Report also reveals five Americas mid-cap stocks tie as most shorted
Chevron ranked as the most crowded large-cap security in the Americas in October, followed closely by Super Micro Computer, 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 that LVMH and SMC Corp were the most crowded 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.
"There were significant developments in October, including Tesla being absent from the Americas large-cap top 10 for the first time since Hazeltree launched the report 18 months ago," said Tim Smith, managing director of data insights at Hazeltree. "Additionally, several firms in the Americas mid-cap category, including Charles River Laboratories, CNX Resources, Columbia Sportswear, Henry Schein, and Murphy USA, ranked as the most shorted, each with a Hazeltree Crowdedness Score of 99."
Highlights from the October 2024 report include:
Americas
- In the large-cap category, Chevron topped the list as the most crowded security with a score of 99. Super Micro Computer was the second most crowded security with a score of 94 and had the highest institutional supply utilization (42.78%).
- In the mid-cap category, five securities topped the list as the most crowded, including Murphy USA, CNX Resources Group, Columbia Sportswear Company, Henry Schein and Charles River Laboratories, each with a Hazeltree Crowdedness Score of 99. MP Materials Group held the highest institutional supply utilization figure (77.27%).
- In the small-cap category, Wolfspeed continued its hold as the most crowded security, with a score of 99. NextNav had the highest institutional supply utilization (69.46%).
EMEA
- In the large-cap category, LVMH was the most crowded security, with a score of 99, up from September's score of 84. H M Hennes Mauritz AB had the highest institutional supply utilization (69.07%).
- In the mid-cap category, Swatch Group was the most crowded security (99). Nibe Industrier AB had the highest institutional supply utilization (60.91%).
- In the small-cap category, Basic-Fit NV and Aixtron SE were the most crowded securities, each achieving a score of 99. Basic-Fit NV also led in institutional supply utilization (69.80%).
APAC
- In the large-cap category, SMC Corp was the most crowded security with a score of 99. Aeon Co Ltd had the highest institutional supply utilization (13.78%).
- In the mid-cap category, Taisei Corp, Seibu Holdings and Mercari all ranked as the most crowded securities with a score of 99. Pilbara Minerals Ltd had the highest institutional supply utilization (73.36%).
- In the small-cap category, Money Forward was the most crowded security (99). JMDC Inc had the highest institutional supply utilization (39.80%).
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 October 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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