Dutch financial services trading firm Optiver s currently dominating the Big Shorts page from the Fintel quant platform with five short positions in the top 10. The firm primarily focuses on market making activities across options, futures, equities, FX, fixed income and commodities but also holds positions as an organisation itself.
If Optiver sounds familiar, it may be because the Dutch options trader made news earlier this month when Bloomberg highlighted it was paying new graduate hirees $400,000 as it builds out its Sydney, Australia trading operation.
Still, Optiver is just one of several hedge funds with the largest short positions as disclosed to the U.S. Securities and Exchange Commission in compiled 13F and NPORT filings. That data is used to determine the value of short positions for each stock.
Energy Lows
Several energy stocks show in the top 10 this month as oil prices are trading at 12-month lows, cooling off from prices elevated a year ago following the start of the Ukraine war. After the sector provided strong gains over the last few years, investors who now may be looking to enhance returns betting on the retracement back toward pre-Covid levels.
Optiver’s largest disclosed net short position in the market currently exists in Houston-headquartered Marathon Oil Corporation (US:MRO). The position is held by Patriot Financial Group Insurance Agency, LLC with a net short value of $300.43 million. The short position consists of a $300 million in put options on the stock and a $300,000 in direct MRO shares held.
Marathon reported fourth quarter production and earnings in February with results within consensus forecast ranges. The stock has traded above $30 per share and below $20 over the last 12 months with volatile movements but was recently dragged down after Q4 results.
The second-largest net short position held by Optiver is in chip manufacturer ASML Holding (US:ASML). Optiver has a net short position worth $263.80 million, comprised of a $571.75 million put option position and a $307.95 million call option position.
Automotive manufacturer Stellantis NV (US:STLA, NL:STLA) shares are the Dutch firm’s third-largest net short position of $86.58 million. The position consists of a $260.19 million put option position, $158.33 million of call options and a direct position worth $15.29 million.
Mining giant Rio Tinto plc (US:RIO, LN:RIO) is fourth on the list with Optiver’s net short position of $83.17 million held. The position consists of $139.31 million in put options and $56.14 million in call options.
Chicago Shorts
Chinese video sharing website Bilibili Inc (US:BILI) is the fifth-biggest net short position of $78.43 million made up entirely of put options. The position is held by Chicago-based Wolverine Asset Management. Fintel journalists wrote a feature piece on the largest shorters of Bilibili last month, found here.
American oil giant Exxon Mobil Corporation (US:XOM) is sixth on the list with a $65.40 million net short position held by Wolverine Asset. The position is made up of $87.67 million in put option exposure, $10.06 million in call options and $12.11 million of direct shares.
European chemical company Linde PLC (US:LIN) has the seventh-largest net short position of $59.28 million, which is held by Optiver. The trading company holds $182.67 million of put options and $123.39 million of call option exposure.
Swiss computer equipment manufacturer Logitech International SA (US:LOGI, CH:LOGN) has the eighth-largest next short exposure of $56.85 million held by Optiver. That exposure consists of $98.52 million in put options, $33.09 million in call options and $8.58 million of direct shares held.
The ninth-biggest net short exposure of $44.78 million is in US energy giant Chevron Corporation (US:CVX) and held by Wolverine. Wolverines position is made up of $68.08 million in put option exposure and $23.30 million in call option exposure.
Rounding out the top 10 is the Chicago trading firm’s position in electric vehicle manufacturer Nio Inc (US:NIO). The firm has a $41.39 million short position that comprises solely of put options.
This story originally appeared on Fintel.
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