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September 10, 2004 at 08:00 PM
LONDON (HedgeWorld.com)–Man Group plc* stock has gained around 10% in the past month or so, possibly reversing the losing trend that became apparent since April of this year.
Man shares rode up in 2003, together with other financial companies, reaching more than 1,850 pence (US$32.80) in April 2004. From then on, the stock fell until the end of July, when it stood at 1,250 pence (US$22). Today on the London Stock Exchange it closed at 1,387 pence (US$24.60)
While the downtrend can be seen as part of a broader market movement, Man Group, a fund of funds, futures and structured product manager, may have received special attention from short sellers. Some hedge funds have shorted it on the basis of expected weak performance.
James Chanos of Kynikos Associates, New York, revealed in June that he has a short position on a publicly traded fund of funds complex. While he would not name the company or explain why he is betting against it, Man is the only large publicly traded hedge fund business, with about US$40 billion in assets under management (see ).
