A number of so-called hedge funds have raised hundreds of millions of euros in recent months by speculating on falls in the price of shares (short selling) of Lufthansa and travel company TUI, among others. Hedge funds are investment funds that try to generate returns in more than one way.

This is evident from an overview by data provider ORTEX Analytics that Reuters writes about on Thursday. Investment funds such as Citadel, Marshall Wace and Sandbar Asset Management already brought in more than 854 million euros in the first seven months of this year with short selling.

In addition to the shares of Lufthansa and TUI, the shares of the French hotel group Accor and those of cruise line Carnival Corporation were also food for speculators. Such investors borrow the shares of regular mutual funds and sell them back as soon as the price falls. The exchange rate difference goes to the hedge funds.