Value investment veteran Hendrik Leber has used the short-seller attack on German leasing firm Grenke to add exposure to the company, Serge Debrebant reports from Munich.
Speaking to Citywire Deutschland, Leber said he has exposure to company across five equity funds and added 600,000 shares across the portfolios on Tuesday and Wednesday after Grenke’s share price dropped.
Grenke was subject to a scathing report from a British group called Fraser Perring and another firm called Viceroy, which led European equity investor Alexander Darwall to dump his entire position in the company.
However, Leber took the opposite view. ‘That’s a good discount. We did a lot of shopping,’ he said. ‘This is not about rebalancing, we have actively increased the positions.’
Leber said the short-seller attacks were not painting a coherent picture but were a collage of different ideas. ‘We believe the allegations are cheap. There may be points