NEW YORK, LONDON and HONG KONG--(BUSINESS WIRE)--Hazeltree, a leader in active treasury and intelligent operations technology for the alternative asset industry, today published its Shortside Crowdedness Report for June. 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 exchanges.
The data contained in the report comes from Hazeltree’s proprietary securities finance platform data, which tracks approximately 12,000 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.
The 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 loaned 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.
Highlights from the June 2023 report include:
- In the large-cap group, Tesla stood out with the highest crowdedness score (99), followed by Ford (83). Carnival Corp. had the highest institutional supply utilization (32.76%).
- In the mid-cap section, Wolfspeed was the most crowded security, with a crowdedness score of 99. Also notable in this section is SOFI, with an institutional supply utilization of 50.78%, a rate 10+ points higher than any other stock in the category.
- In the small-cap category, seven stocks had a crowdedness score of 99: Pebblebrook Hotel Trust, Cinemark Holdings, Wolverine World Wide, Cheesecake Factory, 3D Systems, Fisker, and Leslie’s Inc. Among this group, Fisker saw the highest institutional supply utilization (100%) and borrow fee (11.78%).
- In the large-cap category, Alstom SA stood out as the most crowded security (99) and led in institutional supply utilization (27.42%).
- In the mid-cap group, Fastighets AB Balder and Ocado Group were the most crowded securities, with scores of 99 and institutional supply utilization of 38.54% and 16.02%, respectively. Avanza Bank Holding AB led in institutional supply utilization (65.73%) and community borrow fee (.53%).
- In the small-cap section, Casino Guichard-Perrachon SA was notable for having the highest borrow fee (24.13%) and institutional supply utilization (100%). The most crowded small-cap security was NEL ASA (99).
- In the large-cap group, Nidec Corp and Softbank Corp were the two most crowded securities at 99. Their institutional supply utilization rates were 1.56% and .54%, respectively. Canon Inc. had the highest institutional supply utilization at 49.53%.
- In the mid-cap securities, Sharp had a crowdedness score of 99 and the highest institutional utilization of 55.61%. Wynn Macau had a borrow fee more than double the mode of the group (.40%) at .89%.
- In the small-cap section, six companies had a crowdedness score of 99: Furtukawa Electric, Breville Group, Sosei Group, Monex Group, Benefit One and Appier Group. Breville Group had the highest institutional supply utilization (39.87%) and the lowest borrow fee (.36%).
To view Hazeltree’s June Shortside Crowdedness Report, click here.
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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.