International equity short sellers were profitable in 2022 for the third time over the last five years. Shorts were up $89 billion in year-to-date mark-to-market profits on an average short interest of $441 billion, up +20.13% for the year.

Yearly YTD MTM P\L

Avg Fee

Avg Short Interest

Total MTM P\L

P\L %

2018

1.20%

$472,957,425,274

$88,720,987,510

18.76%

2019

1.14%

$443,754,138,845

($61,649,221,619)

-13.89%

2020

1.02%

$442,059,181,752

($57,322,675,924)

-12.97%

2021

1.04%

$425,150,511,182

$3,862,803,955

0.91%

2022

1.03%

$440,886,116,517

$88,758,016,549

20.13%

Short-side returns outperformed the long returns of the World ex U.S. portfolio of the VEU US ETF, the European portfolio of the VGK US ETF, and Asian portfolio of the VPL US ETF. Short sellers have usually outperformed the market over the last five years, earning a higher positive return in down years and usually not posting as large a negative return on up years. Over the last five years short-side returns were positive when the world ex-U.S., European, and Asia portfolios were down or flat for the five years.

VEU US

VGK US

VPL US

Yearly Returns

World ex-U.S.

Europe

Asia

Shorts

2018

-16.70%

-17.80%

-16.83%

18.76%

2019

17.92%

20.53%

14.76%

-13.89%

2020

8.58%

2.80%

14.39%

-12.97%

2021

5.00%

13.28%

-1.99%

0.91%

2022

-18.18%

-18.76%

-17.51%

20.13%

5 Year Avg

-0.68%

0.01%

-1.44%

2.59%

But short sellers still needed to be good stock pickers in order to maximize their returns. Even on a more macro level, picking which sectors to short produced wildly divergent returns. Shorts in the Information Technology and Real Estate sectors had over 30% positive returns on average while the average Energy sector short was down 14.5% for the year.

2022 YTD MTM P\L By Sector

Avg Fee

Avg Short Interest

YTD MTM P\L

P\L %

Communication Services

0.94%

$26,911,476,632

$5,941,210,619

22.08%

Consumer Discretionary

0.96%

$66,521,438,042

$16,505,778,618

24.81%

Consumer Staples

0.76%

$32,460,338,953

$5,503,622,317

16.95%

Energy

0.72%

$23,973,742,285

($3,467,735,956)

-14.46%

Financials

0.66%

$61,881,118,198

$7,745,073,085

12.52%

Health Care

1.25%

$34,642,318,230

$10,261,949,004

29.62%

Industrials

1.12%

$71,458,575,364

$13,601,002,998

19.03%

Information Technology

1.76%

$47,723,664,400

$18,702,618,291

39.19%

Materials

0.88%

$45,325,404,154

$6,182,595,880

13.64%

Misc. (SPAC)

3.07%

$315

$14

4.52%

Real Estate

1.26%

$15,242,851,034

$5,232,972,678

34.33%

Utilities

1.00%

$14,745,188,910

$2,548,929,001

17.29%

2022 Intl YTD MTM P\L

1.03%

$440,886,116,517

$88,758,016,549

20.13%

Picking the correct sector to short was only half the battle, within each sector we saw a wide range of short-side winners and losers. We can look at the most and least profitable shorts by sector.

Asian stocks dominated the most and least profitable Communications Services sector short trades with Tencent Holdings the biggest short-side winner for the year.

Communication Services Most Profitable Shorts

Ticker

Country

Avg Fee

Avg Short Interest

YTD MTM P\L

P\L %

TENCENT HLDGS LTD

700 HK

China

0.50%

$2,052,006,265

$840,303,678

40.95%

BT GROUP PLC

BT/A LN

0.30%

$1,012,368,216

$435,439,685

43.01%

KRAFTON INC

259960 KS

S Korea

6.28%

$185,493,054

$322,904,403

174.08%

EMBRACER GROUP AB B

EMBRACB SS

Sweden

2.78%

$399,193,092

$288,444,650

72.26%

PEARL ABYSS CORP

263750 KS

S Korea

4.59%

$130,696,768

$207,638,030

158.87%

CELLNEX TELECOM S.A.

CLNX SM

Spain

0.40%

$262,675,131

$149,368,097

56.86%

KAKAO CORP

035720 KS

S Korea

0.50%

$182,345,358

$147,916,517

81.12%

SOFTBANK CORP

9434 JP

Japan

0.40%

$776,871,727

$146,715,519

18.89%

NETEASE INC

9999 HK

China

0.50%

$426,602,823

$144,920,661

33.97%

CHINA LITERATURE LTD

772 HK

Hong Kong

0.53%

$164,336,221

$117,934,382

71.76%

Communication Services Least Profitable Shorts

Ticker

Country

Avg Fee

Avg Short Interest

YTD MTM P\L

P\L %

DEUTSCHE TELEKOM AG

DTE GR

Germany

0.40%

$2,682,076,441

($196,029,467)

-7.31%

KUAISHOU TECHNOLOGY

1024 HK

China

0.51%

$688,499,365

($149,787,266)

-21.76%

VODAFONE GROUP PLC

VOD LN

0.30%

$369,977,700

($89,677,938)

-24.24%

NEXON CO LTD

3659 JP

Japan

0.40%

$558,320,377

($60,677,119)

-10.87%

KDDI

9433 JP

Japan

0.40%

$1,149,847,388

($39,871,100)

-3.47%

BANK OF INNOVATION

4393 JP

Japan

12.26%

$23,195,135

($30,253,042)

-130.43%

CAPCOM CO

9697 JP

Japan

0.40%

$92,790,319

($28,802,123)

-31.04%

N.T. & T.

