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chasse au découvert

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09:01 Nov 19, 2008
This question was closed without grading. Reason: Answer found elsewhere

French to English translations [PRO]
Bus/Financial - Finance (general) / Investment fund commentary
French term or phrase: chasse au découvert
I've come across this unfamiliar expression in an investment fund performance commentary. Here's the immediate context:

"Cette moins bonne performance s’explique par la ***chasse au découvert*** sur le titre ordinaire XXXX (+YY.Y%) qui est absent du fonds mais qui est présent dans l’indice."

I can't find a translation or explanation in any of my regular reference sources. A quick bit of googling turned up a suggestion "squeeze the bears", but from my understanding of that expression, it doesn't really seem to fit the context. Put simply, what the author seems to be saying is that the fund performed below the market because the star performer in the market was not in the fund. I can't see how this expression "la chasse au découvert" fits in.

Of course, a similar phrase I immediately thought of was "la vente à découvert", or short-selling...but that's what investors normally do to take advantage of falling stocks. Unless maybe this could be referring to investors dumping large volumes of other stocks (thus driving their prices down) in order to buy the star performing stock.

Enough rambling – grateful if you have any ideas. I have to deliver this translation today, so swift responses appreciated! Thanks in advance.
Rob Grayson
United Kingdom
Local time: 12:03

Summary of answers provided
3open speculation
1 +1chasing returns

Discussion entries: 6



39 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5
open speculation

as it is "au" decouvert not "a" decouvert I think it is the hunting term rather than the financial one, ie hunting in broad daylight (like a lion). Can't think of a hunting-related metaphor in English though.

Dominican Republic
Local time: 08:03
Specializes in field
Native speaker of: English
PRO pts in category: 24

Peer comments on this answer (and responses from the answerer)
neutral  John Peterson: "scenting a profit/gains" - as a way of combining the hunting and speculative aspects - could be a possibility if you want to follow this line.
3 hrs
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8 hrs   confidence: Answerer confidence 1/5Answerer confidence 1/5 peer agreement (net): +1
chasing returns

You don't think they could possibly be speaking very metaphorically, and 'chasing returns' (a very common investment cliché), that is buying stocks that have become too popular and overbought (ie discovered) instead of doing in depth research and discovering stocks that haven't run up (or become discovered)?

    Reference: http://www.icmarc.org/xp/rc/planning/guides/behaviors/chasin...
Local time: 07:03
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 272

Peer comments on this answer (and responses from the answerer)
agree  John Peterson
14 hrs
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