During bull markets, funds that short stocks can struggle to keep up with long-only brethren. Hedge funds are getting their own back this year, shorting UK-listed fund managers such as Abrdn and Ashmore.
In both cases, short positions relative to outstanding shares have jumped towards two-year highs, according to data from Markit. The income that asset managers receive from fixed fees falls in parallel with the value of portfolios. That makes fund groups obvious targets for hedge funds that expect securities markets to fall further.
For Abrdn, analysts expect a 6 per cent decline this year. It is likely to be triple that rate for Ashmore in the year to June 2023.
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