9432 JP

Japan

0.40%

$1,317,549,095

($26,817,037)

-2.04%

TURKCELL ILETISIM HI

TCELL TI

Turkey

1.66%

$31,470,700

($26,163,595)

-83.14%

UNIVERSAL MUSIC GROUP NV

UMG NA

Netherlands

0.40%

$351,958,538

($21,231,669)

-6.03%

There were almost 2,200 shorted stocks in the Consumer Discretionary sector with 72% of those stocks being profitable shorts with Adidas being the biggest winner in the group.

Consumer Discretionary Most Profitable Shorts

Ticker

Country

Avg Fee

Avg Short Interest

YTD MTM P\L

P\L %

ADIDAS AG

ADS GR

Germany

0.40%

$1,256,794,551

$1,161,654,692

92.43%

MERCEDES-BENZ GRP AG

MBG GR

Germany

0.40%

$4,222,322,614

$790,218,902

18.72%

TOYOTA MOTOR CORP

7203 JP

Japan

0.40%

$2,371,640,499

$744,748,674

31.40%

HENNES & MAURITZ AB B

HMB SS

Sweden

0.93%

$1,205,552,495

$690,034,862

57.24%

ZHONGSHENG GRP HLDGS

881 HK

China

0.50%

$1,042,316,676

$538,726,187

51.69%

ZALANDO SE

ZAL GR

Germany

0.40%

$641,926,594

$491,915,315

76.63%

FAURECIA SE

EO FP

France

0.43%

$272,721,019

$419,996,331

154.00%

DENSO CORP

6902 JP

Japan

0.40%

$677,208,635

$364,594,013

53.84%

GREAT WALL MOTOR CO H

2333 HK

China

0.50%

$339,136,739

$319,303,912

94.15%

MEITUAN DIANPING B

3690 HK

China

0.50%

$1,637,502,255

$317,376,172

19.38%

Consumer Discretionary Least Profitable Shorts

Ticker

Country

Avg Fee

Avg Short Interest

YTD MTM P\L

P\L %

PROSUS NV

PRX NA

Netherlands

0.40%

$820,736,172

($250,301,715)

-30.50%

FAST RETAILING CO LTD

9983 JP

Japan

0.40%

$1,460,781,714

($232,562,027)

-15.92%

JD HEALTH INTL INC

6618 HK

China

0.50%

$558,808,427

($208,832,099)

-37.37%

SANDS CHINA LTD

1928 HK

Hong Kong

0.50%

$336,107,233

($201,193,981)

-59.86%

PROSUS NV

PRX SJ

Netherlands

0.58%

$814,225,557

($189,614,738)

-23.29%

KOOLEARN TECHNOLOGY HOLDING LTD

1797 HK

China

16.68%

$67,537,288

($181,271,419)

-268.40%

DR ING HC F PORSCHE AG

P911 GR

Germany

0.40%

$920,851,137

($159,086,557)

-17.28%

GALAXY ENTERTAINMENT

27 HK

Hong Kong

0.50%

$591,259,091

($140,480,092)

-23.76%

FLUTTER ENTERTAINMENT

FLTR LN

Ireland

0.36%

$638,531,976

($138,140,257)

-21.63%

LVMH MOET HENNESSY LOUIS VUITTON

MC FP

France

0.42%

$2,235,673,738

($116,552,738)

-5.21%

While there were several large cap winners in the Consumer Staples sector, Nestle, Loreal, KAO and Carrefour, there were more mid and small cap stocks in the top ten, Ocado, HelloFresh, Smoore, Natura & Casino Guichard Perrachon. And shorting Anheuser-Busch\Budweiser in any country was a bad trade.

Consumer Staples Most Profitable Shorts

Ticker

Country

Avg Fee

Avg Short Interest

YTD MTM P\L

P\L %

NESTLE SA

NESN SW

Switzerland

0.40%

$2,500,521,020

$497,203,635

19.88%

OCADO GROUP PLC

OCDO LN

0.30%

$398,513,259

$450,317,460

113.00%

HELLOFRESH AG

HFG GR

Germany

0.40%

$333,888,138

$411,328,301

123.19%

SMOORE INTL HLDGS LTD

6969 HK

Hong Kong

1.51%

$363,286,851

$349,231,092

96.13%

ZUR ROSE GROUP AG

ROSE SW

Switzerland

1.35%

$139,714,774

$326,420,048

233.63%

LOREAL

OR FP

France

0.40%

$1,774,384,882

$291,332,041

16.42%

KAO CORP

4452 JP

Japan

0.40%

$930,198,097

$231,758,005

24.91%

CARREFOUR SA

CA FP

France

0.40%

$1,071,775,418

$149,264,483

13.93%

NATURA & CO HOLDING SA

NTCO3 BZ

Brazil

0.89%

$145,315,274

$121,945,009

83.92%

CASINO GUICHARD PERRACHON

CO FP

France

8.20%

$137,006,671

$114,317,056

83.44%

Consumer Staples Least Profitable Shorts

Ticker

Country

Avg Fee

Avg Short Interest

YTD MTM P\L

P\L %

SWEDISH MATCH AB

N.A.

Sweden

0.40%

$122,623,103

($97,649,847)

-79.63%

ANHEUSERBUSCH INBEV SA/NV

ANH SJ

Belgium

2.04%

$695,184,212

($96,726,296)

-13.91%

SENDAS DISTRIBUIDORA SA

ASAI3 BZ

Brazil

3.82%

$155,234,284

($65,775,623)

-42.37%

BUDWEISER BREWING CO APAC LTD

1876 HK

Hong Kong

0.50%

$312,469,038

($65,047,962)

-20.82%

ANHEUSERBUSCH INBEV SA/NV

ABI BB

Belgium

0.40%

$977,190,657

($46,958,827)

-4.81%

A2 MILK CO LTD

ATM NZ

New Zealand

0.84%

$248,204,918

($45,171,282)

-18.20%

MATSUMOTOKIYOSHI HLD

3088 JP

Japan

0.40%

$93,900,791

($32,516,934)

-34.63%

HYUNDAI BIOSCIENCE CO

048410 KS

S Korea

19.70%

$44,375,383

($27,114,302)

-61.10%

EUGLENA CO LTD

2931 JP

Japan

1.48%

$86,486,453

($22,930,042)

-26.51%

M DIAS BRANCO SA

MDIA3 BZ

Brazil

2.81%

$66,143,846

($22,428,614)

-33.91%

The Energy sector was the only short-side sector in the red in 2022 with an average loss of 14.5%. Shorting stocks was a coin flip with 47% profitable, 48% un-profitable and 5% flat. Unfortunately the largest short in the sector, TotalEnergies SE, with an average of $12.4 billion of short interest, was down -21% for the year.

