London-headquartered hedge fund major Marshall Wace has established big short wagers against several UK retailers after the sector saw a significant drop in sales during March, according to a report by Financial News.

London-headquartered hedge fund major Marshall Wace has established big short wagers against several UK retailers after the sector saw a significant drop in sales during March, according to a report by Financial News.

The report cites the fund's latest Financial Conduct Authority disclosures as revealing that Marshal Wace has built a 1.28% net short position against the £8.8 billion high street and online fashion retailer Next. The hedge fund has also placed a 0.68% short bet against the £10 billion Burberry Group, and a 0.9% short position in the £5 billion variety store chain B&M.

Marshall Wace is also one of a number of hedge funds to have bet against online fashion and cosmetics retailer Asos, which is currently the second most shorted stock in the FTSE 250 at 10.98 per cent, according to S&P Global Market Intelligence. 

According to the data posted by UK’s Office for National Statistics, retail sales volumes dropped by 0.9% in March, while non-food store sales fell by roughly 1.3% last month.