GS Ratra What is crowded in US Equities 15 Sep 2026

GS Ratra - What is crowded in US Equities 15 Sep 2026 Tanya Ratra · Goldman Sachs · Associate, FICC & Equities Tue 15 Sep 2026, 11:01am ET

Hedge funds tilt bullish across cyclicals and analog semis. Below, we highlight the key movements:

• Semi & Semi Equipment (SPLRCSE) long crowding held steady at 0.32 (45th percentile) and short crowding eased from 0.54 to 0.31 (70th percentile). In contrast, Analog Semis (GSCBASMC) long crowding surged from 1.22 to 1.39 (99th percentile) with shorts deeply uncrowded at -0.39 (2nd percentile). The contrast suggests funds are concentrating bullish bets in analog names specifically.

• Bullish rotation in Materials (SPLRCMA) where long crowding rotated into crowded territory, rising from -0.01 to 0.32 (92nd percentile) while short crowding eased from 0.06 to -0.08 (tipping just over the line from crowded to uncrowded) and Metals (GSXUMETL) where long crowding rose to 0.54 (66th percentile) up from 0.39.

• Defense (GSXUDFNS) long crowding increased to 0.16 (98th percentile), while short crowding fell deeper into uncrowded ground from -0.26 to -0.48.

Crowding scores are expressed as z-scores — measuring the number of standard deviations from the mean — and typically range from −2 to +2. A score above 0 indicates crowded positioning, while a score above +1 indicates highly crowded positioning. For full methodology and definitions, refer to the Methodology and Definitions section in the full report. Source: Goldman Sachs FICC & Equities, Prime Services; as of 15 September 2026.