Energy Most Profitable Shorts

Ticker

Country

Avg Fee

Avg Short Interest

YTD MTM P\L

P\L %

PETROBRAS - PETROLEO BRASILEIRO

PETR4 BZ

Brazil

0.54%

$1,264,869,490

$302,949,431

23.95%

AKER BP ASA

AKRBP NO

Norway

0.42%

$612,708,664

$58,521,700

9.55%

GAZPROM PJSC ADR

N.A.

Russia

1.05%

$37,826,849

$57,086,234

150.91%

LUKOIL PJSC ADR

N.A.

Russia

0.85%

$12,020,140

$45,302,942

376.89%

OMV AG

OMV AV

Austria

0.40%

$33,266,862

$35,717,139

107.37%

ENI SPA

ENI IM

Italy

0.40%

$613,335,399

$34,060,499

5.55%

CHINA SUNTIEN GREEN

956 HK

China

2.09%

$50,924,904

$28,330,138

55.63%

PETROBRAS PETROLEO BRASILEIRO SA

PETR3 BZ

Brazil

1.24%

$697,427,675

$26,919,284

3.86%

PANTHEON RESOURCES

PANR LN

15.14%

$34,014,879

$23,898,630

70.26%

IDEMITSU KOSAN CO

5019 JP

Japan

0.40%

$199,790,524

$23,674,293

11.85%

Energy Least Profitable Shorts

Ticker

Country

Avg Fee

Avg Short Interest

YTD MTM P\L

P\L %

TOTALENERGIES SE

TTE FP

France

0.43%

$12,394,406,971

($2,614,255,741)

-21.09%

YANZHOU COAL MINING

1171 HK

Hong Kong

0.76%

$429,759,836

($170,899,929)

-39.77%

WOODSIDE ENERGY GROUP LTD

WDS AU

Australia

0.50%

$478,661,988

($159,171,138)

-33.25%

PETRO RIO SA

PRIO3 BZ

Brazil

0.60%

$246,332,753

($137,789,465)

-55.94%

NEW HOPE CORP LTD

NHC AU

Australia

2.20%

$110,491,949

($112,897,190)

-102.18%

EQUINOR ASA

EQNR NO

Norway

0.40%

$427,195,831

($104,401,366)

-24.44%

KOSMOS ENERGY LTD

KOS LN

USA

3.83%

$153,460,807

($73,770,007)

-48.07%

EURONAV SA

EURN BB

Belgium

0.40%

$76,982,845

($62,918,575)

-81.73%

GALP ENERGIA SGPS B

GALP PL

Portugal

0.40%

$189,321,727

($60,117,834)

-31.75%

SHELL PLC

SHELL NA

0.31%

$176,660,179

($52,686,651)

-29.82%

European bank and insurance companies were six out of the top-ten most profitable shorts in the Financials sector with BNP Paribas shorts earning over $1.1 billion of year-to-date mark-to-market profits in 2022.

Financials Most Profitable Shorts

Ticker

Country

Avg Fee

Avg Short Interest

YTD MTM P\L

P\L %

BNP PARIBAS

BNP FP

France

0.40%

$2,858,230,837

$1,116,677,649

39.07%

CHINA MERCHANTS BANK

3968 HK

Hong Kong

0.50%

$1,279,752,548

$712,622,050

55.68%

CREDIT SUISSE GROUP AG

CSGN SW

Switzerland

0.61%

$513,057,024

$636,059,059

123.97%

AXA SA

CS FP

France

0.40%

$3,471,920,098

$580,670,774

16.72%

SOCIETE GENERALE

GLE FP

France

0.40%

$606,171,436

$501,500,396

82.73%

ASSICURAZIONI GENERALI

G IM

Italy

0.48%

$956,605,523

$448,668,173

46.90%

CREDIT AGRICOLE

ACA FP

France

0.40%

$320,421,122

$241,396,870

75.34%

PING AN INSURANCE GROUP

2318 HK

China

0.50%

$2,963,072,323

$235,341,826

7.94%

KAKAOBANK CORP

323410 KS

S Korea

5.77%

$286,467,992

$197,443,237

68.92%

EQT AB

EQT SS

Sweden

0.40%

$237,265,961

$192,839,710

81.28%

Financials Least Profitable Shorts

Ticker

Country

Avg Fee

Avg Short Interest

YTD MTM P\L

P\L %

MUNICH REINSURANCE CO

MUV2 GR

Germany

0.40%

$1,034,991,172

($462,591,527)

-44.70%

ITAU UNIBANCO HOLDING SA

ITUB4 BZ

Brazil

0.56%

$1,237,127,278

($220,584,106)

-17.83%

TOKIO MARINE HLDG

8766 JP

Japan

0.40%

$1,383,136,346

($201,176,828)

-14.54%

CAIXABANK SA

CABK SM

Spain

0.40%

$456,052,888

($163,912,737)

-35.94%

INTESA SANPAOLO SPA

ISP IM

Italy

0.40%

$724,368,652

($158,421,851)

-21.87%

COMMONWEALTH BANK OF AUSTRALIA

CBA AU

Australia

0.50%

$1,136,004,860

($117,846,284)

-10.37%

AIA GROUP LTD

1299 HK

Hong Kong

0.50%

$900,577,173

($108,331,928)

-12.03%

MITSUBISHI UFJ FINANCIAL

8306 JP

Japan

0.40%

$1,039,627,219

($93,476,889)

-8.99%

RESONA HLDGS INC

8308 JP

Japan

0.42%

$260,417,883

($89,805,095)

-34.48%

BB SEGURIDADE PARTICPACOES

BBSE3 BZ

Brazil

0.62%

$168,968,098

($82,491,929)

-48.82%

Three-quarters of the shorted stocks in the Health Care sector were profitable with the majority of short-side winners in Europe and majority of short-side losers in Asia.

