European Short Observer

This report displays insights from the Short value by sector European Short Disclosure Regulation (ESMA). From the daily ﬁlings we track more Industrials Consumer Discretionary Total short value Financials display changes in sector exposures and Materials track the best short picks from the previous month. Also ranked are the most shorted Energy and most covered securities as well as the Consumer Staples managers the top new shorts for the month. reporting Telecom In October the biggest increase in aggre- Health Care gate shorted value was in the Consumer Real Estate

Discretionary sector. The best short of the Utilities month was NCC Group

Best shorts in October end of the month. Among the best shorts, #Mngrs the most crowded is Nyrstar Name Return Value short Short interest managers who have increased their short NCC Group investments during the month. The most shorted security by short Eltel interest was Mitie Group Nyrstar million euros in additional capital invested Ericsson Flybe Group ﬁling a position. GEA Group The most covered security was SAS AB Nanoco Group Senior an aggregate decrease in shorted value of Eniro

0% 1% 2% 3% 4% 5% Most sold short in October Name ∆ Short Int. Short Int. ∆ Value ∆ #Mngrs #Mngrs Return the month ranked by short interest. Among Mitie Group these, Ocado Group was the most shorted Telecom Italia overall and Tobii was the most shorted among the new shorts. Telit Communications Byggmax Group Azimut Holding Banco Popular Español Metso Aggreko Intu Properties Restaurant Group Molecular Medicine Top short interest in October Short ∆ Short Arcadis Name interest Int. Ströer Ocado Group Betsson Wm Morrison Supermarkets Carillion Most covered in October Compagnie Generale De Geophysique Veritas Name ∆ Short Int. Short Int. ∆ Value ∆ #Mngrs #Mngrs Return K+S SAS Tullow Oil Delta Lloyd Fingerprint Cards Intrum Justitia PKN Orlen Heidelberger Druckmaschinen Technip Great Portland Estates Ocado Group

Top new shorts in October Aixtron Name Short interest Value ICA Gruppen Tobii Alent Eltel Faurecia Commerzbank Enquest Nobia Credito Valtellinese Societa' Cooperativa Nibe Industrier Tullow Oil

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