Markets

Hedge fund guru Izzy Englander takes $100m short bet against Smurfit Kappa

Millennium Management has taken a total short position on 1.1 per cent of the packaging company’s shares

Israel Englander, chairman and chief executive officer of Millennium Management: his hedge fund firm is regarded as one of the most successful of all time, with around $50 billion in capital under management. Picture: Ronda Churchill/Bloomberg

Israel ‘Izzy’ Englander, the owner of Millennium Management, has built up a €100 million short bet against Smurfit Kappa.

Filings with the Central Bank show that the New York-based hedge fund has taken out a total short position on 1.1 per cent of the packaging company’s shares, worth more than €100 million at the company’s current share price.

A short trade is a risky transaction in which traders borrow shares from a broker and sell ...