Health Care Most Profitable Shorts

Ticker

Country

Avg Fee

Avg Short Interest

YTD MTM P\L

P\L %

ROCHE HLDG AG GEN

ROG SW

Switzerland

0.40%

$2,435,393,572

$847,517,527

34.80%

SANOFI

SAN FP

France

0.40%

$3,336,193,303

$734,834,165

22.03%

OPKO HEALTH INC

OPK IT

Israel

2.50%

$465,827,639

$676,067,551

145.13%

AMBU A/S B

AMBUB DC

Denmark

1.05%

$567,884,977

$622,939,248

109.69%

ELEKTA AB B

EKTAB SS

Sweden

0.40%

$361,865,824

$423,270,027

116.97%

STRAUMANN HOLDING AG

STMN SW

Switzerland

0.40%

$257,263,681

$400,597,695

155.71%

KONINKLIJKE PHILIPS NV

PHIA NA

Netherlands

0.40%

$394,608,710

$326,141,402

82.65%

GRIFOLS S.A.

GRF SM

Spain

0.40%

$510,448,372

$297,306,102

58.24%

ORPEA

ORP FP

France

3.69%

$120,758,675

$262,268,372

217.18%

FRESENIUS MEDICAL CARE

FME GR

Germany

0.40%

$423,752,461

$237,697,294

56.09%

Health Care Least Profitable Shorts

Ticker

Country

Avg Fee

Avg Short Interest

YTD MTM P\L

P\L %

NOVARTIS AG-REG

NOVN SW

Switzerland

0.40%

$1,400,304,352

($159,956,409)

-11.42%

HYGEIA HEALTHCARE HOLDINGS CO LTD

6078 HK

China

1.17%

$200,825,517

($77,146,958)

-38.41%

DAIICHI SANKYO CO

4568 JP

Japan

0.40%

$243,476,234

($66,460,427)

-27.30%

ASTRAZENECA PLC

AZN SS

0.30%

$475,307,366

($61,305,151)

-12.90%

AKESO INC

9926 HK

China

2.75%

$120,165,916

($57,735,095)

-48.05%

TAKEDA PHARMACEUTICAL CO LTD

4502 JP

Japan

0.40%

$686,049,109

($55,769,410)

-8.13%

ASTRAZENECA PLC

AZN LN

0.30%

$422,714,487

($49,885,699)

-11.80%

LOTUS PHARMACEUTICAL CO LTD

1795 TT

Taiwan

5.51%

$40,132,440

($45,516,489)

-113.42%

SHANDONG WEIGAO GRP MEDICAL POLYMER CO

1066 HK

China

0.50%

$143,005,769

($39,810,158)

-27.84%

EISAI CO LTD

4523 JP

Japan

0.40%

$151,276,718

($33,915,664)

-22.42%

Short-side winners outnumbers short-side losers three-to-one in the Industrials sector.

Industrials Most Profitable Shorts

Ticker

Country

Avg Fee

Avg Short Interest

YTD MTM P\L

P\L %

SCHNEIDER ELECTRIC SE

SU FP

France

0.40%

$2,115,115,109

$905,007,503

42.79%

NIDEC CORP

6594 JP

Japan

0.40%

$697,032,251

$650,391,321

93.31%

ABB LTD

ABBN SW

Switzerland

0.40%

$1,648,343,637

$438,715,234

26.62%

ALSTOM

ALO FP

France

0.41%

$915,797,490

$362,499,380

39.58%

COMPAGNIE DE SAINT GOBAIN SA

SGO FP

France

0.40%

$526,505,230

$348,182,543

66.13%

KUBOTA CORP

6326 JP

Japan

0.40%

$737,669,430

$330,414,794

44.79%

WIZZ AIR HOLDINGS PLC

WIZZ LN

0.30%

$216,526,408

$323,896,483

149.59%

VARTA AG

VAR1 GR

Germany

20.95%

$281,096,457

$309,000,506

109.93%

YASKAWA ELECTRIC CORP

6506 JP

Japan

0.40%

$611,612,776

$287,257,739

46.97%

CHINA COSCO HOLDINGS-H

1919 HK

Hong Kong

0.55%

$474,919,130

$283,344,627

59.66%

Industrials Least Profitable Shorts

Ticker

Country

Avg Fee

Avg Short Interest

YTD MTM P\L

P\L %

SIEMENS AG-REG

SIE GR

Germany

0.40%

$2,030,148,303

($229,917,543)

-11.33%

MITSUI & CO LTD

8031 JP

Japan

0.40%

$1,002,059,073

($228,337,632)

-22.79%

VINCI SA

DG FP

France

0.40%

$1,247,013,176

($124,629,364)

-9.99%

MITSUBISHI HEAVY

7011 JP

Japan

0.40%

$245,090,079

($107,930,200)

-44.04%

ITOCHU CORP

8001 JP

Japan

0.40%

$2,473,805,207

($96,709,434)

-3.91%

AIRBUS SE

AIR FP

Netherlands

0.40%

$1,138,927,066

($88,807,018)

-7.80%

VESTAS WIND SYSTEMS A/S

VWS DC

Denmark

0.40%

$556,779,861

($86,513,368)

-15.54%

RENTOKIL INITIAL PLC

RTO LN

0.30%

$516,406,525

($85,541,312)

-16.56%

WEG SA

WEGE3 BZ

Brazil

0.73%

$272,660,621

($78,015,478)

-28.61%

ATLAS COPCO AB

ATCOA SS

Sweden

0.40%

$542,292,338

($69,628,783)

-12.84%

Just like in the U.S., shorting the Information Technology sector was a target rich environment with 81% of all securities in the sector having down years and $9 out of every $10 shorted being a profitable trade.

