Hedge funds including Marshall Wace and Odey Asset Management have been piling into short bets against UK stocks, making massive returns as the spread of Covid-19 jolts global markets.

Leading London hedge fund Marshall Wace has been particularly prolific, according to the Financial Conduct Authority’s register of short positions. The regulator tracks any company that adopts a short position of more than 0.5% in a UK stock. Odey Asset Management is claiming returns of as much as 20% on its short bets, with founder Crispin Odey telling the Mail on Sunday he made £115m from this month’s stock market crash.