The long / short report November 2025

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 November's report include:

Global Equities

Consumer Services maintained its position as the most shorted sector across global equities during the month followed by Commercial Services and Materials.  Consumer Services also experienced the largest increase in short interest over the month, with an increase of 10bps being seen.  Healthcare, Food and Beverage and Commercial Services all followed, with an increase of 6bps being seen across all these sectors.  The only decrease in short interest during the month was seen across Consumer Durables.

 US Equities

The average short interest across US equities increased to 82 basis points over the month.  The largest increases in were seen across Real Estate (+17bps), Utilities (+14bps), Commercial Services (+11bps).  The largest decreases were seen across Capital Goods (-2bps) and Telecoms (-1bps).

 APAC Equities

The average short interest across APAC equities dipped to 63 basis points over the past month.  Increases in short interest were seen across Household and Personal Products (+22bps), Technology and Hardware (+11bps) and Real Estate (+6bps).  The largest decreases were seen across Materials (-10bps), Transport (-9bps) and Pharmaceuticals (-9bps).

EMEA Equities

The average short interest across EMEA equities remained at 15 basis points during the month.  Short sentiment remained muted across the majority of sectors with the only increases being seen across the Automobile and Components (+2bps), Materials (+1bps) and Capital goods (+1bps) sectors.

Fixed Income

Utilization increased by 7bps across the government bond markets and remained flat across corporate bonds.

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