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

Millennium is shorting Porsche SE, the largest shareholder of Volkswagen

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.

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