Now the vultures circle chip maker

HEDGE funds that bet on the collapse of Carillion have turned their sights on a British business that supplies Apple.

Marshall Wace and Coltrane Asset Management have both taken short positions in Welsh firm IQE, which makes technology used in the iPhone X. Anticipation for the smartphone sent shares in the AIM-listed group soaring by nearly 240pc during 2017.

But since November – amid rumours of delays and lacklustre demand for the handset – they have shed nearly 30pc. And the hedge funds are betting it has further to fall.

Marshall Wace, which made £19m from the construction giant’s demise, has a 3.8pc short position in IQE and Coltrane Asset Management has 2.8pc. Valiant Capital Management, Ennismore Fund Management and Worldquant also have smaller positions.

IQE is one of the most-shorted stocks in the UK, behind only Ocado ( see above), Provident Financial and Debenhams.