Global short sellers continued to focus on consumer and Software & Services sectors in November, according to Hazeltree’s latest Shortside Crowdedness Report, which tracks anonymised data from over 600 asset managers globally.
Consumer stocks accounted for 44% of global short positions, up 17% from September, with Marriott, Pernod Ricard, and Oriental Land among the most targeted names. In the US, Software & Services saw notable activity, led by Palo Alto Networks, IBM, and CrowdStrike.
The report uses Hazeltree’s proprietary Crowdedness Score (1–99) to gauge shorting intensity across large-, mid-, and small-cap equities in the Americas, EMEA, and APAC regions. Highlights from November include:
In the Americas, Palo Alto Networks remained the most crowded large-cap short (score 99), while Coinbase entered the top 10 for the first time following a 34% stock decline. Hims & Hers led mid-caps, and Allegiant Travel topped small-caps.
In EMEA, Alstom was the most crowded large-cap, with H&M showing the highest institutional supply utilisation. Davide Campari-Milano and Brunello Cucinelli led mid-caps, while Ocado Group topped small-caps.
In APAC, Oriental Land remained the most crowded large-cap for the sixth consecutive month. J Front Retailing and Kokusai Electric led mid-caps, and Meiko Electronics continued as the most crowded small-cap.
Hazeltree noted that the rise of Coinbase and MicroStrategy in the US large-cap shorts likely reflects hedge funds hedging crypto exposure or speculating on the end of the year’s crypto rally.
