Tesla loses foothold in top spot, a position it has held since May
Super Micro Computer ousted Tesla as the most crowded security in the Americas, a position it has held since May, according to the latest Shortside Crowdedness Report from Hazeltree, a leader in active treasury and intelligent operations technology for the alternative asset industry. The report also found LVMH and Toyota continued their hold as the top shorted large-cap stocks in their respective regions of EMEA and APAC.
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 ranges. The data comes from Hazeltree's proprietary securities finance platform data, which tracks approximately 15,000 global equities across the Americas, EMEA, and APAC. The data is aggregated and anonymized from the contributing Hazeltree community, which includes approximately 700 asset manager funds.
"Semiconductor firms appear to be a focus among short sellers right now," said Tim Smith, managing director of data insights at Hazeltree. "Last month we saw multiple semiconductor securities in the top 10 list, and this month's report shows Super Micro Computer and Microchip Technologies maintained staying power in the most crowded shorted securities."
Highlights from the July 2024 report include:
Americas
- In the large-cap category, Super Micro Computer topped the list as the most crowded security with a score of 99, moving up from its position in June (82). Tesla, which had been the most crowded security in this category since May, dropped to a score of 94, falling just behind Chevron (97).
- In the mid-cap category, Bloom Energy was the most crowded security, with a Hazeltree Crowdedness Score of 99, and also held the highest institutional supply utilization figure (77.45%).
- In the small-cap category, newcomer Winnebago Industries became the most crowded security (99), while silicon battery company Enovix Corp had the highest institutional supply utilization (90.59%).
EMEA
- In the large-cap category, luxury goods conglomerate LVMH continued to dominate as the most crowded security (99), maintaining this position since the beginning of the year. H M Hennes Mauritz AB had the highest institutional supply utilization (56.15%).
- In the mid-cap category, international heating company Nibe Industrier AB was the most crowded security (99), rising from a score of 66 in June. It also had the highest institutional supply utilization (38.61%).
- In the small-cap category, newcomer to the list Alphawave IP Group, a semiconductor IP company, was the most crowded security (99). Eutroapi SA had the highest institutional supply utilization (92.86%).
APAC
- In the large-cap category, Toyota continued its hold as the most crowded security (99), a position held since February, and Nippon Steel Corp had the highest institutional supply utilization (34.14%).
- In the mid-cap category, Rohm Co. was the most crowded security (99). Novatek Microelectronics Corp stood out with the highest institutional supply utilization (49.86%).
- In the small-cap category, Money Forward Inc. continued its hold as the most crowded security, with a score of 99. Liontown Resources Ltd had the highest institutional supply utilization (89.48%).
The Shortside Crowdedness 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. The institutional supply utilization rate 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 as a percentage of the price of the security.
To view Hazeltree's July Shortside Crowdedness Report and past reports, click here.
Note to editors: If you are a member of the media/press and would like to be included on the distribution list for this report, please contact hazeltree@backbaycommunications.com
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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