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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.
Thank you to all for your suggestions. In the end, I went with a "rush to buy" stocks, although I subsequently came across another very similar source text which had the EN word "squeeze" in the FR text in place of this expression. I therefore feel that "chasse au découvert" was probably an attempt to render "squeeze" in French. No matter, a rush to buy a stock and a squeeze on a stock are close enough to the same thing!
From what you've said, I'd go along with the reasoning in your penultimate paragraph - people taking short positions on other stocks and using the proceeds to buy the star stock - thus covering their short position by falls in the prices of this stock and any profit-taking on the rising stock. I'm not too confident about the proposed term - though chasse could be stretched to rush if everyoneis "hunting" for the same "prey".
This is a difficult one. I think it may be découvert in the sense of leaving oneself open/uncovered, i.e. stock not in the fund when it should be. Not sure what chasse has to do with it.
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39 mins confidence:
Explanation: 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.
Yasdnil1 Dominican Republic Local time: 23:08 Specializes in field Native speaker of: English PRO pts in category: 24
Explanation: 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)?