BUZZ-View from the buyside: S&W seeks to close Persimmon short post election

** Smith & Williamson fund manager Mark Swain trying to close a short position in Persimmon (Other OTC: PSMMY - news) as housebuilders soar on Conservative Party surprise outright election win

** Swain, a co-manager of firm's long/short Enterprise fund is long Taylor Wimpey (LSE: TW.L - news) (TW) & Crest Nicholson (CN) but has been short Persimmon

** Persimmon expensive (biggest & considered safest) on 2.3x P/B vs TW on 2.1x & CN 2x, Thomson Reuters data shows

** Labour's "use it or lose it" policy for developers who own land that could be used for homes & its "mansion tax" had unnerved investors; Thomson Reuters UK Homebuilding index down c.5 pct from mid-April till Thurs close

** Index up 5.2 pct on Friday, a whisker off a record & poised for biggest one-day rise since August 2013

** A 5.3 pct gain from Persimmon puts stock on track for best day in more than a year (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)