The long / short report May 2024

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The long / short report provides a geographic analysis of the long/short market by sector, using S&P Global Market Intelligence's securities finance short interest data.

Highlights from May's report include:

During the last month, short interest increased across a number of different sectors across global equities. The largest increases were seen across the real estate management and development (+17bps) and the consumer discretionary (+16bps) sectors. REITs remained the most shorted sector across global equities with 1.28% of the sectors outstanding shares on loan. The largest declines in short interest were seen across the energy (-6bps), commercial services (-4bps) and financial services sectors (-4bps).

Across US equities, average short interest decreased to 84bps over the month. Short interest increased across a number of sectors with the largest gains being seen across the utilities (+7bps) and household and personal product (+7bps) sectors. The largest decreases were seen across the financial services (-11bps) and energy (-18bps) sectors.

Average short interest across APAC equities decreased to 58bps during the month. Short interest increased across the vast majority of sectors however in the region during the month with eighteen out of the twenty four sectors covered experiencing an increase. The largest increases in short interest were seen across semi-conductor and semi conductor equipment (+20bps), real estate management and development (+19bps), consumer staples (+14bps), and transport (+7bps) sectors.

Average short interest across European equities continued to increase over the month, growing to 22bps. Real estate management and development remained the most shorted sector with 0.8% of the sectors shares outstanding on loan. The largest increases in short interest were seen across the real estate management and development sector (+38bps), the consumer services (+7bps), and the capital goods (+3bps) sectors.

Utilization decreased by 4bps across the government bond markets, and remained flat across corporate bonds.

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This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.