Hazeltree: Short sellers gravitate to consumer securities
07 November 2025 US
Image: Maryna/stock.adobe.com
Global equity markets showed notable divergence in October, shaped by renewed US-China trade tensions, a US government shutdown, and diverging central bank policies, according to Hazeltree, a provider of integrated treasury and liquidity management solutions.
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.
Consumer securities accounted for 41 per cent of global short positions, up 15 per cent from September, and included names such as Marriott International, LVMH Mo毛t Hennessy - Louis Vuitton, Soci茅t茅 Europ茅enne, and Oriental Land Co.
Meanwhile, technology securities remained under scrutiny by the short side accounting for 23.33 per cent of global short positions, a 17 per cent increase over last month.
The 鈥楬azeltree October 2025 Shortside Crowdedness Report鈥� is a monthly listing of the top 10 most crowded shorted securities in the Americas, EMEA, and APAC regions, categorised by large, mid, and small-cap ranges.
Tim Smith, managing director of data insights at Hazeltree, says: 鈥淲e 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 鈥� even those central to AI and cybersecurity narratives.
鈥淨ualcomm also climbed into the large-cap crowded-short list as rare-earth supply chains tightened during US-China frictions; recent steps to temporarily ease export controls have helped stabilise conditions.
鈥淎cross the report, short interest clustered around consumer-related names globally 鈥� suggesting hedge funds are using the consumer complex as a proxy for macro caution as growth slows and pricing power peaks.鈥�
In October, cybersecurity firm Palo Alto Networks swapped places with International Business Machines Corporation (IBM) as the most crowded security in the large-cap category for the Americas, with IBM taking the spot for the second most crowded security.
Super Micro Computer re-entered the top 10 most crowded large caps with a score of 88.
Further, the mid-cap category was led by The Campbell's Company, while Allegiant Travel Company and Hertz Global Holdings shared the top spot for small-caps.
In the EMEA region, the large-cap category saw Universal Music Group edge out Antofagasta and became the most crowded security for the second month.
For the mid-cap category, Ocado Group and Phoenix Group Holdings topped the list with a score of 99, marking the third time this year that Phoenix has ranked among the most crowded securities.
Leading the small-caps, SSP Group, Wizz Air Holdings, and Redcare Pharmacy were the most crowded securities.
The report also highlights the leaders in APAC, which for the large-cap category was Oriental Land for the fifth straight month and sixth time this year.
In the mid-cap category, Ibiden Co. topped with a score of 99 for the third time this year.
Meiko Electronics took top spot for the small caps for the third consecutive month and was joined by Money Forward for the fourth time this year.
Hazeltree compiles data from its proprietary securities finance platform, which tracks approximately 15,000 global equities across the three regions.
Securities are assigned a Hazeltree Crowdedness Score, a key metric that grades securities on a scale of 1 to 99, with 99 representing the highest concentration of shorting activity.
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.
Consumer securities accounted for 41 per cent of global short positions, up 15 per cent from September, and included names such as Marriott International, LVMH Mo毛t Hennessy - Louis Vuitton, Soci茅t茅 Europ茅enne, and Oriental Land Co.
Meanwhile, technology securities remained under scrutiny by the short side accounting for 23.33 per cent of global short positions, a 17 per cent increase over last month.
The 鈥楬azeltree October 2025 Shortside Crowdedness Report鈥� is a monthly listing of the top 10 most crowded shorted securities in the Americas, EMEA, and APAC regions, categorised by large, mid, and small-cap ranges.
Tim Smith, managing director of data insights at Hazeltree, says: 鈥淲e 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 鈥� even those central to AI and cybersecurity narratives.
鈥淨ualcomm also climbed into the large-cap crowded-short list as rare-earth supply chains tightened during US-China frictions; recent steps to temporarily ease export controls have helped stabilise conditions.
鈥淎cross the report, short interest clustered around consumer-related names globally 鈥� suggesting hedge funds are using the consumer complex as a proxy for macro caution as growth slows and pricing power peaks.鈥�
In October, cybersecurity firm Palo Alto Networks swapped places with International Business Machines Corporation (IBM) as the most crowded security in the large-cap category for the Americas, with IBM taking the spot for the second most crowded security.
Super Micro Computer re-entered the top 10 most crowded large caps with a score of 88.
Further, the mid-cap category was led by The Campbell's Company, while Allegiant Travel Company and Hertz Global Holdings shared the top spot for small-caps.
In the EMEA region, the large-cap category saw Universal Music Group edge out Antofagasta and became the most crowded security for the second month.
For the mid-cap category, Ocado Group and Phoenix Group Holdings topped the list with a score of 99, marking the third time this year that Phoenix has ranked among the most crowded securities.
Leading the small-caps, SSP Group, Wizz Air Holdings, and Redcare Pharmacy were the most crowded securities.
The report also highlights the leaders in APAC, which for the large-cap category was Oriental Land for the fifth straight month and sixth time this year.
In the mid-cap category, Ibiden Co. topped with a score of 99 for the third time this year.
Meiko Electronics took top spot for the small caps for the third consecutive month and was joined by Money Forward for the fourth time this year.
Hazeltree compiles data from its proprietary securities finance platform, which tracks approximately 15,000 global equities across the three regions.
Securities are assigned a Hazeltree Crowdedness Score, a key metric that grades securities on a scale of 1 to 99, with 99 representing the highest concentration of shorting activity.
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