Hazeltree Shortside Crowdedness Report Reveals Uptick in Tech Shorts and Record-High Utilization in APAC and EMEA

Super Micro Computer, Cloudflare, and Palo Alto Networks dominate the top 10 most crowded tech shorts, while Ganfeng Lithium Group, Barry Callebaut, H&M, and Lifestyle Communities show elevated institutional supply utilization

NEW YORK and LONDON – August 21, 2025 – In July, short interest in technology stocks rose in the Americas, while record-high institutional share utilization was observed in APAC and EMEA, according to Hazeltree, a leader in active treasury and intelligent operations technology for the alternative asset industry. Super Micro Computer, Cloudflare, and Palo Alto Networks all ranked among the top 10 most crowded large-cap shorts in the Americas according to the Hazeltree July 2025 Shortside Crowdedness Report, suggesting that despite AI and cybersecurity growth narratives, some high-flying tech names remain targets for short sellers—potentially due to valuation concerns.

Globally, several securities—Ganfeng Lithium Group, Barry Callebaut, H&M, and Lifestyle Communities—recorded institutional supply utilization above 75%, indicating that nearly all available institutional shares were on loan.

The Hazeltree Shortside Crowdedness Report is a monthly ranking of the top 10 most crowded shorted securities in the Americas, EMEA, and APAC regions, 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 of roughly 700 asset management funds. Each security is assigned a Hazeltree Crowdedness Score—a 1-to-99 scale, with 99 indicating the highest concentration of shorting activity—reflecting key supply-and-demand dynamics in the securities lending market.

“Short sellers have actively returned to tech in the Americas, with Hazeltree data showing an uptick in half of the top 10 names,” said Tim Smith, Managing Director of Data Insights at Hazeltree. “We were surprised to see the departure of LVMH after three consecutive months in the EMEA large-cap top 10, alongside the emergence of Vestas Wind Systems A/S, which is benefiting from a growing focus on renewable energy. In APAC, we noted an unprecedented tilt toward Chinese-based companies across small-, mid-, and large-cap categories—a shift from the historical dominance of Japanese names.”

Highlights from the July 2025 report include:

AMERICAS

In the large-cap category, Live Nation Entertainment, Inc. is the most crowded security with a score of 99. Super Micro Computer, Inc. was the second most crowded security at 94and held the highest institutional supply utilization figure (42.93%) for the eighth consecutive month.

In the mid-cap category, EchoStar Corporation is the most crowded security with a Crowdedness Score of 99 for the second consecutive month, while The Campbell’s Company held the highest institutional supply utilization figure for the first time in 2025 (44.23%).

In the small-cap category, Grocery Outlet Holding Corp., Cipher Mining Inc. and Hertz Global Holdings, Inc. were the most crowded securities with a score of 99. Hertz had the highest institutional supply utilization (64.26%).

EMEA

In the large-cap category, Pernod Ricard SA displaced Kering SA and LVMH Moët Hennessy from the top spot, with a score of 99. H&M Hennes & Mauritz AB had the highest institutional supply utilization (85.13%) for the second month in a row and sixth time this year.

In the mid-cap category, Phoenix Group Holdings plc was the most crowded security (99). Barry Callebaut AG overtook Davide Campari-Milano N.V. with the highest institutional supply utilization (91.36%) for the second time this year.

In the small-cap category, WH Smith PLC is the most crowded security for the second time this year, with a score of 99. Siltronic AG topped institutional supply utilization (64.01%).

APAC

In the large-cap category, Oriental Land Co., Ltd. topped with a score of 99 for the second month and third time this year, while ANTA Sports Products Ltd dropped to the number two most crowded security with a score of 84. Budweiser Brewing Company APAC Ltd had the highest institutional supply utilization (58.99%).

In the mid-cap category, Nagoya Railroad Co. Ltd, Nissin Foods Holdings Co., Ltd., J. Front Retailing Co., Ltd., WuXi AppTec Co., Ltd., and Tokyo Metro Co Ltd displaced Ibiden Co., Ltd for the top spot with a score of 99. Nissan Motor Co., Ltd. held the highest institutional supply utilization for the second time (72.81%).

In the small-cap category, Sanken Electric Co., Ltd. and Luye Pharma Group Ltd. were the most crowded securities (99). Ganfeng Lithium Group Co., Ltd. had the highest institutional supply utilization (91.87%) for the second time this year.

To view Hazeltree’s July 2025 Shortside Crowdedness Report and past reports, click here (https://hazeltree.com/lp/hazeltree-monthly-shortside-report).

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 btanner@hazeltree.com.

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.

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Media Contact:

Ben Tanner

Hazeltree

btanner@hazeltree.com