Canada's pension fund, Canada Pension Plan Investment Board (CPPIB), and the American manager AQR Capital have strengthened their short positions in Indra, raising the aggregate value of both to almost 317 million euros.
According to the data from the registry of the National Securities Market Commission (CNMV) consulted by Europa Press, these adjustments have occurred in the first stages of this week (Tuesday 7 and Wednesday 8 of April), coinciding with the arrival in office of the new non-executive chairman, the former CEO of CriteriaCaixa Ángel Simón, after the resignation the previous week of Ángel Escribano.
In the case of CPPIB, the Canadian pension fund has moderately increased its short position in Indra, which goes from 0.5% of the capital it held on March 31 to the current 0.64%.
This is the fund's second relevant move since 2020, after it reduced its bearish position on the technology and defense from 0.59% in March. CPPIB declared a short position in Indra for the first time on October 16, 2019, with a 0.5% stake.
AQR maintains its all-time high of bearish pressure
For its part, AQR Capital Management has raised its short bet on Indra to 2.97% of the capital, compared to 2.83% recorded on April 2. This percentage represents its largest short position since there is a record in the CNMV files and consolidates it as the investor with the largest bearish exposure in the company at the moment.
The short positions scheme on Indra is completed with the American fund WorldQuant, which maintains since March 31 a bearish stake of 0.5%, slightly below the 0.53% reached on May 9, 2016. The firm began to show its bearish bet on November 20, 2014, and now totals more than ten years operating on the stock, although with few changes in recent years.
At market prices, CPPIB's short position, of 0.64% of the capital and equivalent to 1.1 million shares, would be around 55.82 million euros. In the case of AQR Capital, its 2.97%, which represents 5,246,635 shares, would be around 258 million euros.
Meanwhile, WorldQuant's position, of 0.5% and associated with 883,272 shares, would have an approximate value of 43.41 million euros. Overall, the three short positions would thus exceed 357 million euros.
A short position reflects an investor's expectation that the price of a stock will fall, since they make profits if the price falls and, conversely, incur losses if the value increases. The CNMV only makes public short positions equal to or greater than 0.5% of the capital of the affected company.
Around 12:38 p.m., the shares of the Spanish company fell by 6%, to 49.15 euros.