Nordic Short Report - week 3 2017

Nordic short report - Week 3 2017 – NAS short interest up 442bp!


Unweighted average Nordic short interest (SI) was flattish last week at 3.8%
• Our quantitative SI trading model indicate 6 buy recommendations among the OBX shares
• Track record since model launch is 66.67% of bets in plus
• … while back testing last 2Y return 60% score of total bets

Our analysis

• Largest changes in company short interest in Norway:
        o SI in BWLPG, FRO and PGS all fell last week more than 100bp
        o … while SI in NAS rose 442bp WoW!

• Only minor changes in sector rankings ( … and notice energy sector not among most shorted anymore):
         o Three most shorted sectors:
                  Semicond. & Semi. Equip. 16.2%
                  Health care equip.: 8.3%
                  Utilities.: 7.3%
         o Three least shorted sectors:
                  Consumer Services: 0.6%
                  Diversified financials: 0.5%
                  Insurance: 0.8%

• SI in Norway up 11bp WoW to 5.3%
          o Norway SI +11bp
          o Sweden SI +6bp
          o Denmark SI -3bp
          o Finland SI +5bp