Hazeltree Report - Consensus Shorts Pivot to Tech and Prestige Brands

Regional September data split emerges: U.S./APAC shorts focus on IBM, Palo Alto Networks, Applied Materials, ON Semiconductor, Lasertec, DISCO; EMEA crowding pivots to Kering, LVMH, EssilorLuxottica

NEW YORK & LONDON--(BUSINESS WIRE)--Against a backdrop of strong global equity performance—the MSCI ACWI Index rose 3.66% in September—short sellers concentrated in technology in the Americas and APAC and in consumer names in EMEA, according to Hazeltree, a leading provider of integrated treasury and liquidity management solutions for alternative asset managers.

Based on an analysis of Hazeltree’s community of 500+ asset management firms, technology accounted for 26% of sector representation among the most-crowded shorts in the Americas (including International Business Machines Corporation (IBM), Palo Alto Networks, Inc., ON Semiconductor Corporation, and Applied Materials, Inc.) and 30% in APAC (e.g., Lasertec Corporation and DISCO Corporation). In EMEA, consumer and luxury names made up 50% of the list (including Kering S.A., LVMH Moët Hennessy Louis Vuitton SE, and EssilorLuxottica SA), per the Hazeltree September 2025 Shortside Crowdedness Report.

The Hazeltree Shortside Crowdedness Report ranks the top 10 most crowded short positions across the Americas, EMEA, and APAC, segmented by large-, mid-, and small-cap categories. Data is compiled from Hazeltree’s proprietary securities-finance platform, which tracks approximately 15,000 global equities and aggregates anonymized information from the firm’s community. Each security receives a Hazeltree Crowdedness Score (1–99, with 99 indicating the highest concentration of shorting activity) reflecting key supply-and-demand dynamics in the securities-lending market.

“September showed broadly positive developments—easing-rate hopes and resilient earnings,” said Tim Smith, Managing Director, Data Insights, at Hazeltree. “In the Americas, investor optimism returned amid expectations for 2026 rate cuts and ongoing AI enthusiasm. Notably, Super Micro Computer, Inc. dropped out of our large-cap top-10 after nine consecutive months, while consumer names dominated EMEA small and mid caps, and Japanese securities comprised the majority of APAC names drawing short-seller interest.”

Highlights from the September 2025 report include:

AMERICAS

• In the large-cap category, International Business Machines Corporation (IBM) is the most crowded security with a score of 99. Palo Alto Networks, Inc. is the second most crowded security at 96. Super Micro Computer, Inc. dropped out of the top 10 most crowded large caps for the first time this year and was displaced by Hims & Hers Health, Inc. with the highest institutional supply utilization figure (54.29%) following a run of nine consecutive months.
• In the mid-cap category, Oscar Health, Inc. is the most crowded security with a Crowdedness Score of 99. Whirlpool Corporation held the highest institutional supply utilization figure for the first time in 2025 (51.74%).
• In the small-cap category, Tripadvisor, Inc. is the most crowded security with a score of 99. NextNav Inc. had the highest institutional supply utilization (66.62%).

EMEA

• In the large-cap category, Antofagasta PLC and Universal Music Group N.V. were tied for the most crowded securities with a score of 99. BE Semiconductor Industries N.V. had the highest institutional supply utilization (20.89%) for the second consecutive month and third time this year.
• In the mid-cap category, Davide Campari-Milano N.V. was the most crowded security (99) for the second time this year and had the highest institutional supply utilization (70.70%) for the fourth time this year.
• In the small-cap category, HelloFresh SE is the most crowded security for the second consecutive month and third time this year, with a score of 99. Basic-Fit N.V. had the highest institutional supply utilization (73.81%) for the second month and fifth time this year.

APAC

• In the large-cap category, Oriental Land Co., Ltd. topped with a score of 99 for the fourth straight month and fifth time this year. Seibu Holdings Inc. had the highest institutional supply utilization (23.96%).
• In the mid-cap category, J. Front Retailing Co., Ltd., Kokusai Electric Corporation and Tokyo Metro Co., Ltd. displaced Nissin Foods Holdings Co., Ltd. with a score of 99. Tokyo Metro Co., Ltd. also held the highest institutional supply utilization for the second month (92.36%).
• In the small-cap category, Meiko Electronics Co., Ltd. is the most crowded security for the second month (99). Tri Chemical Laboratories Inc. had the highest institutional supply utilization (51.71%).

To view Hazeltree’s September 2025 Shortside Crowdedness Report and past reports, click here.

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Hazeltree Shortside Crowdedness Report Methodology
The Shortside Crowdedness Report tracks shorting activity in three different metrics:

1. 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.
2. 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.
3. 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.

About Hazeltree
Hazeltree is the leading provider of treasury and liquidity management and optimization solutions purpose-built for the alternative investment industry. Trusted by more than 500 investment firms managing over $4 trillion in assets, Hazeltree empowers hedge funds, private markets firms, and asset managers to enhance operational efficiency, reduce risk, and unlock alpha. Hazeltree’s cloud-based platform facilitates nearly $8 billion in daily transactions across more than 10,000 funds. By delivering seamless connectivity across counterparties and service providers, Hazeltree enables clients to optimize cash, credit facilities, margin, and fees—driving stronger returns and greater transparency across the investment lifecycle. Hazeltree is headquartered in New York with offices in London, Bournemouth, and Hong Kong. For more information, please visit www.hazeltree.com.