Ann: Change in substantial holding, page-17

Educate me. If JP Morgan have a strong conviction on the short strategy, why wouldn’t they borrow to sell rather the buy to lend? I understand they get a fee for lending, but why would they want the shares loaned out returned to them at a lower price than they bought? If the shares they bought and loaned out are returned at a lower price they probably lose, despite the fee they might have received. To my way of thinking this only makes sense if they are short in the near term but long further into the future, or whether this is a hedge against other positions they have.
G