Information Technology Most Profitable Shorts

Ticker

Country

Avg Fee

Avg Short Interest

YTD MTM P\L

P\L %

TOKYO ELECTRON LTD

8035 JP

Japan

0.40%

$1,125,335,617

$804,952,378

71.53%

XIAOMI CORP B

1810 HK

China

0.50%

$1,014,862,056

$551,253,963

54.32%

UTD MICROELECTRONICS

2303 TT

Taiwan

1.79%

$1,112,329,705

$539,513,509

48.50%

SUNNY OPTICAL TECH

2382 HK

Hong Kong

0.50%

$389,414,189

$526,943,585

135.32%

SINCH AB

SINCH SS

Sweden

1.11%

$303,574,799

$458,482,775

151.03%

NOVATEK MICROELECTRONICS

3034 TT

Taiwan

4.40%

$475,556,036

$423,729,853

89.10%

LIVEPERSON INC

LPSN IT

Israel

2.07%

$240,120,996

$375,715,674

156.47%

MEDIATEK INC

2454 TT

Taiwan

0.50%

$426,898,613

$366,515,489

85.86%

LENOVO GROUP LTD

992 HK

China

0.50%

$835,070,955

$306,641,157

36.72%

LASERTEC CORP

6920 JP

Japan

0.40%

$346,415,411

$287,366,869

82.95%

Information Technology Least Profitable Shorts

Ticker

Country

Avg Fee

Avg Short Interest

YTD MTM P\L

P\L %

SAP SE

SAP GR

Germany

0.40%

$1,848,308,600

($440,934,441)

-23.86%

SMA SOLAR TECHNOLOGY AG

S92 GR

Germany

6.83%

$176,233,727

($105,907,308)

-60.09%

MEYER BURGER TECHNOLOGY AG

MBTN SW

Switzerland

0.68%

$185,568,334

($73,433,234)

-39.57%

CIELO SA

CIEL3 BZ

Brazil

0.64%

$60,052,153

($53,344,483)

-88.83%

SHIFT INC

3697 JP

Japan

0.40%

$112,163,406

($26,231,878)

-23.39%

AIXTRON SE

AIXA GR

Germany

0.40%

$58,278,652

($24,508,900)

-42.05%

GLOBAL UNICHIP CORP

3443 TT

Taiwan

5.65%

$53,476,433

($19,870,452)

-37.16%

KONTRON AG

KTN GR

Austria

16.47%

$126,182,067

($18,458,895)

-14.63%

BRAINCHIP HOLDINGS LTD

BRN AU

Australia

30.60%

$48,091,749

($15,312,295)

-31.84%

COMPUTERSHARE LTD

CPU AU

Australia

0.50%

$56,929,599

($15,020,730)

-26.38%

Six out the ten most profitable stocks in the Materials sector were chemical stocks while six out of the top ten least profitable shorts were iron\steel stocks.

Materials Most Profitable Shorts

Ticker

Country

Avg Fee

Avg Short Interest

YTD MTM P\L

P\L %

SIKA AG

SIKA SW

Switzerland

0.40%

$1,065,505,747

$1,094,853,623

102.75%

BASF SE

BAS GR

Germany

0.40%

$1,606,627,442

$502,009,190

31.25%

EMS-CHEMIE HLDG AG

EMSN SW

Switzerland

0.40%

$1,030,519,333

$497,820,455

48.31%

GIVAUDAN SA

GIVN SW

Switzerland

0.40%

$987,897,990

$447,312,213

45.28%

EVONIK INDUSTRIES

EVK GR

Germany

0.40%

$404,074,987

$294,984,225

73.00%

BHP GROUP LTD

BHP LN

Australia

0.50%

$722,659,269

$181,946,242

25.18%

ARCELORMITTAL SA

MT NA

Luxembourg

0.44%

$1,010,554,951

$161,525,364

15.98%

AIR LIQUIDE SA

AI FP

France

0.40%

$1,511,502,472

$161,515,263

10.69%

TAIWAN CEMENT

1101 TT

Taiwan

2.08%

$342,472,487

$153,590,971

44.85%

NOVOZYMES A/S B

NZYMB DC

Denmark

0.40%

$267,381,266

$131,469,551

49.17%

Materials Least Profitable Shorts

Ticker

Country

Avg Fee

Avg Short Interest

YTD MTM P\L

P\L %

VALE SA

VALE3 BZ

Brazil

0.90%

$2,483,115,327

($1,115,940,533)

-44.94%

BHP GROUP LTD

BHP AU

Australia

0.55%

$1,450,760,576

($749,871,663)

-51.69%

LINDE PLC

LIN GR

Germany

0.44%

$3,547,594,258

($382,692,739)

-10.79%

FORTESCUE METALS GRP

FMG AU

Australia

0.50%

$711,571,732

($90,022,417)

-12.65%

OSAKA TITANIUM TECHNOLOGIES CO LTD

5726 JP

Japan

0.90%

$40,540,328

($58,304,094)

-143.82%

ZIJIN MINING GRP H

2899 HK

China

0.50%

$348,653,265

($54,729,240)

-15.70%

MINERAL RESOURCES

MIN AU

Australia

0.50%

$149,108,207

($54,644,362)

-36.65%

NORTHERN STAR RES

NST AU

Australia

0.50%

$118,249,214

($44,252,372)

-37.42%

GLENCORE PLC

GLN SJ

Switzerland

0.84%

$133,859,317

($40,083,790)

-29.94%

NIPPON STEEL CORP

5401 JP

Japan

0.40%

$342,203,126

($39,033,493)

-11.41%

There was just one stock, Vertex Technology Acquisition Corp, in the Misc. (SPAC) sector with short selling.

