Hazeltree: Hedge funds increased short positions in large-cap tech
12 September 2025 Global
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As new US tariffs took effect in August, hedge funds increased short positions in large-cap tech and indexed names, according to the August 2025 Shortside Crowdness Report by Hazeltree.
The month also saw select EMEA and APAC names show acute utilisation spikes, possibly signifying a potential short squeeze that occasionally accompanies high utilisation and fees, the firm says.
The report is a monthly ranking of the top 10 most crowded shorted securities in the Americas, EMEA, and APAC regions, categorised into large, mid, and small-cap ranges.
Commenting on the month鈥檚 data, Tim Smith, managing director of data insights at Hazeltree, states: 鈥淲ith US 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.
鈥淚n 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.鈥�
For August, the report highlights that in the Americas, Live Nation Entertainment was the most crowded security in the large-cap category for the second consecutive month.
Hims & Hers Health came in top of the mid-cap category, with a crowdedness score of 99.
Oscar Health held the highest institutional supply utilisation figure in the mid-cap range for the first time in 2025.
Additionally, Amphastar Pharmaceuticals took top spot in the small-cap category.
In the EMEA region, Pernod Ricard was joined by Kering and Legal & General at the top in the large-cap category, while Phoenix Group Holdings was at the top of the mid-cap range for the second consecutive month.
HelloFresh SE was the most crowded small-cap category in EMEA.
The report also reveals that in APAC鈥檚 large-cap category, Oriental Land was on top for the third month and fourth time this year.
In APAC鈥檚 mid-cap range, Nissin Foods Holdings, held the top spot for the second month.
In the small-cap category, Meiko Electronics overtook Sanken Electric and Luye Pharma Group as the most crowded security.
Companies are awarded a Hazeltree Crowdedness Score, a metric between 1 and 99 to represent the security that the highest percentage of funds are shorting.
The month also saw select EMEA and APAC names show acute utilisation spikes, possibly signifying a potential short squeeze that occasionally accompanies high utilisation and fees, the firm says.
The report is a monthly ranking of the top 10 most crowded shorted securities in the Americas, EMEA, and APAC regions, categorised into large, mid, and small-cap ranges.
Commenting on the month鈥檚 data, Tim Smith, managing director of data insights at Hazeltree, states: 鈥淲ith US 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.
鈥淚n 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.鈥�
For August, the report highlights that in the Americas, Live Nation Entertainment was the most crowded security in the large-cap category for the second consecutive month.
Hims & Hers Health came in top of the mid-cap category, with a crowdedness score of 99.
Oscar Health held the highest institutional supply utilisation figure in the mid-cap range for the first time in 2025.
Additionally, Amphastar Pharmaceuticals took top spot in the small-cap category.
In the EMEA region, Pernod Ricard was joined by Kering and Legal & General at the top in the large-cap category, while Phoenix Group Holdings was at the top of the mid-cap range for the second consecutive month.
HelloFresh SE was the most crowded small-cap category in EMEA.
The report also reveals that in APAC鈥檚 large-cap category, Oriental Land was on top for the third month and fourth time this year.
In APAC鈥檚 mid-cap range, Nissin Foods Holdings, held the top spot for the second month.
In the small-cap category, Meiko Electronics overtook Sanken Electric and Luye Pharma Group as the most crowded security.
Companies are awarded a Hazeltree Crowdedness Score, a metric between 1 and 99 to represent the security that the highest percentage of funds are shorting.
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