Across large cap, Tesla, ExxonMobil, Chevron, Rivian and Enphase Energy rise to top 10
NEW YORK and LONDON, December 13, 2023 – Tesla Inc (NASDAQ:TSLA) was the most shorted stock across large-cap securities in the Americas in November, replacing Exxon Mobil Corp (NYSE:XOM) after a one-month hiatus, 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 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.
During the month of November, the electric vehicle sector regained its position at the top, while oil and solar remained steady frontrunners, with multiple stocks among the 10 most shorted in their categories based on their Hazeltree crowdedness score. In the Americas, this included Tesla (99), ExxonMobil Corp (85), Chevron Corp (82), Rivian Automotive (78), and Enphase Energy (70) in the large-cap category, Lucid Inc. (74) in the mid-cap section, and Sunnova Energy (99).
Other highlights from the November 2023 report include:
Americas
- In the large-cap category, Tesla was the most crowded with a score of 99, replacing ExxonMobil Corp (85), as the top shorted security. Rivian Automotive had the highest institutional supply utilization (38.57%) for the fifth consecutive month.
- In the mid-cap category, luxury electric vehicle maker Lucid Inc. had the highest institutional supply utilization (96.39%) and community borrow fee (14.16%). SOFI Technologies remained the most crowded security for the third consecutive month (99).
- In the small-cap category, solar energy company Sunnova Energy was the most crowded security (99). Also notable, Pure Cycle Technologies Inc. displayed the highest institutional supply utilization (93.05%) and community borrow fee (5.61%).
EMEA
- In the large-cap category, LVMH was the most crowded security for the third consecutive month (99), while Koninklijke Philips NV had the highest institutional supply utilization (16.21%).
- In the mid-cap category, KingFisher plc, Alstom, and Remy Cointreau SA were the most crowded securities (99), while Alstom had the highest institutional supply utilization (51.23%).
- In the small-cap category, Nordic Semiconductor ASA and e-commerce retail company THG PLC moved into the Shortside Report series, joining NEL ASA as the most crowded securities (99). Also notable was Swiss pharmaceutical research company Idorsia Ltd, with the highest institutional supply utilization rate (98.96%) and community borrow fee (13.90%).
APAC
- In the large-cap category, Aeon Co, Advantest, Fortescue Metals Group, and Oriental Land Corp were the most crowded securities (99), while Canon Inc. led in institutional supply utilization (23.09%).
- In the mid-cap category, Mitsui OSK Lines Ltd joined the Shortside Report Series as the most crowded security (99). Pilbara Minerals Ltd stood out with the highest institutional supply utilization (59.21%).
- In the small-cap category, Money Forward Inc. was the most crowded security (99) for the fourth consecutive month, while Flat Glass Group had the highest institutional supply utilization (45.71%).
“November’s report shows a continued focus from alternative asset managers on shorting energy stocks in the Americas,” said Stephanie Miller, CEO of Hazeltree. “Hazeltree’s data is an insightful snapshot into market sentiment and can act as a foundation for understanding deeper trends.”
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.
The data contained in the report comes from Hazeltree’s proprietary securities finance platform data, which tracks approximately 12,000 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.
To view Hazeltree’s November 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 hazeltree@backbaycommunications.com.
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.
