a sharp decline on the stock market after its main shareholders, the Mexican brothers Amodio, acquired an additional package of 7.2% at a price below the market price.
This operation was linked to an accelerated placement carried out by JP Morgan of 83 million shares, equivalent to 6% of the group, with the aim of financing the purchase, which caused an adjustment in the quotation. At the same time, it meant the entry of JP Morgan as the holder of derivatives on the construction company, currently holding 9.9% of the capital.
Despite the increase in short positions, the veteran infrastructure company presents a positive balance so far this year on the stock market, with a cumulative revaluation since January of 12.4%.