Misc. (SPAC) Most Profitable Shorts

Ticker

Country

Avg Fee

Avg Short Interest

YTD MTM P\L

P\L %

VERTEX TECHNOLOGY ACQ CORP LTD

VTAC SP

Singapore

3.07%

$315

$14

4.52%

The Real Estate sector was the second most profitable sector behind the Information Technology sector with 70% of the shorted stocks profitable but 80% of the dollars at risk profitable. Not only were there a lot of winners to pick from, but short sellers also put larger bets on the winning names.

Real Estate Most Profitable Shorts

Ticker

Country

Avg Fee

Avg Short Interest

YTD MTM P\L

P\L %

VONOVIA SE

VNA GR

Germany

0.40%

$764,171,400

$646,835,853

84.65%

SAMHALLSBYGGNADSBOLAGET I NORDEN AB

SBBB SS

Sweden

6.34%

$334,260,071

$403,637,935

120.76%

COUNTRY GARDEN HOLDINGS CO

2007 HK

China

3.04%

$399,038,931

$325,633,983

81.60%

COUNTRY GARDEN SERVICES

6098 HK

Hong Kong

0.53%

$269,903,880

$244,914,358

90.74%

CIFI HOLDINGS GROUP CO LTD

884 HK

China

2.77%

$115,654,492

$211,432,103

182.81%

SUNAC CHINA HLDGS LTD

1918 HK

China

1.58%

$174,568,472

$191,245,230

109.55%

ADLER GROUP SA

ADJ GR

Luxembourg

7.89%

$97,103,381

$173,218,561

178.39%

CASTELLUM AB

CAST SS

Sweden

0.40%

$253,978,494

$136,779,606

53.85%

UNIBAILRODAMCOWESTFIELD

URW NA

France

0.40%

$456,248,238

$119,865,631

26.27%

LOGAN GROUP CO LTD

3380 HK

China

22.74%

$46,050,433

$103,071,666

223.82%

Real Estate Least Profitable Shorts

Ticker

Country

Avg Fee

Avg Short Interest

YTD MTM P\L

P\L %

CHINA RESOURCES LAND LTD

1109 HK

Hong Kong

0.50%

$211,926,466

($48,180,823)

-22.73%

SUN HUNG KAI PROPERTIES

16 HK

Hong Kong

0.50%

$235,531,359

($41,900,968)

-17.79%

SWIRE PACIFIC LTD

19 HK

Hong Kong

0.50%

$71,029,803

($39,767,788)

-55.99%

WHARF REAL ESTATE INVESTMENT CO

1997 HK

Hong Kong

0.50%

$260,072,194

($33,476,946)

-12.87%

MULTIPLAN EMPREENDIMENTOS

MULT3 BZ

Brazil

4.43%

$127,655,684

($31,931,797)

-25.01%

LONGFOR GROUP HOLDINGS LTD

960 HK

China

0.62%

$220,797,072

($23,514,842)

-10.65%

CHINA RESOURCES MIXC LIFESTYLE SERVICES LTD

1209 HK

China

0.50%

$67,008,837

($23,266,632)

-34.72%

EMLAK KONUT GAYRIMEN

EKGYO TI

Turkey

16.72%

$7,296,324

($16,837,844)

-230.77%

BR MALLS PARTICIPACO

BRML3 BZ

Brazil

3.47%

$83,275,924

($16,479,340)

-19.79%

ARDEPRO

8925 JP

Japan

7.13%

$12,932,046

($16,377,552)

-126.64%

Shorting the Utilities sector was a stock pickers market with only 57% of the shorted stocks being profitable. Luckily, two-thirds of the dollars shorted went on those profitable names and the sector ended up 17% for the year.

Utilities 2022 Most Profitable Shorts

Ticker

Country

Avg Fee

Avg Short Interest

YTD MTM P\L

P\L %

ORRON ENERGY AB

ORRON SS

Sweden

0.50%

$76,019,665

$348,939,120

459.01%

ENEL SPA

ENEL IM

Italy

0.40%

$691,377,429

$302,814,018

43.80%

ENGIE SA

ENGI FP

France

0.40%

$1,023,929,002

$246,256,420

24.05%

VEOLIA ENVIRONNEMENT SA

VIE FP

France

0.40%

$410,435,496

$201,455,083

49.08%

E.ON SE

EOAN GR

Germany

0.40%

$274,222,205

$162,974,357

59.43%

NATURGY ENERGY GROUP SA

NTGY SM

Spain

0.40%

$677,916,481

$160,262,859

23.64%

HONG KONG & CHINA GAS

3 HK

Hong Kong

0.50%

$267,097,565

$145,587,946

54.51%

RED ELECTRICA CORPORACION

RED SM

Spain

0.40%

$435,683,456

$133,227,587

30.58%

ENN ENERGY HOLDINGS

2688 HK

Hong Kong

0.50%

$305,226,577

$121,128,701

39.68%

CHINA LONGYUAN POWER GROUP-H

916 HK

Hong Kong

0.50%

$178,447,001

$105,560,377

59.16%

Utilities 2022 Least Profitable Shorts

Ticker

Country

Avg Fee

Avg Short Interest

YTD MTM P\L

P\L %

IBERDROLA SA

IBE SM

Spain

0.40%

$706,270,729

($124,392,330)

-17.61%

CIA SANEAMENTO BASIC

SBSP3 BZ

Brazil

1.67%

$114,246,617

($72,099,946)

-63.11%

RENOVA INC

9519 JP

Japan

0.96%

$263,911,913

($67,724,656)

-25.66%

EQUATORIAL ENERGY SA

EQTL3 BZ

Brazil

0.73%

$122,862,845

($52,431,330)

