In the Americas, technology names led shorting activity, with Palo Alto Networks, IBM, and Super Micro Computer among the most crowded positions as investors reassessed high-valuation AI and cybersecurity plays
NEW YORK & LONDON–(BUSINESS WIRE)–Global equity markets showed notable divergence in October, shaped by renewed U.S.–China trade tensions, a U.S. government shutdown and diverging central bank policies. Across regions, short sellers gravitated toward consumer securities in the Americas, EMEA, and APAC, while continuing to be net sellers of technology securities globally and with the greatest concentration of shorting activity in the Americas, according to Hazeltree, a leading provider of integrated treasury and liquidity management solutions for alternative asset managers.
Based on Hazeltree’s community of more than 600 asset management firms, consumer securities accounted for 41% of global short positions, a 15% increase from September. This included names such as Marriott International, Inc., LVMH Moët Hennessy – Louis Vuitton, Société Européenne, and Oriental Land Co., Ltd. Meanwhile, technology securities remained under scrutiny by the short side accounting for 23.33% of global short positions, a 17% increase over last month. The majority of the largest share of shorts appeared in the Americas at 33%, led by Palo Alto Networks, Inc., International Business Machines Corporation (IBM), and Qualcomm Incorporated, according to the Hazeltree October 2025 Shortside Crowdedness Report.
The report ranks the ten most crowded short positions across the Americas, EMEA, and APAC—segmented by large-, mid-, and small-cap categories. Data is derived from Hazeltree’s proprietary securities-finance platform, which tracks approximately 15,000 global equities and aggregates anonymized data from the firm’s community. Each security receives a Hazeltree Crowdedness Score (1–99, with 99 indicating the highest level of shorting activity), reflecting key supply-and-demand dynamics in the securities-lending market.
“We saw Palo Alto Networks and IBM again vying for the top spot in the Americas, while the re-entry of Super Micro highlights continued skepticism toward high-valuation technology names—even those central to AI and cybersecurity narratives,” said Tim Smith, Managing Director, Data Insights, at Hazeltree. “Qualcomm also climbed into the large-cap crowded-short list as rare-earth supply chains tightened during U.S.–China frictions; recent steps to temporarily ease export controls have helped stabilize conditions. Across the report, short interest clustered around consumer-related names globally—suggesting hedge funds are using the consumer complex as a proxy for macro caution as growth slows and pricing power peaks.”
Highlights from the October 2025 report include:
AMERICAS
- In the large-cap category, Palo Alto Networks, Inc. swapped places with International Business Machines Corporation (IBM) as the most crowded security with a score of 99 with IBM became the second most crowded security with a score of 97. Super Micro Computer, Inc. reentered the top 10 most crowded large caps with a score of 88. Charter Communications, Inc. had the highest institutional supply utilization figure (44.77%).
- In the mid-cap category, The Campbell’s Company became the most crowded security with a Crowdedness Score of 99. The Cheesecake Factory Incorporated held the highest institutional supply utilization figure for the first time in 2025 (52.26%).
- In the small-cap category, Allegiant Travel Company and Hertz Global Holdings, Inc. were the most crowded securities with scores of 99. Hertz also had the highest institutional supply utilization (88.41%) for the third time this year.
EMEA
- In the large-cap category, Universal Music Group N.V. edged out Antofagasta plc and became the most crowded security for the second month with a score of 99. Dassault Systèmes SE had the highest institutional supply utilization (29.38%).
- In the mid-cap category, Ocado Group plc and Phoenix Group Holdings plc topped the list with a score of 99, marking the third time this year Phoenix has ranked among the most crowded securities. Brenntag SE had the highest institutional supply utilization (84.41%).
- In the small-cap category, SSP Group plc, Wizz Air Holdings Plc and Redcare Pharmacy NV were the most crowded securities with a score of 99. Siltronic AG had the highest institutional supply utilization (77.05%) for the second time this year.
APAC
- In the large-cap category, Oriental Land Co., Ltd. topped with a score of 99 for the fifth straight month and sixth time this year. Budweiser Brewing Company APAC Ltd. had the highest institutional supply utilization (66.52%) for the second time this year.
- In the mid-cap category, Ibiden Co., Ltd. topped with a score of 99 for the third time this year. Tokyo Metro Co., Ltd. also held the highest institutional supply utilization for the third consecutive month (95.04%).
- In the small-cap category, Meiko Electronics Co., Ltd. was the most crowded security for the third consecutive month and was joined by Money Forward, Inc. for the fourth time this year with a score of 99. Luye Pharma Group Ltd. had the highest institutional supply utilization (57.02%) for the second time this year.
To view Hazeltree’s October 2025 Shortside Crowdedness Report and past reports, click here.
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Hazeltree Shortside Crowdedness Report Methodology
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.
About Hazeltree
Hazeltree is the leading provider of treasury and liquidity management and optimization solutions purpose-built for the alternative investment industry. Trusted by more than 600 investment firms managing over $4 trillion in assets, Hazeltree empowers hedge funds, private markets firms, and asset managers to enhance operational efficiency, reduce risk, and unlock alpha. Hazeltree’s cloud-based platform facilitates nearly $8 billion in daily transactions across more than 10,000 funds. By delivering seamless connectivity across counterparties and service providers, Hazeltree enables clients to optimize cash, credit facilities, margin, and fees—driving stronger returns and greater transparency across the investment lifecycle. Hazeltree is headquartered in New York with offices in London, Bournemouth, and Hong Kong. For more information, please visit www.hazeltree.com.
Contacts
Media Contact:
Ben Tanner
Hazeltree
[email protected]
