In Americas, Tesla and Rivian Automotive were among the most crowded securities
In EMEA, French luxury group Kering SA and sustainable transportation firm Alstom were among the most shorted stocks, while in Asia, Sharp and Japanese electric-motor maker Nidec stood out
NEW YORK & LONDON–(BUSINESS WIRE)–Hazeltree, a leader in active treasury and intelligent operations technology for the alternative asset industry, today published its Shortside Crowdedness Report for August. 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 contained in the report comes from Hazeltree’s proprietary securities finance platform data, which tracks approximately 12,000 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.
Highlights from the August 2023 report include:
- In the large-cap group, Tesla was the most crowded security (99). This was Tesla’s third consecutive month as the top shorted security in the large-cap category in the region. Rivian Automotive stood out with the highest institutional supply utilization (29.02%).
- In the mid-cap section, Wolfspeed was the most crowded security for the third consecutive month. Also notable in this section is Plug Power with the highest institutional supply utilization (93.00%) and community borrow fee (0.99%).
- In the small-cap category, Sunnova Energy was the most crowded security, with a score of 99. Also in this group, Fisker saw the highest institutional supply utilization and community borrow fee for the third consecutive month.
- In the large-cap category, Kering SA stood out as the most crowded security (99) for the second consecutive month. Sartorius led in institutional supply utilization (27.69%), followed by Alstom SA (22.67%).
- In the mid-cap group, Ocado was the most crowded security, with a score of 99. Remy Cointreau stood out with the highest institutional supply utilization (30.42%), followed by Fastighets AB Balder at 23.44%.
- In the small-cap section, NEL ASA was the most crowded security (99). Alfen led in institutional supply utilization (83.51%), followed by Meyer Burger (76.53%), which was also the second most crowded security in this category with a score of 77.
- In the large-cap group, Nidec Corp and Softbank were the most crowded securities, each with a score of 99. KS Ecopro BM Co Ltd. had the highest institutional supply utilization (55.63%) and the highest community borrow fee (4.41%).
- In the mid-cap group, Sharp, Cyber Agent, and Mineral Resources all had crowdedness scores of 99, with Sharp carrying the highest community borrow fee (0.77%) in the category. This was Sharp’s third straight month with a crowdedness score of 99. Takashimaya had the highest institutional supply utilization (64.34%), followed closely by Sharp (61.48%).
- In the small-cap section, Money Forward was the most crowded security with a score of 99. Also notable in this category was Sosei Group, with the highest institutional supply utilization (35.35%) and community borrow fee (0.81%).
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 August Shortside Crowdedness Report and past reports, click here.
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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.