Nordex - Short

All,

Having dodged the Q4 bonanza, we are putting the short on again with 4% of NAV for now. We are looking to capture 30+ points of downside. Please find the updated analysis with the all-new detailed, live excel model here. 

At 4% of NAV we are leaving ourselves room to periodically increase the exposure around reporting dates for instance. I.e. conviction is higher than the 4% would ordinarily indicate, but we may be wearing some cary for a while - unless Senvion make sufficient waves, which is why we are putting it on now anyway. 

Wolfgang