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Chevron Tops List of Most Shorted Large-Cap Securities in April, Finds Hazeltree Shortside Crowdedness Report
[May 14, 2024]

Chevron Tops List of Most Shorted Large-Cap Securities in April, Finds Hazeltree Shortside Crowdedness Report


Chevron topped the Americas large-cap list for most shorted stocks in April, ousting Tesla from the top spot, according to the latest Shortside Crowdedness Report from Hazeltree, a leader in active treasury and intelligent operations technology for the alternative asset industry. The report also found LVMH and Toyota continued their hold as the top shorted large-cap stocks in their respective regions of EMEA and APAC, while the small-cap securities in the Americas saw several new securities such as Foot Locker, JetBlue Airways, and more.

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 ranges. The data comes from Hazeltree's proprietary securities finance platform data, which tracks approximately 15,000 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.

"It was notable to see Tesla drop out of the most shorted security spot on our list this month," said Tim Smith, managing director of data insights at Hazeltree. "It has been a frontrunner nearly every month since we've launched the report."

Highlights from the April 2024 report include:

Americas

  • In the large-cap category, Chevron overtook Tesla's spot as the most crowded security (99), while Charter Communications had the highest institutional supply utilization (18.61%).
  • In the mid-cap category, software companies Dayforce and Confluent topped the list, with a Hazeltree Crowdedness Score of 99. SOFI (87.79%) had the highest institutional supply utilization.
  • In the small-cap category, Foot Locker ranked highest as the most crowded secrity (99). Enovix Corp had the highest institutional supply utilization (94.52%).



EMEA

  • In the large-cap category, luxury goods conglomerate LVMH maintained its hold as the most crowded security (99) - a position it has held since the start of the year, while retailer H&M Hennes & Mauritz AB once again had the highest institutional supply utilization (56.84%).
  • In the mid-cap category, French rail manufacturer Alstom remained the most crowded security (99) and had the highest institutional supply utilization (64.86%).
  • In the small-cap category, Solaria Energia y Medio Ambiente SA was the most crowded security (99). European online pharmacy Doc Morris AG had the highest institutional supply utilization (73.19%).

APAC


  • In the large-cap category, Toyota was the most crowded security for the third consecutive month (99), and Aeon Co. had the highest institutional supply utilization (6.92%).
  • In the mid-cap category, Yamaha was the most crowded security (99). ANA Holdings stood out with the highest institutional supply utilization (22.26%).
  • In the small-cap category, Nxera Pharma Co. and Shift Inc. were tied for the most crowded security, each with a score of 99. Nomura Micro Science Co. had the highest institutional supply utilization (65.69%).

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.

To view Hazeltree's April Shortside Crowdedness Report and past reports, click here.

Note to editors: If you are a member of the media/press and would like to be included on the distribution list for this report, please contact [email protected].

About Hazeltree
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.


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