Author: Ruedi Keller | Source: The Market | Publication Date: 31.10.2025 | Reading Time: 3 minutes
Executive Summary
DocMorris has once again taken the top spot for short positions in Swiss stocks in October 2025, with a ratio of 30.4% (+27.5%). The mail-order pharmacy is suffering from weak growth in the German online pharmacy market and is lagging behind the competition. Meanwhile, short sellers reduced their positions in Barry Callebaut due to falling cocoa prices, while the Swatch Group remains in focus despite a recovery in share price.
Core Topic & Context
The monthly short-seller report from The Market shows the ten most short-sold Swiss stocks in October 2025. Short sellers borrow shares, sell them, and hope for falling prices to buy them back later at lower cost. The data comes from S&P Global Market Intelligence, as Switzerland does not officially track short positions.
Key Facts & Figures
• DocMorris: Short ratio 30.4% (+27.5% compared to previous month) • Swatch Group: Short ratio 24% (+10.8% despite price recovery) • Barry Callebaut: Short ratio 18.3% (-21.9% due to falling cocoa prices) • SoftwareOne: Short ratio 11.8% (practically unchanged) • Adecco: Short ratio 10% (stable) • New DocMorris convertible bond: CHF 50 million placed in October • Cocoa price decline: Over 10% in October
Stakeholders & Affected Parties
Affected Industries:
- Mail-order pharmacies (DocMorris vs. Redcare Pharmacy)
- Watch industry (Swatch Group, US customs issues)
- Chocolate production (Barry Callebaut)
- Technology/Software (SoftwareOne, Comet)
- Personnel services (Adecco)
Investors: Both speculative short sellers and hedging-oriented investors in convertible bonds.
Opportunities & Risks
Risks:
- DocMorris: Ongoing growth weakness compared to competition
- Structural problems: Several companies in restructuring (Orior, Rieter)
- Technological uncertainty: Comet's positioning in the semiconductor market questionable
Opportunities:
- Barry Callebaut: Easing cocoa market could initiate turnaround
- Swatch Group: First positive signals in watch exports after long downturn
Action Relevance
For Investors:
- High short ratios signal increased volatility and downward pressure
- Convertible bond effect at DocMorris could mean technical distortion
- Contrarian opportunities possible if short sellers are wrong on turnaround candidates
Time-Critical Aspects:
- Cocoa market development continues to influence Barry Callebaut
- US tariff policy remains risk factor for Swatch Group
Bibliography
Primary Source:
Supplementary Sources:
Verification Status: ✅ Facts checked on 31.10.2025
The analysis is based on publicly available short interest data. High short ratios can have both speculative and technical reasons.