2026 Sohn Monaco – Moni Sternbach: This European Food Company Meets Haverstock Capital’s Three Checks For Being A Good Short

Moni Sternbach, Founder and CIO of Haverstock Capital, a London-based hedge fund specializing in European mid-cap equities, brought one of the more methodical presentations of the 2026 Sohn Monaco Conference. Sternbach, a former portfolio manager at Point72, Man GLG and Cheyne with over two decades of institutional long/short experience, took the afternoon session to lay out a detailed short case on a Swedish-listed food ingredients company with a market capitalization of approximately $6 billion. His thesis was direct: AAK has been living in a sweet spot for the past two years, and that sweet spot is about to melt.

One Stock, Three Shorts

Haverstock Capital groups its short positions into three categories. Structural shorts target companies whose industries are coming under lasting pressure. Accounting shorts focus on firms with suspect earnings quality, aggressive recognition practices, or a gap between reported and economic reality. Earnings shorts represent a divergent view over a short near-term window, typically one or two quarters, where Haverstock’s estimates sit below consensus. Sternbach’s argument was that this one falls squarely into all three at once.