Short sellers are ramping up pressure on major consumer-facing and luxury goods companies, as recession concerns mount globally, according to the findings of the latest Hazeltree Shortside Crowdedness Report for May 2025.
The report reveals that big-name stocks such as Live Nation, Marriott, Chevron, Kering, and ANTA Sports have become top short targets across global markets. The findings suggest a shift in sentiment toward discretionary consumer sectors, with investors increasingly betting against companies in travel, entertainment, fashion, and retail.
In the Americas, five of the top 10 most shorted large-cap names came from consumer and tech sectors, with Live Nation Entertainment and Chevron Corporation topping the list, both earning a maximum crowdedness score of 99. Mid-cap digital asset miner MARA Holdings stood out for its high institutional supply utilisation rate of 72.48%, reflecting heightened shorting activity amid the ongoing crypto market rally.
On the other side of the Atlantic, luxury fashion giants Kering and LVMH were the most crowded short positions in EMEA, also with a score of 99. In the mid-cap segment, beverage company Davide Campari-Milano led the list, while fitness operator Basic-Fit continued to dominate short interest among small caps for a second month running.
Meanwhile, in the Asia-Pacific region, sporting goods maker ANTA Sports and leisure brand Oriental Land Co. featured prominently among top shorted names. Fujikura Ltd. led in the large-cap category with a score of 99, while Ganfeng Lithium posted the highest institutional supply utilisation among small caps at 52.07%.
Tim Smith, Managing Director of Data Insights at Hazeltree, said the latest data reflects a global pullback in confidence around consumer resilience. “We’re seeing short activity concentrate in lifestyle and consumer sectors across geographies, particularly in areas exposed to discretionary spending,” he noted.
Hazeltree’s Shortside Crowdedness Report compiles data from roughly 700 asset managers using its securities finance platform, which tracks short interest across 15,000 global equities. A crowdedness score of 99 indicates the highest level of short concentration across the platform’s fund community. The report also includes institutional supply utilization rates — a measure of how much available stock is already lent out — as well as borrow fees, representing the cost of shorting.
The May report also reveals that Super Micro Computer, Inc was the second most crowded large-cap short in the Americas and held the highest utilisation rate in that category at 48.24%, while Albemarle Corporation remained the most shorted mid-cap in the Americas with a top crowdedness score.
PureCycle Technologies led in institutional supply utilisation for small caps in the Americas at 83.49%.
WuXi AppTec continued to dominate utilisation in APAC mid-caps for the third month in a row, at 42.66%.
