Hedge Fund Lansdowne Reduces Short Position in Aviva ~ market folly

Monday, November 8, 2010

Hedge Fund Lansdowne Reduces Short Position in Aviva

UK based hedge fund Lansdowne Partners has reduced their short position in Aviva (LON: AV). Paul Ruddock and Stephen Heinz's hedge fund have gone below the -0.25% shares outstanding threshold, meaning that they no longer have to disclose the position to UK regulators.

Just because they've reduced the short position does not mean they've covered entirely. In fact, they've gone below this threshold once before already this year. Here is a timeline of Lansdowne's short in Aviva (AV):

February 2009: Short -0.34% of shares outstanding
March 2010: Short reduced below the -0.25% reporting threshold
June 1th, 2010: Increased short position to -0.49% of shares outstanding
November 2010: Reduced below the threshold again

So, it's anyone's guess as to whether they've just reduced position size or covered completely here, we won't know unless Lansdowne comments on the position or adjusts their size again. In the past, we've taken a look at Lansdowne's other short positions as well.

As noted in our latest hedge fund performance update, Lansdowne was -3.87% for the year at the end of September. In terms of other portfolio activity from the hedge fund, we saw them acquire a position in Central Asia Metals (LON: CAML).

Taken from Google Finance, Aviva is "engaged in the provision of financial products and services, focused on long-term insurance and savings business, fund management and general insurance and health."

To see what else this hedge fund has been up to, check out all our posts on Lansdowne Partners here.

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