Short Activity in PNV, page-5224

From the point of view of the long and short funds, all that matters is that each made some profit during the year.
Effectively it was shared between the two funds, although they didn't make as much as if they had made successful one way bets with perfect timing. So if they each come out 10% ahead, that will still look good in an environment where lots of funds will have emerged from the volatility with losses.

But short traders cutting back from 75m shares short to just 30m is the reason the share price has returned to where it was a year ago.