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HAZELTREE
SHORTSIDE
CROWDEDNESS
REPORT

May 2024
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Hazeltree’s Shortside Crowdedness 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. With unique
access to market sentiment, including both physical and swap transactions, Hazeltree presents an
alternative view of how widely spread shorting activity is among the alternative asset manager
community. The information in this report is based on shorting activity in May 2024.

The data sourced in this report 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.

HOW TO READ THIS REPORT (DEFINITIONS)

✓ 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.

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MOST CROWDED SHORT POSITIONS: AMERICAS HIGHLIGHTS

• In the large-cap category, Tesla regained its position as the most crowded security (99),
while multiple semiconductor firms joined the ranks, including Microchip Technology (97),
Advanced Micro Devices (82) and Synopsys (79). Charter Communications had the
highest institutional supply utilization (20.73%).

• In the mid-cap category, software company Confluent topped the list, with a Hazeltree
Crowdedness Score of 99. Semiconductor manufacturer Wolfspeed had the highest
institutional supply utilization (23.50%).

• In the small-cap category, Dynavax Technologies, Bloomin Brands, and Premier Inc tied
for the most crowded securities (99). Trupanion had the highest institutional supply
utilization (66.00%).

LARGE-CAP

Hazeltree Community Borrow

Security Name Ticker Hazeltree Crowdedness Score (1-99) Institutional Supply Utilization
Fee
Tesla Inc TSLA US 99 2.61% 0.25%

Microchip Technology Inc MCHP US 97 4.42% 0.25%

Chevron Corp CVX US 97 8.36% 0.25%

Advanced Micro Devices AMD US 82 0.86% 0.25%

Inc
Charter Communications CHTR US 82 20.73% 0.25%
Inc
Halliburton Company HAL US 79 3.61% 0.25%

T-Mobile US Inc TMUS US 79 10.29% 0.25%

Synopsys Inc SNPS US 79 1.68% 0.25%

Walt Disney Co DIS US 79 0.38% 0.25%

EQT Corp EQT US 76 13.24% 0.25%

MID-CAP

Hazeltree Community Borrow

Security Name Ticker Hazeltree Crowdedness Score (1-99) Institutional Supply Utilization
Fee
Confluent Inc CFLT US 99 14.09% 0.25%

Dayforce Inc DAY US 96 17.78% 0.25%

Wolfspeed Inc WOLF US 86 23.50% 0.25%

Toro Co TTC US 86 20.81% 0.25%

Murphy USA Inc MUSA US 79 12.30% 0.25%

Range Resources Corp RRC US 79 9.08% 0.25%

ATI Inc ATI US 79 22.09% 0.25%

ETSY ETSY US 79 7.22% 0.25%

Match Group MTCH US 79 5.87% 0.25%

Crocs Inc CROX US 76 7.80% 0.25%

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SMALL-CAP

Hazeltree Community Borrow

Security Name Ticker Hazeltree Crowdedness Score (1-99) Institutional Supply Utilization
Fee
Dynavax Technologies DVAX US 99 29.06% 0.25%
Corp
Bloomin Brands Inc BLMN US 99 9.32% 0.25%

Premier Inc PINC US 99 11.67% 0.25%

Trupanion Inc TRUP US 94 66.00% 3.98%

Sonos Inc SONO US 94 8.52% 0.25%

Duckhorn Portfolio NAPA US 94 25.07% 0.25%

CTS Corp CTS US 89 8.55% 0.25%

Hanesbrands Inc HBI US 89 14.73% 0.25%

JetBlue Airways Corp JBLU US 89 31.43% 0.25%

Kura Oncology Inc KURA US 89 9.96% 0.25%

MOST CROWDED SHORT POSITIONS: EMEA HIGHLIGHTS

• 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 Swiss
global transport and logistics company Kuehne und Nagel International AG had the
highest institutional supply utilization (14.79%).

• In the mid-cap category, French rail manufacturer Alstom remained the most crowded
security (99) and had the highest institutional supply utilization (84.96%).
• In the small-cap category, Solaria Energia y Medio Ambiente SA was the most crowded
security (99). NEL ASA had the highest institutional supply utilization (97.83%).

LARGE-CAP

Hazeltree Community Borrow

Security Name Ticker Hazeltree Crowdedness Score (1-99) Institutional Supply Utilization
Fee
LVMH MC FP 99 1.26% 0.35%

Kering KER FP 67 3.94% 0.35%

Kuehne und Nagel KNIN SW 67 14.79% 0.35%

International AG
Universal Music Group NV UMG NA 67 7.81% 0.35%

Schneider Electric SE SU FP 63 3.40% 0.35%

Bayerische Motoren BMW GR 63 9.21% 0.35%

Werke ADR
Deutsche Post AG DHL GR 63 4.78% 0.35%

Infineon Technologies AG IFX GR 63 3.16% 0.35%

Diageo plc DGE LN 63 4.26% 0.26%

Ashstead Group AHT LN 63 4.87% 0.25%

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MID-CAP

Hazeltree Community Borrow

Security Name Ticker Hazeltree Crowdedness Score (1-99) Institutional Supply Utilization
Fee
Alstom ALO FP 99 84.96% 1.00%

