Hedge Funds

Hedge fund Millennium’s €126m Porsche short signals bearish bet on IPO

Millennium is shorting Porsche SE, the largest shareholder of Volkswagen

Friday 16 September 2022 at 11:11

Porsche SE is the largest shareholder of VW
Porsche SE is the largest shareholder of VW Photo: Getty Images

Ahead of Volkswagen’s IPO of Porsche AG in a few weeks, hedge fund Millennium International Management has built a large short position in Porsche SE.

According to data from research firm Breakout Point, Millennium disclosed a position representing 0.6% of the company's shares on 14 September. A rough estimate based on current market capitalisation would see the hedge fund’s short position at around €126m.