Semiconductor Entrants Join Ranks as Most Shorted Securities in Americas, Finds Hazeltree Shortside Crowdedness Report

Microchip Technology, Advanced Micro Devices and Synopsys among top 10 most crowded stocks in large-cap NEW YORK and LONDON, June 11, 2024 – Multiple semiconductor firms joined the ranks in the most crowded large-cap securities in the Americas, 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 Tesla regained its position as the most crowded security in the Americas, while 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.

“It appears there has been a focus on semiconductor stocks across large-cap in the Americas,” said Tim Smith, managing director of data insights at Hazeltree. “Meanwhile, in APAC, mid- and small-cap saw multiple securities vying for first place on our most crowded shorted stocks list.”

Highlights from the May 2024 report include:

Americas

In the large-cap category, Tesla regained its position as the most crowded security (99), while multiple semiconductor firms joined the ranks, including Microchip Technology (97), Advanced Micro Devices (82) and Synopsys (79). Charter Communications had the highest institutional supply utilization (20.73%).

In the mid-cap category, software company Confluent topped the list, with a Hazeltree Crowdedness Score of 99. Semiconductor manufacturer Wolfspeed had the highest institutional supply utilization (23.50%).

In the small-cap category, Dynavax Technologies, Bloomin Brands, and Premier Inc tied for the most crowded securities (99). Trupanion had the highest institutional supply utilization (66.00%).

EMEA

In the large-cap category, luxury goods conglomerate LVMH maintained its hold as the most crowded security (99) – a position it has held since the start of the year, while Swiss global transport and logistics company Kuehne und Nagel International AG had the highest institutional supply utilization (14.79%).

In the mid-cap category, French rail manufacturer Alstom remained the most crowded security (99) and had the highest institutional supply utilization (84.96%).

In the small-cap category, Solaria Energia y Medio Ambiente SA was the most crowded security (99). NEL ASA had the highest institutional supply utilization (97.83%).

APAC

In the large-cap category, Toyota continued its hold as the most crowded security (99), a position held since February, and Yaskawa Electric Corp had the highest institutional supply utilization (14.99%).

In the mid-cap category, Ibiden Co Ltd and Rohm Co. were tied as the most crowded securities (99). Pilbara Minerals Ltd stood out with the highest institutional supply utilization (50.47%).

In the small-cap category, Shift Inc., Money Forward Inc. and Mercari Inc. were tied for the most crowded security, each with a score of 99. Nomura Micro Science Co. had the highest institutional supply utilization (60.90%).

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 May 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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