New hedge fund takes short bet against Smurfit Kappa

Almost €180 million of the paper company’s shares are now held by two funds taking a short bet

Tony Smurfit, chief executive of Smurfit Kappa: Marshall Wace has joined Millenium Management in taking a short position. Picture: Bloomberg.

Marshall Wace, one of the world’s largest hedge fund management firms, has joined Millennium Management in betting against the shares of Smurfit Kappa, the Irish paper and packaging company.

Central Bank figures show that between them, Marshall Wace and Millennium, which was founded by Israel ‘Izzy’ Englander, are shorting 1.47 per cent of Smurfit’s shares.

At the company’s current share price of around €39, that amounts to nearly €180 million worth of Smurfit’s shares.

Millennium ...