Super Micro, AMD and IBM rank among the 10 most-crowded tech shorts; Barry Callebaut, Tokyo Metro, Luye Pharma and M&A Research Institute show elevated supply utilization
As new U.S. tariffs took effect in August, hedge funds increased short positions in large-cap tech and indexed names while select EMEA/APAC names showed acute utilization spikes, which could signify a potential short squeeze that sometimes accompanies high utilization and fees according to Hazeltree, a leading provider of integrated treasury and liquidity management solutions for alternative asset managers. Short interest in large-cap tech names in the Americas such as Super Micro Computer, Inc., Advanced Micro Devices, Inc. (AMD) and International Business Machines Corporation (IBM) rose, while Kering S.A. and Pernod Ricard SA were among the most-crowded shorts in EMEA and Oriental Land Co., Ltd. was the most crowded security in APAC, per the Hazeltree August 2025 Shortside Crowdedness Report.
In EMEA and APAC, select mid- and small-cap securities-including Barry Callebaut AG, Tokyo Metro Co., Ltd., Luye Pharma Group Ltd., and M&A Research Institute Holdings Inc. saw isolated spikes with elevated supply utilization above 70%, flagging short-squeeze risk.
The Hazeltree Shortside Crowdedness Report is a monthly ranking of the top 10 most crowded shorted securities in the Americas, EMEA, and APAC regions, segmented by large-, mid-, and small-cap categories. Data is compiled from Hazeltree's proprietary securities finance platform, which tracks approximately 15,000 global equities and aggregates anonymized information from the firm's community of more than 500 asset management funds. Each security is assigned a Hazeltree Crowdedness Score-a 1-to-99 scale, with 99 indicating the highest concentration of shorting activity-reflecting key supply-and-demand dynamics in the securities lending market.
"With U.S. tariffs taking effect in August, we anticipated an uptick in global short selling and observed pronounced interest across consumer/luxury, transport, health care, and tech/semiconductors," said Tim Smith, Managing Director, Data Insights, at Hazeltree. "In the Americas, we also saw the re-emergence of the SPDR S&P 500 ETF among the top 10 shorted names during an up month for the S&P 500, along with increased short interest in Kraft Heinz ahead of the September corporate business split headlines."
Highlights from the August 2025 report include:
AMERICAS
- In the large-cap category, Live Nation Entertainment, Inc. is the most crowded security for the second consecutive month, along with the addition of Super Micro Computer, Inc. with scores of 99. SDPR S&P 500 ETF, The Kraft Heinz Company and Charter Communications, Inc. are tied for the second most crowded securities at 90. Super Micro Computer held the highest institutional supply utilization figure (42.17%) for the ninth consecutive month.
- In the mid-cap category, Hims Hers Health, Inc. is the most crowded security with a Crowdedness Score of 99. Oscar Health, Inc. held the highest institutional supply utilization figure for the first time in 2025 (71.68%).
- In the small-cap category, Amphastar Pharmaceuticals, Inc. is the most crowded security with a score of 99. Hertz Global Holdings, Inc. had the highest institutional supply utilization for the second month (79.03%).
EMEA
- In the large-cap category, Kering S.A. and Legal General Group Plc joined Pernod Ricard SA last month's most crowded security with a score of 99. BE Semiconductor Industries N.V. had the highest institutional supply utilization (26.05%) for the second time this year.
- In the mid-cap category, Phoenix Group Holdings plc was the most crowded security (99) for the second consecutive month, while Barry Callebaut AG had the highest institutional supply utilization (93.36%) for the second month and third time this year.
- In the small-cap category, HelloFresh SE is the most crowded security, with a score of 99. Basic-Fit N.V. had the highest institutional supply utilization (61.45%) for the fourth time this year.
APAC
- In the large-cap category, Oriental Land Co., Ltd. topped with a score of 99 for the third month and fourth time this year. MTR Corporation Limited had the highest institutional supply utilization (51.15%).
- In the mid-cap category, Nissin Foods Holdings Co., Ltd. held the top spot with a score of 99 for the second month. Tokyo Metro Co., Ltd. held the highest institutional supply utilization (88.02%).
- In the small-cap category, Meiko Electronics Co., Ltd. is the most crowded security (99). M&A Research Institute Holdings Inc. had the highest institutional supply utilization (95.83%).
To view Hazeltree's August 2025 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 btanner@hazeltree.com.
Hazeltree Shortside Crowdedness Report Methodology
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 o f the price of the security.
About Hazeltree
Hazeltree is the leading provider of treasury and liquidity management and optimization solutions purpose-built for the alternative investment industry. Trusted by more than 500 investment firms managing over $4 trillion in assets, Hazeltree empowers hedge funds, private markets firms, and asset managers to enhance operational efficiency, reduce risk, and unlock alpha. Hazeltree's cloud-based platform facilitates nearly $8 billion in daily transactions across more than 10,000 funds. By delivering seamless connectivity across counterparties and service providers, Hazeltree enables clients to optimize cash, credit facilities, margin, and fees-driving stronger returns and greater transparency across the investment lifecycle. Hazeltree is headquartered in New York with offices in London, Bournemouth, and Hong Kong. For more information, please visit www.hazeltree.com.
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Media:
Ben Tanner
Hazeltree
btanner@hazeltree.com
