Chevron, Exxon Mobil, Super Micro Computer and Tesla Among Top Five Shorted Securities in February, Finds Hazeltree Shortside Crowdedness Report
Tesla maintained its status as the most crowded security in the Americas in February, with Chevron, Exxon Mobil, and Super Micro Computer all earning places among the top five shorted stocks during the same period, 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 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 is interesting to note that when compared to the Shortside report from six months ago, just 27 securities remain the same in our latest report," said Tim Smith, managing director of data insights at Hazeltree. "These are mostly concentrated around the large cap well-known securities and to be expected, such as Tesla, Exxon Mobil, LVMH, Kering, Advantest and Commonwealth Bank of Australia."
Additionally, Smith notes some of the Covid-impacted stocks, such as cruise lines, appear to be becoming less interesting to the same community, as advertisements and most likely bookings seem to be gaining momentum.
Highlights from the February 2024 report include:
Americas
- In the large-cap category, Tesla was the most crowded security (99), followed by Chevron (94) and Exxon Mobil (92). Multiple newcomers joined the ranks, including Super Micro Computer (87), Capital One (76), Comcast (76), and Wells Fargo (74).
- In the mid-cap category, semiconductor developer Wolfspeed Inc. was the most crowded security (99), while Choice Hotels International had the highest institutional supply utilization (49.93%).
- In the small-cap category, Bloom Energy was the most crowded security (99), while Purecycle Technologies displayed the highest institutional supply utilization (99.03%).
EMEA
- In the large-cap category, luxury goods conglomerate LVMH was the most crowded security (99), while Maersk B had the highest institutional supply utilization (30.03%).
- In the mid-cap category, French rail manufacturer Alstom was the most crowded security (99) and had the highest institutional supply utilization (75.32%).
- In the small-cap category, Irish video game company Keywords Studio plc and fitness center operator Basic Fit NV were the most crowded securities, each with a score of 99. Basic Fit NV had the highest institutional supply utilization (88.74%).
APAC
- In the large-cap category, Toyota took over first place for the most crowded security (99), knocking Takeda Pharmaceutical Co. (84) down the list. Advantest led in institutional supply utilization (13%).
- In the mid-cap category, Japanese electronics company Ibiden Co Ltd. was the most crowded security (99), rising from a crowdedness score of 94 in January. Pilbara Minerals Ltd stood out with the highest institutional supply utilization (57.63%).
- In the small-cap category, Furukawa Electric entered the ranking of the top 10 most crowded securities, with a score of 99, overtaking Webjet Ltd. (83). Aeon Financial Service had the highest institutional supply utilization (54.87%).
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 February Shortside Crowdedness Report and past reports, click here.
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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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