Aixrtron SE AIXA GR 88 15.94% 0.35%

Delivery Hero SE DHER GR 88 22.36% 0.35%

Ocado Group plc OCDO LN 83 9.62% 0.26%

Fastighets AB Balder BALDB SS 77 32.41% 0.30%

Class B
Wacker Chemie AG WCH GR 77 8.99% 0.35%

Aberdeen PLC ABDN LN 77 38.40% 0.26%

Soitec SA SOI FP 77 16.21% 0.35%

Ubisoft Entertainment UBI FP 72 7.53% 0.35%

Deutsche Lufthansa AG LHA GR 72 8.68% 0.35%

SMALL-CAP

Hazeltree Community Borrow

Security Name Ticker Hazeltree Crowdedness Score (1-99) Institutional Supply Utilization
Fee
Solaria Energia y Medio SLR SM 99 66.64% 0.35%
Ambiente SA
TGS ASA TGS NO 84 39.87% 1.18%

Thyssenkrupp Nucera AG NCH2 GR 84 61.64% 2.78%

Auction Technology Group ATG LN 76 15.78% 0.24%

Alphawave IP Group plc AWE LN 76 25.46% 0.25%

Salvatore Ferragamo SpA SFER IM 69 37.58% 0.86%

NEL ASA NEL NO 69 97.83% 2.09%

MIPS AB MIPS SS 69 18.56% 0.33%

HelloFresh SE HFG GR 69 23.82% 0.35%

Dr Martens plc DOCS LN 69 21.34% 0.26%

MOST CROWDED SHORT POSITIONS: APAC HIGHLIGHTS

• In the large-cap category, Toyota continued its hold as the most crowded security (99), a
position held since February, and Yaskawa Electric Corp had the highest institutional
supply utilization (14.99%).

• In the mid-cap category, Ibiden Co Ltd and Rohm Co. were tied as the most crowded
securities (99). Pilbara Minerals Ltd stood out with the highest institutional supply
utilization (50.47%).

• In the small-cap category, Shift Inc., Money Forward Inc. and Mercari Inc. were tied for the
most crowded security, each with a score of 99. Nomura Micro Science Co. had the
highest institutional supply utilization (60.90%).

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LARGE-CAP

Hazeltree Community Borrow

Security Name Ticker Hazeltree Crowdedness Score (1-99) Institutional Supply Utilization
Fee
Toyota Motor Corp 7203 JP 99 1.89% 0.40%

Aeon Co 8267 JP 94 7.23% 0.40%

Yaskawa Electric Corp 6506 JP 94 14.99% 0.40%

SoftBank Group 9984 JP 94 0.76% 0.40%

Mitsui & Co Ltd 8031 JP 88 0.91% 0.40%

Commonwealth Bank of CBA AU 88 5.20% 0.40%

Australia
Daiwa House Industry Co 1925 JP 88 4.06% 0.40%

Marubeni Corp 8002 JP 88 0.29% 0.40%

Oriental Land Co 4661 JP 88 1.61% 0.40%

Recruit Holdings Co 6098 JP 83 0.01% 0.40%

MID-CAP

Hazeltree Community Borrow

Security Name Ticker Hazeltree Crowdedness Score (1-99) Institutional Supply Utilization
Fee
Ibiden Co Ltd 4062 JP 99 11.56% 0.40%

Rohm Co 6963 JP 99 6.95% 0.40%

Pilbara Minerals Ltd PLS AU 94 50.47% 0.40%

Yamaha Corp 7951 JP 88 20.53% 0.40%

Ricoh Co 7752 JP 88 0.76% 0.40%

Tokyu Corp 9005 JP 88 12.89% 0.40%

Nissan Chemical Corp 4021 JP 82 11.29% 0.40%

Isetan mitsukoshi Holdings 3099 JP 82 1.36% 0.40%

Ltd
Socionext Inc 6526 JP 82 2.96% 0.40%

Treasury Wine Estates Ltd TWE AU 76 3.98% 0.40%

SMALL-CAP

Hazeltree Community Borrow

Security Name Ticker Hazeltree Crowdedness Score (1-99) Institutional Supply Utilization
Fee
Shift Inc 3697 JP 99 11.66% 0.40%

Money Forward Inc 3994 JP 99 7.73% 0.40%

Mercari Inc 4385 JP 99 30.43% 0.40%

Nxera Pharma Co 4565 JP 91 21.70% 1.54%

Nomura Micro Science Co 6254 JP 91 60.90% 1.25%

Ganfeng Lithium Group 1772 HK 91 37.12% 0.40%

Nitto Boseki Corp 3110 JP 83 2.53% 0.40%

Konica Minolta Inc 4902 JP 83 0.92% 0.40%

Suruga Bank Ltd 8358 JP 83 12.13% 0.40%

Sumitomo Pharma Co Ltd 4506 JP 83 35.72% 0.40%

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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.

May 2024

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