breaking news Marshall Weiss bets £100m against Tesco - Business News lastminute news
Mayfair-based hedge fund Marshall Weiss has emerged with a £100 million bet against Britain's biggest supermarket Tesco.
breaking news Marshall Weiss bets £100m against Tesco - Business News lastminute news
Mayfair-based hedge fund Marshall Weiss has emerged with a £100 million bet against Britain's biggest supermarket Tesco.
Mayfair-based hedge fund Marshall Weiss emerges with £100m bet against Britain’s biggest supermarket Tesco
Mayfair-based hedge fund Marshall Weiss has emerged with a £100 million bet against Britain’s biggest supermarket Tesco.
The Secret Fund, run by Sir Paul Marshall and Ian Weiss, is using so-called ‘short’ contracts to make money when the share price falls.
The situation is disclosed in official data published by the Financial Conduct Authority, which requires hedge funds and other short-sellers to publish their share.
Pushed Around: Tesco has been one of the most resilient stocks on the market through the pandemic and is considered a solid investment compared to its smaller rivals.
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Marshall Weiss may have already banked several million pounds before the move, after shares of the FTSE100 grocer fell 7.4 per cent last week.
Tesco has been one of the most resilient stocks in the market through the pandemic and is considered a solid investment compared to its smaller rivals.
But disappointing updates from its US counterparts in recent days have battered share prices of global retailers. Walmart and Target, two of America’s biggest chain stores, have warned that the impact of inflation is accelerating.
Target shares fell 25 percent on Wednesday following its update — the biggest drop in its stock since the Black Monday market crash of 1987.
In Britain, high energy and fuel prices pushed inflation to a 40-year high of 9 per cent in April and the Bank of England warned it could hit double digits later this year.
Clive Black, director of Shore Capital, said: ‘Traditionally, supermarkets have been very resilient, but this week inflation figures in the UK and US have risen higher and faster than many expected.
‘There were also major downgrades in the US, reflecting the speed at which inflation is hitting shoppers’.
“Companies are also struggling because they cannot pass on the additional cost to customers.
‘Marshall Weiss appears to have taken a dim view of Tesco’s ability to withstand these increasing pressures. But if Tesco gets a cold, so do many other discretionary retailers. [selling nonessential goods] Will catch the flu.
Marshall Weiss and other short-sellers have also bet against several other retailers as shoppers tighten their purse strings.
About half of the top ten most shorted stocks are retailers, including Asos, Curry, Boohoo, B&Q-owners Kingfisher and AO World.
Curry’s shorts are at an all-time high of 6.4 per cent, although the year has started with none. Sainsbury’s, Marks & Spencer and Okado are also in the firing line.
The total number of short positions in retail has grown to over £1 billion.
Marshall Weiss also has bets against a number of big-name companies, including Minor Fresnillo, Royal Mail, WHsmith and Deliveroo. In April, it was found to be the fund manager with the largest European short exposure, accounting for 22 percent of registered short positions.
Marshall, who co-founded the firm with Wes in 1997, is the father of former Mumford & Sons banjo player Winston, who was ‘canceled’ on social media after praising a book by a right-wing American author and leaving the band. was forced to.
Marshall has also been outspoken – last year slamming Citi for letting the UK stock market lag behind its rivals because investors are too obsessed with chasing dividends.
This is leaving companies unnecessarily ripe for underfunding and acquisitions, he said, and risks London becoming a ‘Jurassic Park’ where fund managers ‘dedicate themselves to coupon clipping rather than encouraging growth and innovation. We do’.
Tesco was criticized earlier this month for paying chief executive Ken Murphy £4.75 million last year, despite its solid performance. This includes the highest annual bonus offered by supermarkets since 2016.
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