<div id="readability-page-1">Marriott, Pernod Ricard, and Oriental Land led global consumer short interest, while Palo Alto Networks, IBM, and CrowdStrike topped U.S. Software &amp; Services activity NEW YORK &amp; LONDON--(BUSINESS WIRE)-- Global markets posted mixed performance in November, marked by shifting supply chains, evolving investor sentiment toward AI and growth technology, and widening divergence between U.S. and non-U.S. equities. Against this backdrop, short sellers continued to concentrate on consumer names worldwide—particularly across EMEA—while Software &amp; Services also drew significant U.S. short-selling activity, according to Hazeltree, a leading provider of integrated treasury and liquidity management solutions for alternative asset managers. Based on Hazeltree’s analysis of anonymized data from its community of more than 600 asset management firms, consumer securities accounted for 44% of global short positions in November—up 17% from September. Prominent names included Marriott, Pernod Ricard, and Oriental Land. In the U.S., short sellers also targeted Software &amp; Services, with Palo Alto Networks, IBM, and CrowdStrike ranking among the most crowded positions in Hazeltree November 2025 Shortside Crowdedness Report. The report identifies the ten most crowded short positions across the Americas, EMEA, and APAC—broken out by large-, mid-, and small-cap categories. Data is sourced from Hazeltree’s proprietary securities-finance platform, which tracks approximately 15,000 global equities and aggregates anonymized position data from the firm’s community. Each security receives a Hazeltree Crowdedness Score (1–99, with 99 indicating the highest level of shorting activity), reflecting key supply-and-demand dynamics in the securities-lending market. “Coinbase cracked the top 10 most crowded large-cap shorts for the first time, as the U.S.-based crypto exchange experienced a steady decline in its stock price from October 27 to November 20, with a notable 34.1% drop,” said Tim Smith, Managing Director, Data Insights, Hazeltree. “It may well be that asset managers are shorting the stock as a hedge against underlying crypto exposure, while others are speculating on the potential end of the year’s crypto rally. It’s also worth noting that MicroStrategy, which has previously appeared in the top 10 large caps, saw a sharp price decline during the same period because it is generally held to be a proxy for Bitcoin due to its sizable holdings.” Highlights from the November 2025 report include: AMERICAS <ul> <li> In the large-cap category, Palo Alto Networks, Inc. continued as the most crowded security with a score of 99 for the second consecutive month, followed by Charter Communications, Inc. with a score of 87. Coinbase Global, Inc. debuted in the top 10 most crowded large caps for the first time with a score of 84. Charter Communications, Inc. had the highest institutional supply utilization figure for the second month (40.79%). </li> <li> In the mid-cap category, Hims &amp; Hers Health, Inc. emerged as the most crowded security with a Crowdedness Score of 99 and, for the second time in 2025, posted the highest institutional supply utilization (61.44%). </li> <li> In the small-cap category, Allegiant Travel Company held onto the top spot for a second straight month with a score of 99, while Hertz Global Holdings, Inc. dropped out of the top 10 most crowded securities. Applied Optoelectronics, Inc. had the highest institutional supply utilization (65.69%) for the second time this year. </li> </ul> EMEA <ul> <li> In the large-cap category, Alstom became the most crowded security with a score of 99. H&amp;M Hennes &amp; Mauritz AB had the highest institutional supply utilization (89.34%) for the seventh time this year. </li> <li> In the mid-cap category, Davide Campari-Milano N.V. and Brunello Cucinelli S.p.A. topped with a score of 99 with Davide Campari returning for a third time this year. Barry Callebaut AG had the highest institutional supply utilization (87.26%) for the fourth time this year. </li> <li> In the small-cap category, Ocado Group PLC was the most crowded security with a score of 99. Redcare Pharmacy NV had the highest institutional supply utilization (95.32%). </li> </ul> APAC <ul> <li> In the large-cap category, Oriental Land Co., Ltd. topped with a score of 99 for the sixth straight month and seventh time this year. Lasertec Corporation had the highest institutional supply utilization (24.54%) for the second time this year. </li> <li> In the mid-cap category, J Front Retailing Co., Ltd. held a top spot for the fourth time this year and Kokusai Electric Corp. for the sixth, with both posting a score of 99. Mercari, Inc. recorded the highest institutional supply utilization for the first time this year (26.39%). </li> <li> In the small-cap category, Meiko Electronics Co., Ltd. was the most crowded security for the fourth consecutive month with a score of 99. Money Forward, Inc. had the highest institutional supply utilization (40.88%) for the first time this year. </li> </ul> To view Hazeltree’s November 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: <ol> <li> Hazeltree Crowdedness Score: This score is a relative metric that normalizes the number of funds in Hazeltree’s community shorting a given security within a pre-defined group. The score is a percentile rank with 99 representing the security that has the highest number of funds shorting. </li> <li> 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. </li> <li> Hazeltree Community Borrow Fee: This figure is the average unweighted 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. </li> </ol> 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 600 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. <img src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNTEyMTAyODcyNjdyMQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNTEyMTAyODcyNjdyMQ"/>View source version on businesswire.com: https://www.businesswire.com/news/home/20251210287267/en/ Source: Hazeltree</div>

派拓网络

MSTR

COIN

OLCLY

2 倍做多 COIN ETF - GraniteShares

南方两倍做空Coinbase

Hazeltree 在 2025 年 11 月的报告中强调了全球消费者空头头寸的增加，其中万豪、保乐力加和东方乐园位居前列。在美国，软件和服务类公司如派拓网络、IBM 和 CrowdStrike 被大量做空。报告指出，在美洲、欧洲、中东和非洲（EMEA）以及亚太地区（APAC）的各大、中、小型公司中存在拥挤的空头头寸，使用了 Hazeltree 的拥挤度评分。值得注意的是，Coinbase 首次进入大型股空头前十名，MicroStrategy 的股价也出现下跌

Hazeltree Finds Consumer Shorts Hit New Highs; Software & Services Back in the Crosshairs

- 全球市场在 11 月表现不一，消费者短期卖空集中于 Marriott、Pernod Ricard 和 Oriental Land。  
- 软件与服务领域的短期卖空活动在美国也显著，Palo Alto Networks、IBM 和 CrowdStrike 位列前茅。  
- 消费证券在全球短期头寸中占比 44%，较 9 月上升 17%。  

fidelity

Strategy

Coinbase

Oriental Land Co., Ltd.

Hazeltree 发现消费者空头头寸创下新高；软件和服务再次成为关注的焦点