Hazeltree: Short sellers continue to concentrate on consumer names
11 December 2025 US
Image: Pete/stock.adobe.com
Global markets posted mixed performance in November, according to Hazeltree鈥檚 November 2025 Shortside Crowdness Report, marked by shifting supply chains, evolving investor sentiment toward AI and growth technology, and widening divergence between US and non-US equities.
The month also saw short sellers continuing to concentrate on consumer names worldwide 鈥� particularly across EMEA 鈥� while the Software & Services sector also drew significant US short-selling activity, the firm says.
The report is a monthly ranking of the top 10 most crowded shorted securities in the Americas, EMEA, and APAC regions, categorised into large, mid, and small-cap ranges.
Commenting on the month鈥檚 data, Tim Smith, managing director of data insights at Hazeltree, says: 鈥淐oinbase cracked the top 10 most crowded large-cap shorts for the first time, as the US-based crypto exchange experienced a steady decline in its stock price from 27 October to 20 November, with a notable 34.1 per cent drop.
鈥淚t may well be that asset managers are shorting the stock as a hedge against underlying crypto exposure, while others are speculating on the potential end of the year鈥檚 crypto rally.鈥�
For November, the report highlights that in the Americas, Palo Alto Networks was the most crowded security in the large-cap category for the second consecutive month.
Hims & Hers Health came in top of the mid-cap category, with a crowdedness score of 99, for the second time in 2025.
Applied Optoelectronics held the highest institutional supply utilisation figure in the mid-cap range for the second time in 2025.
Additionally, Allegiant Travel Company took top spot in the small-cap category for the second month in a row.
In the EMEA region, Alstom became the most crowded security in the large-cap category, while Davide Campari-Milano and Brunello Cucinelli were at the top of the mid-cap range, with Davide Campari returning for a third time this year.
Ocado Group was the most crowded small-cap category in EMEA.
The report also reveals that in APAC鈥檚 large-cap category, Oriental Land was on top for the sixth straight month and seventh time this year.
In APAC鈥檚 mid-cap range, J Front Retailing, held the top spot for the fourth time in 2025.
In the small-cap category, Meiko Electronics was the most crowded security for the fourth time.
Companies are awarded a Hazeltree Crowdedness Score, a metric between 1 and 99 to represent the security that the highest percentage of funds are shorting.
The month also saw short sellers continuing to concentrate on consumer names worldwide 鈥� particularly across EMEA 鈥� while the Software & Services sector also drew significant US short-selling activity, the firm says.
The report is a monthly ranking of the top 10 most crowded shorted securities in the Americas, EMEA, and APAC regions, categorised into large, mid, and small-cap ranges.
Commenting on the month鈥檚 data, Tim Smith, managing director of data insights at Hazeltree, says: 鈥淐oinbase cracked the top 10 most crowded large-cap shorts for the first time, as the US-based crypto exchange experienced a steady decline in its stock price from 27 October to 20 November, with a notable 34.1 per cent drop.
鈥淚t may well be that asset managers are shorting the stock as a hedge against underlying crypto exposure, while others are speculating on the potential end of the year鈥檚 crypto rally.鈥�
For November, the report highlights that in the Americas, Palo Alto Networks was the most crowded security in the large-cap category for the second consecutive month.
Hims & Hers Health came in top of the mid-cap category, with a crowdedness score of 99, for the second time in 2025.
Applied Optoelectronics held the highest institutional supply utilisation figure in the mid-cap range for the second time in 2025.
Additionally, Allegiant Travel Company took top spot in the small-cap category for the second month in a row.
In the EMEA region, Alstom became the most crowded security in the large-cap category, while Davide Campari-Milano and Brunello Cucinelli were at the top of the mid-cap range, with Davide Campari returning for a third time this year.
Ocado Group was the most crowded small-cap category in EMEA.
The report also reveals that in APAC鈥檚 large-cap category, Oriental Land was on top for the sixth straight month and seventh time this year.
In APAC鈥檚 mid-cap range, J Front Retailing, held the top spot for the fourth time in 2025.
In the small-cap category, Meiko Electronics was the most crowded security for the fourth time.
Companies are awarded a Hazeltree Crowdedness Score, a metric between 1 and 99 to represent the security that the highest percentage of funds are shorting.
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