Marshall Wace, one of the world's largest hedge funds with over $60bn in assets under management, has taken a significant short position in Irish paper and packaging company Smurfit Kappa, according to a report by The Irish Post.

Last week, Smurfuit Kappa announced revenue for the first half of 2023 of €5.8 billion, down 9 per cent from the same period last year.

The report cites a recent regulatory filing as revealing that London-based Marshall Wace currently holds a short position in 0.51 per cent of Smurfit Kappa's shares.

Given the company's current share price of around €37, the wager is valued at about €49 million.