Sourced from Hazeltree's proprietary securities finance platform data, which tracks approximately 12,000 global equities, monthly snapshot examines shorting activity across the Americas, EMEA, and APAC
Hazeltree, a leader in active treasury and intelligent operations technology for the alternative asset industry, today published its Shortside Crowdedness Report for May. The report is a monthly listing of the top 10 shorted securities in the Americas, EMEA and APAC regions in the large-, mid-, and small-cap exchanges.
The data contained in the report comes from Hazeltree's proprietary securities finance platform data, which tracks approximately 12,000 global equities across the Americas, EMEA, and APAC. The data is aggregated and anonymized from the contributing Hazeltree community, including approximately 700 asset manager funds.
The report tracks shorting activity in three different metrics:
- Hazeltree Crowdedness Score: This score represents securities that are being shorted by the highest percentage of funds in Hazeltree's community in a pre-defined category. The securities are graded on a scale of 1-99, with 99 representing the security that the highest percentage of funds are shorting.
- Institutional Supply Utilization: This figure represents the percentage of the institutional investors' supply of a particular security that is being lent out. Institutional supply utilization is an indicator of how "hot" a security is in terms of the supply-demand dynamic. It is possible to see 100% utilization of a security's availability making it difficult to establish new short positions.
- Hazeltree Community Borrow Fee: This figure is the average weighted fee for what funds in the Hazeltree community are paying to borrow a security. The fee is represented as the annualized cost calculated on the price of the security.
Highlights from the May 2023 report include:
Americas
- In the large-cap segment, the most crowded large cap securities were Localiza, Ivanhoe Mines, Canadian Natural Resources, and Tesla. Among this group, Ivanhoe Mines saw the highest institutional supply utilization rate (19.82%).
- In the mid-cap section, SOFI had an institutional supply utilization of 100%, well above the other securities in this group. The security's community borrow fee was in line with Affirm Holdings (.56%).
- In the small-cap category, Fisker stood out with the highest institutional supply utilization (100%) and community borrow fee (30%).
EMEA
- In the large-cap group, 10 securities had a crowdedness score of 99. Of them, Kuehne und Nagel International had the highest institutional supply utilization (26.97%) and Lonza Group had the lowest (1.17%).
- In the mid-cap category, 10 securities had a crowdedness score of 99. Delivery Hero led the mid-cap category in institutional supply utilization (31.61%), with community borrow fees among the lowest in this group (0.35%).
- In the small-cap category, where 10 securities had a crowdedness score of 99, AT&S stood out with the highest community borrow fee (14.08%).
APAC
- In the large-cap category, 10 securities had a crowdedness score of 99. Ecopro BM led the large-cap category in institutional supply utilization (65.33%). The security had the second highest community borrow fee (5.03%), just behind China Vanke Co (5.6%).
- In the mid-cap securities, Rakuten Group and Pharmaron Beijing had community borrow fees that were more than double the mode of the group (~2%), at 4.98% and 4.43%, respectively.
- In the small-cap group, 10 securities had a crowdedness score of 99; among them, Core Lithium Ltd. led in institutional supply utilization (94.91%) and Jinke Properties Group had the highest community borrow fee (9.38%).
To view Hazeltree's May Shortside Crowdedness Report, click here.
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About Hazeltree
Hazeltree is a leader in active treasury and intelligent operations technology. Purpose-built for the alternative asset management ecosystem, Hazeltree's modular platform aggregates internal and external data, providing a comprehensive view of operations and counterparty relationships while proactively highlighting opportunities to extract more value from every transaction. Hazeltree is headquartered in New York with offices in London and Hong Kong.
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