-42.67%

ORMAT TECHNOLOGIES INC

ORA IT

Israel

3.23%

$328,668,335

($45,612,238)

-13.88%

ENERGY ABSOLUTE PCL-FOREIGN

EA/F TB

Thailand

2.42%

$116,699,025

($41,934,583)

-35.93%

EKIA SYS OPERATOR

ELI BB

Belgium

0.41%

$219,415,742

($37,797,681)

-17.23%

CIA ENERGETICA MINAS GERAIS PREF

CMIG4 BZ

Brazil

0.70%

$86,055,976

($29,412,606)

-34.18%

ENCAVIS AG

ECV GR

Germany

0.75%

$230,087,015

($25,230,793)

-10.97%

CIA PARANAENSE DE ENERGIA-COPEL

CPLE6 BZ

Brazil

2.62%

$85,725,236

($23,834,970)

-27.80%

Looking at the overall international stock market 72% of the shorted stocks were profitable trades, and the most profitable short trades in 2022 were:

Most Profitable $ Shorts

Ticker

Country

Avg Fee

Avg Short Interest

Total MTM P\L

P\L %

ADIDAS AG

ADS GR

Germany

0.40%

$1,256,794,551

$1,161,654,692

92.43%

BNP PARIBAS

BNP FP

France

0.40%

$2,858,230,837

$1,116,677,649

39.07%

SIKA AG

SIKA SW

Switzerland

0.40%

$1,065,505,747

$1,094,853,623

102.75%

SCHNEIDER ELECTRIC SE

SU FP

France

0.40%

$2,115,115,109

$905,007,503

42.79%

ROCHE HLDG AG GEN

ROG SW

Switzerland

0.40%

$2,435,393,572

$847,517,527

34.80%

TENCENT HLDGS LTD

700 HK

China

0.50%

$2,052,006,265

$840,303,678

40.95%

TOKYO ELECTRON LTD

8035 JP

Japan

0.40%

$1,125,335,617

$804,952,378

71.53%

MERCEDESBENZ GROUP AG

MBG GR

Germany

0.40%

$4,222,322,614

$790,218,902

18.72%

TOYOTA MOTOR CORP

7203 JP

Japan

0.40%

$2,371,640,499

$744,748,674

31.40%

SANOFI

SAN FP

France

0.40%

$3,336,193,303

$734,834,165

22.03%

CHINA MERCHANTS BANK

3968 HK

Hong Kong

0.50%

$1,279,752,548

$712,622,050

55.68%

HENNES & MAURITZ AB B

HMB SS

Sweden

0.93%

$1,205,552,495

$690,034,862

57.24%

OPKO HEALTH INC

OPK IT

Israel

2.50%

$465,827,639

$676,067,551

145.13%

NIDEC CORP

6594 JP

Japan

0.40%

$697,032,251

$650,391,321

93.31%

VONOVIA SE

VNA GR

Germany

0.40%

$764,171,400

$646,835,853

84.65%

CREDIT SUISSE GROUP AG

CSGN SW

Switzerland

0.61%

$513,057,024

$636,059,059

123.97%

AMBU A/S B

AMBUB DC

Denmark

1.05%

$567,884,977

$622,939,248

109.69%

AXA SA

CS FP

France

0.40%

$3,471,920,098

$580,670,774

16.72%

XIAOMI CORP B

1810 HK

China

0.50%

$1,014,862,056

$551,253,963

54.32%

UTD MICROELECTRONICS

2303 TT

Taiwan

1.79%

$1,112,329,705

$539,513,509

48.50%

And the most un-profitable short trades in 2022 were:

Least Profitable $ Shorts

Ticker

Country

Avg Fee

Avg Short Interest

Total MTM P\L

P\L %

TOTALENERGIES SE

TTE FP

France

0.43%

$12,394,406,971

($2,614,255,741)

-21.09%

VALE SA

VALE3 BZ

Brazil

0.90%

$2,483,115,327

($1,115,940,533)

-44.94%

BHP GROUP LTD

BHP AU

Australia

0.55%

$1,450,760,576

($749,871,663)

-51.69%

MUNICH REINSURANCE

MUV2 GR

Germany

0.40%

$1,034,991,172

($462,591,527)

-44.70%

SAP SE

SAP GR

Germany

0.40%

$1,848,308,600

($440,934,441)

-23.86%

LINDE PLC

LIN GR

Germany

0.44%

$3,547,594,258

($382,692,739)

-10.79%

PROSUS NV

PRX NA

Netherlands

0.40%

$820,736,172

($250,301,715)

-30.50%

FAST RETAILING CO LTD

9983 JP

Japan

0.40%

$1,460,781,714

($232,562,027)

-15.92%

SIEMENS AG-REG

SIE GR

Germany

0.40%

$2,030,148,303

($229,917,543)

-11.33%

MITSUI & CO LTD

8031 JP

Japan

0.40%

$1,002,059,073

($228,337,632)

-22.79%

ITAU UNIBANCO HOLDING SA PREF

ITUB4 BZ

Brazil

0.56%

$1,237,127,278

($220,584,106)

-17.83%

JD HEALTH INTL INC

6618 HK

China

0.50%

$558,808,427

($208,832,099)

-37.37%

SANDS CHINA LTD

1928 HK

Hong Kong

0.50%

$336,107,233

($201,193,981)

-59.86%

TOKIO MARINE HLDG

8766 JP

Japan

0.40%

$1,383,136,346

($201,176,828)

-14.54%

DEUTSCHE TELEKOM AG

DTE GR

Germany

0.40%

$2,682,076,441

($196,029,467)

-7.31%

PROSUS NV

PRX SJ

Netherlands

0.58%

$814,225,557

($189,614,738)

-23.29%

KOOLEARN TECHNOLOGY HOLDING

1797 HK

China

16.68%

$67,537,288

($181,271,419)

