LONDON (Reuters) – U.S. activist hedge fund Elliott Management has taken a big short position in Shell amid its campaign for more change at BP in its capacity as a BP shareholder, according to financial filings.
Elliott’s short position, which is designed to make money if Shell’s share price falls, amounts to 0.5% of Shell, according to data published on the website of the Financial Conduct Authority on Thursday.
Elliott and other hedge funds typically hedge their long positions in companies with short positions in others.
(Reporting by Shadia Nasralla and Anousha Sakoui; editing by David Evans)
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