A major hedge fund is betting against Saga after its high-profile flotation left hundreds of thousands of investors with a loss.
GLG Partners, which is part of Man Group, is 0.6% short on Saga shares, according to a filing with the Financial Conduct Authority.
The over-50s insurance and holiday group's shares have shed 7% since the company's flotation on 23 May. Retail shareholders, most of whom are Saga customers, have seen the value of their holdings drop by £19m ($31.8, €23.4.)
Saga floated at 185p and listed with a 27% free-float, around half of which is held by retail investors. The remaining shares are held by private equity funds.
Saga's flotation has been criticised by some big players in London's investor circles, who have bemoaned its decision to scale back price and allocation.