George Soros bet gets surprise boost as UK announces biggest railway overhaul in 100 years

13:05 • 21.05.21
Economy

A British digital travel booking company shorted by George Soros’ U.K. investment arm saw its shares plummet Thursday as the UK government announced a historic overhaul of its railways.

Shares of Trainline had fallen by 23% at the close of trade in London, having earlier fallen by as much as 32%. Investors fled the stock after the government announced that a new state-owned body will be established in a bid to simplify the country’s rail network.

SFM UK Management LLP, the British unit of Soros Fund Management, has a short position against the stock, which it steadily increased over the month of March to 0.7%, CNBC reports, citing the Financial Conduct Authority’s public disclosures.

Short positions are established when a trader borrows a security and sells it with the intention of repurchasing it at a lower price at some point in the future, therefore profiting from the stock’s depreciation in value.

“When there are limited barriers to entry for a business there are always risks as rail ticket seller Trainline is discovering to its cost today, lending credence to financier George Soros’ decision to short the stock through his U.K. investment arm,” said Russ Mould, investment director at British digital stockbroker AJ Bell.

“When your potential competitor is the state the threat can be almost existential, and the sweeping changes to the UK railway network which have been announced contain an important detail which is potentially devastating to Trainline’s business model.”

The network will be rebranded Great British Railways and will oversee trains, tracks, timetables and stations, including managing rail infrastructure, setting fares and selling tickets. While trains will still be operated by private companies, the GBR will issue new “passenger service contracts” to these companies.

 

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