Hound Partners Boosts Short in Admiral Group ~ market folly

Monday, October 5, 2015

Hound Partners Boosts Short in Admiral Group

Jonathan Auerbach's hedge fund firm Hound Partners recently filed updated short position disclosures in the UK regarding their short of Admiral Group (LON:ADM).

Per the filings, Hound has disclosed they are now short 1.71% of shares as of October 1st.  This is up from the 1.6% of shares they were short back on June 17th.

Given the volatility in markets as of late, we're providing updates on various hedge fund short positions.  You can scroll through them all by clicking here: hedge fund short positions.

The UK regulatory rules for short position disclosures state that hedge funds must privately file when their net short position eclipses 0.2% of the issued share capital of a company.  Notification is also required again at each 0.1% increment after that.  This applies to both increases and decreases in the position.  Public disclosure is required when net short positions reach 0.5% of issued share capital.  Additionally, disclosure is required when the position subsequently falls below 0.5%.

Per Google Finance, Admiral Group is "a United Kingdom-based company engaged in the provision of car insurance. The Company has four operational segments, which include UK Car Insurance, International Car Insurance, Price Comparison and Other. The UK Car Insurance segment consists of the underwriting of car insurance and other products that supplement the car insurance policy. The International Car Insurance segment consists of the underwriting of car insurance and the generation of revenue from additional products and fees, from underwriting car insurance outside of the United Kingdom. The Price Comparison segment relates to the Company's price comparison Websites; Confused.com in the United Kingdom, Rastreator in Spain, LeLynx in France and compare.com in the United States. The Other segment comprises of the United Kingdom household insurance, the Company's commercial van insurance broker, Gladiator and commercial van insurance. It operates approximately 14 brands in seven countries."

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