Ann: Change in substantial holding, page-33

I did look at the detailed announcement. There wasn't much borrowing out or returning of stock during the buyback period like you stated. Which makes sense as it would have been absurd to short the stock during the buyback, which they themselves were conducting and which was positive for the SP.

The borrowing and returning transaction quantities are larger more recently this year, but still the overwhelming majority of transactions are normal buys and sells. I think you are trying to read into the announcement something that isn't there. There's a component of their overall position which is short, like most other funds probably.

Shorts overall have increased recently, but the % is too low to meaningfully affect the SP movement for a company this size. I don't blame the SP on shorting anyway.