Winter is coming, page-695

Different stocks get shorted for different reasons, for example PLS has a huge institutional base holding and a large number of mums and dads holding in SMSF's. The high short percentage on PLS is mainly a factor of hedging for those who are mandated or just want to continue to hold but want to mitigate the downside risk. Using my own portfolio MIN has been my largest and longest holding both in my SMSF and business accounts but frequently I will hold a short position on MIN to hedge my long exposure.

SYA has nearly no institutional ownership but plenty of mums and dads, short positions on SYA are betting on its failure rather than hedging out a portfolio, LTR and CHN are in similar boats to SYA. LYC and SYR are more aligned to PLS.

Of course, a percentage of shorts are sector plays but probably 2 to 3%