Hazeltree, a leading provider of integrated treasury and liquidity management solutions for alternative asset managers, released its November 2025 Shortside Crowdedness Report. The report indicates a continued concentration of short-selling activity in consumer names worldwide, particularly across EMEA, while Software & Services also drew significant U.
S. short-selling attention. Global markets in November experienced mixed performance, characterized by shifting supply chains, evolving investor sentiment towards AI and growth technology, and a widening divergence between U.
S. and non-U.
S. equities. Hazeltree’s analysis, based on anonymized data from over 600 asset management firms in its community, shows consumer securities accounted for 44% of global short positions in November, a 17% increase from September. Prominent consumer names included Marriott, Pernod Ricard, and Oriental Land. In the U.
S., short sellers specifically targeted Software & Services, with Palo Alto Networks, IBM, and CrowdStrike listed among the most crowded positions. Tim Smith, Managing Director, Data Insights at Hazeltree, noted the debut of Coinbase in the top 10 most crowded large-cap shorts. Smith stated, “Coinbase cracked the top 10 most crowded large-cap shorts for the first time, as the U.
S.-based crypto exchange experienced a steady decline in its stock price from October 27 to November 20, with a notable 34.1% drop.” He suggested asset managers might be shorting the stock as a hedge against underlying crypto exposure or speculating on the potential end of the year’s crypto rally. Smith also pointed out that MicroStrategy, previously in the top 10 large caps, saw a sharp price decline in the same period, often viewed as a proxy for Bitcoin due to its significant holdings. The Shortside Crowdedness Report identifies 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 position data from its community. Each security receives a Hazeltree Crowdedness Score (1–99, with 99 indicating the highest shorting activity), reflecting key supply-and-demand dynamics in the securities-lending market. The report also tracks Institutional Supply Utilization, representing the percentage of institutional investors’ supply being lent out, and Hazeltree Community Borrow Fee, the average unweighted fee paid by funds in the Hazeltree community to borrow a security. Key highlights from the November 2025 report by region include: AMERICAS In the large-cap category, Palo Alto Networks, Inc. maintained its position as the most crowded security with a score of 99 for the second consecutive month, followed by Charter Communications, Inc. with a score of 87. Coinbase Global, Inc. entered the top 10 most crowded large caps for the first time with a score of 84. Charter Communications, Inc. recorded the highest institutional supply utilization at 40.79% for the second month. In the mid-cap category, Hims & Hers Health, Inc. was the most crowded security with a Crowdedness Score of 99 and posted the highest institutional supply utilization at 61.44% for the second time in 2025. In the small-cap category, Allegiant Travel Company remained at the top for a second straight month with a score of 99. Applied Optoelectronics, Inc. had the highest institutional supply utilization at 65.69% for the second time this year. EMEA In the large-cap category, Alstom became the most crowded security with a score of 99. H&M Hennes & Mauritz AB had the highest institutional supply utilization at 89.34% for the seventh time this year. In the mid-cap category, Davide Campari-Milano N.
V. and Brunello Cucinelli S.p.
A. both topped with a score of 99, with Davide Campari returning for a third time this year. Barry Callebaut AG had the highest institutional supply utilization at 87.26% for the fourth time this year. In the small-cap category, Ocado Group PLC was the most crowded security with a score of 99. Redcare Pharmacy NV recorded the highest institutional supply utilization at 95.32%. APAC In the large-cap category, Oriental Land Co., Ltd. led with a score of 99 for the sixth straight month and seventh time this year. Lasertec Corporation had the highest institutional supply utilization at 24.54% for the second time this year. In the mid-cap category, J Front Retailing Co., Ltd. held a top spot for the fourth time this year, and Kokusai Electric Corp. for the sixth, both posting a score of 99. Mercari, Inc. recorded the highest institutional supply utilization for the first time this year at 26.39%. In the small-cap category, Meiko Electronics Co., Ltd. was the most crowded security for the fourth consecutive month with a score of 99. Money Forward, Inc. had the highest institutional supply utilization for the first time this year at 40.88%. Hazeltree is headquartered in New York with offices in London, Bournemouth, and Hong Kong.
