Arachnophobia Strikes Tech: SPDR and a Banking Behemoth Spin Into Hazeltree’s Most Crowded Shorts

Capital One tops Americas list, LVMH leads EMEA, and Disco Corporation dethroned in APAC following heightened volatility and trade-driven uncertainty

Market volatility intensified in April, driven by escalating tariff tensions and broader macroeconomic uncertainty, pushing the S&P 500 down 0.8% for the month. Against this backdrop, the technology sector showed further signs of cooling, with only four tech names remaining among the top 10 most crowded shorted large-cap securities since a high of eight in February. Notably, the SPDR S&P 500 ETF joined the top 10 with its first-ever appearance in the Hazeltree Shortside Crowdedness Report.

Hazeltree, a leader in active treasury and intelligent operations technology for the alternative asset industry, reported that Capital One Financial Corporation was the most crowded security in the Americas in April, earning a score of 99. In EMEA, LVMH displaced Kering SA—ending its three-month streak at the top. Meanwhile, in APAC, eight new names, including Aeon Co., Ltd., Nintendo Co., Ltd., ANTA Sports Products Limited, Hon Hai Precision Industry Co., Ltd., Hang Seng Bank Ltd., Mitsubishi Heavy Industries, Ltd., Oriental Land Co., Ltd., and Xiaomi Corp., collectively overtook Disco Corporation as the most crowded securities, which had held the top spot for the previous three months.

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 is compiled from Hazeltree’s proprietary securities finance platform data, which tracks approximately 15,000 global equities across the Americas, EMEA, and APAC. The data - available to select clients - is aggregated and anonymized from the contributing Hazeltree community, which includes approximately 700 asset manager funds. The securities are assigned a Hazeltree Crowdedness Score, a key metric, which grades securities on a scale of 1 to 99, with 99 representing the highest concentration of shorting activity. This scoring highlights securities most targeted by investors and reflects key supply-demand dynamics.

“April kept short-sellers on edge as new tariffs took effect, triggering volatility and prompting investors to reassess fundamentals amid sharp market swings,” said Tim Smith, Managing Director of Data Insights at Hazeltree. “We also observed the unexpected appearance of the SPDR S&P 500 ETF among the top 10 most crowded large-cap shorts—a reflection of its significant outflows over the past three months, despite its status as one of the most actively traded ETFs. Additionally, we’re monitoring the potential ripple effects of the recently finalized U.S.-Ukraine mineral deal for global equities, which could influence global markets and bolster the American economy amid ongoing trade tensions with China.”

Highlights from the April 2025 report include:

Americas

• In the large-cap category, Capital One Financial Corporation was the most crowded security with a score of 99. Charter Communications, Inc. became the second most crowded security with a score of 91. Super Micro Computer, Inc. held the highest institutional supply utilization figure (52.84%) for the fifth straight month.

• In the mid-cap category, Murphy USA, Inc. vaulted to the top with a Hazeltree Crowdedness Score of 99, while AST SpaceMobile, Inc held the highest institutional supply utilization figure (86.30%).

• In the small-cap category, JetBlue Airways Corporation continued its hold as the most crowded security for the second straight month with a score of 99. Wolfspeed, which had held the top spot for most crowded securities for a record seven months and highest institutional supply utilization in March, dropped out of the top 10 small caps altogether. Kohl’s Corporation had the highest institutional supply utilization (96.28%).

EMEA

• In the large-cap category, LVMH was the most crowded security displacing Kering SA from the last three months with a score of 99 and H&M had the highest institutional supply utilization (89.28%) for the tenth consecutive month.

• In the mid-cap category, Delivery Hero SE was the most crowded security (99). The Swatch Group had the highest institutional supply utilization (71.25%).

• In the small-cap category, HelloFresh SE was the most crowded security displacing Alphawave Group PLC for the last four months, achieving a score of 99. Basic-Fit NV topped institutional supply utilization (89.12%).

APAC

• In the large-cap category, Aeon Co., Ltd., Nintendo Co., Ltd., ANTA Sports Products Limited, Hon Hai Precision Industry Co., Ltd., Hang Seng Bank Ltd., Mitsubishi Heavy Industries, Ltd., Oriental Land Co., Ltd., and Xiaomi Corp displaced Disco Corporation, which held the top spot for the last three months with a score of 99. Hang Seng Bank, Ltd. had the highest institutional supply utilization (23.15%).

• In the mid-cap category, Lasertec Corporation reappeared for the second month, with the addition of Mercari, Inc. and Kokusai Electric Corporation, as the most crowded securities with a score of 99. WuXi AppTec Co., Ltd. replaced Kokusai, which had held the highest institutional supply utilization for the last two months (41.82%).

• In the small-cap category, Taiyo Yuden Co., Ltd. was the most crowded security (99). KeePer Technical Laboratory Co. Ltd. had the highest institutional supply utilization for the third straight month (70.11%).

To view Hazeltree’s April 2025 Shortside Crowdedness Report and past reports, click here.

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Hazeltree Shortside Crowdedness Report Methodology

The Shortside Crowdedness Report tracks shorting activity in three different metrics:

1. 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.
2. 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.
3. 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.

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, Bournemouth, and Hong Kong. For more information, please visit www.hazeltree.com.

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