-268.40%

YANZHOU COAL MINING CO

1171 HK

Hong Kong

0.76%

$429,759,836

($170,899,929)

-39.77%

CAIXABANK SA

CABK SM

Spain

0.40%

$456,052,888

($163,912,737)

-35.94%

NOVARTIS AG-REG

NOVN SW

Switzerland

0.40%

$1,400,304,352

($159,956,409)

-11.42%

Instead of looking at short-side profitability in dollar terms which is dominated by the larger cap most shorted securities, we can look at the most profitable short trades by percentage (with over $100 million in total average short interest):

Most Profitable % Shorts >$100M

Ticker

Country

Avg Fee

Avg Short Interest

Total MTM P\L

P\L %

ZUR ROSE GROUP AG

ROSE SW

Switzerland

1.35%

$139,714,774

$326,420,048

233.63%

ORPEA

ORP FP

France

3.69%

$120,758,675

$262,268,372

217.18%

CIFI HOLDINGS GROUP CO LTD

884 HK

China

2.77%

$115,654,492

$211,432,103

182.81%

KRAFTON INC

259960 KS

S Korea

6.28%

$185,493,054

$322,904,403

174.08%

PEARL ABYSS CORP

263750 KS

S Korea

4.59%

$130,696,768

$207,638,030

158.87%

LIVEPERSON INC

LPSN IT

Israel

2.07%

$240,120,996

$375,715,674

156.47%

STRAUMANN HOLDING AG

STMN SW

Switzerland

0.40%

$257,263,681

$400,597,695

155.71%

FAURECIA SE

EO FP

France

0.43%

$272,721,019

$419,996,331

154.00%

SINCH AB

SINCH SS

Sweden

1.11%

$303,574,799

$458,482,775

151.03%

ITM POWER PLC

ITM LN

6.22%

$136,115,117

$204,452,896

150.21%

WIZZ AIR HOLDINGS PLC

WIZZ LN

0.30%

$216,526,408

$323,896,483

149.59%

OPKO HEALTH INC

OPK IT

Israel

2.50%

$465,827,639

$676,067,551

145.13%

AIR FRANCE-KLM

AF FP

France

10.23%

$151,979,807

$219,918,549

144.70%

FAURECIA SE

EO IM

France

0.41%

$139,353,500

$199,324,044

143.03%

SUNNY OPTICAL TECH

2382 HK

Hong Kong

0.50%

$389,414,189

$526,943,585

135.32%

CREDIT SUISSE GROUP AG

CSGN SW

Switzerland

0.61%

$513,057,024

$636,059,059

123.97%

HELLOFRESH AG

HFG GR

Germany

0.40%

$333,888,138

$411,328,301

123.19%

SAMHALLSBYGGNADSBOLAGET I NORDEN AB

SBBB SS

Sweden

6.34%

$334,260,071

$403,637,935

120.76%

ATOS SE

ATO FP

France

0.94%

$140,463,052

$168,092,748

119.67%

EVOTEC AG

EVT GR

Germany

0.40%

$113,085,963

$134,665,959

119.08%

The least profitable short trades by percentage (with over $100 million in total average short interest):

Least Profitable % Shorts >$100M

Ticker

Country

Avg Fee

Avg Short Interest

Total MTM P\L

P\L %

NEW HOPE CORP LTD

NHC AU

Australia

2.20%

$110,491,949

($112,897,190)

-102.18%

SWEDISH MATCH AB ACQUIRED

N.A.

Sweden

0.40%

$122,623,103

($97,649,847)

-79.63%

CIA SANEAMENTO BASIC

SBSP3 BZ

Brazil

1.67%

$114,246,617

($72,099,946)

-63.11%

WYNN MACAU LTD

1128 HK

Hong Kong

1.14%

$102,688,729

($62,045,788)

-60.42%

SMA SOLAR TECHNOLOGY

S92 GR

Germany

6.83%

$176,233,727

($105,907,308)

-60.09%

SANDS CHINA LTD

1928 HK

Hong Kong

0.50%

$336,107,233

($201,193,981)

-59.86%

PETRO RIO SA

PRIO3 BZ

Brazil

0.60%

$246,332,753

($137,789,465)

-55.94%

BHP GROUP LTD

BHP AU

Australia

0.55%

$1,450,760,576

($749,871,663)

-51.69%

SUBSEA 7 SA

SUBC NO

Norway

0.40%

$101,912,155

($51,136,591)

-50.18%

BB SEGURIDADE PARTICPACOES

BBSE3 BZ

Brazil

0.62%

$168,968,098

($82,491,929)

-48.82%

KOSMOS ENERGY LTD

KOS LN

USA

3.83%

$153,460,807

($73,770,007)

-48.07%

AKESO INC

9926 HK

China

2.75%

$120,165,916

($57,735,095)

-48.05%

VALE SA

VALE3 BZ

Brazil

0.90%

$2,483,115,327

($1,115,940,533)

-44.94%

MUNICH REINSURANCE

MUV2 GR

Germany

0.40%

$1,034,991,172

($462,591,527)

-44.70%

MITSUBISHI HEAVY

7011 JP

Japan

0.40%

$245,090,079

($107,930,200)

-44.04%

BAE SYSTEMS PLC

BA/ LN

0.30%

$101,504,189

($44,083,828)

-43.43%

EQUATORIAL ENERGY SA

EQTL3 BZ

Brazil

0.73%

$122,862,845

($52,431,330)

-42.67%

SENDAS DISTRIBUIDORA

ASAI3 BZ

Brazil

3.82%

$155,234,284

($65,775,623)

-42.37%

YANZHOU COAL MINING

1171 HK

Hong Kong

0.76%

$429,759,836

($170,899,929)

-39.77%

MEYER BURGER TECHNOLOGY AG

MBTN SW

Switzerland

0.68%

$185,568,334

($73,433,234)

-39.57%

International Shorts up +20% in 2022

Related Articles