Spanish funds raise short bets on Ibex to 26.5% of index

Investment funds in Spain have increased their short positions on up to 17 Ibex 35 constituents, reaching a total of 26.5% of the index’s capital, valued at about €2.277 billion, according to data from the Comisión Nacional del Mercado de Valores (CNMV).

Enagás leads the list with a 4.94% short exposure worth €219 million, driven by BlackRock Investment Management, Millennium International Management, Eleva Capital, Exodus Capital and Evestra Capital. Indra follows with a 3.88% short position (€382 million) supplied mainly by AQR Capital Management and the Canada Pension Plan Investment Board. Solaria ranks third at 3.42% (€99 million) with holdings from BlackRock Advisors, AHL Partners, Marble Bar AM, Marchant MC and Parvus AM.

Bankinter and Banco Sabadell are the only banks with notable short bets, at 1.51% (€189 million) and 0.93% respectively. Other companies with short positions above the CNMV reporting threshold of 0.5% include Acciona, Grifols, Redeia, and several others. The CNMV requires notification only for short holdings exceeding 0.5% of a company’s capital, allowing smaller positions to remain undisclosed.