IAG, easyJet and Ryanair; which European airlines are investors selling as Iran burns?

Investors have been repositioning sharply across European airline stocks since the outbreak of Middle East hostilities, with Ryanair Holdings PLC (LSE:RYA) emerging as the clear defensive favourite while short positions have built against carriers more vulnerable to elevated fuel prices. This is Citi's analysis of positioning data from institutional investors, with the analysis showing that sector positioning has turned more negative over both the past week and month.