GS Singhal Hedge Funds Crowding Monitor US 24 Aug 2026

GS Singhal - Hedge Funds Crowding Monitor US 24 Aug 2026 Kartik Singhal · Goldman Sachs · FICC & Equities Mon 24 Aug 2026

US positioning is undergoing a decisive rotation, with Household & Personal Products and Consumer Services both flipping to crowded on the long leg. Below, we highlight the key movements:

• Household & Personal Products (SPLRCHHPE) rotated sharply from uncrowded to crowded on the long leg, climbing from -0.16 to 0.22 (98th percentile). Simultaneously, short crowding flipped the other way, easing from 0.44 to -0.26 (1st percentile). This clean two-way rotation: longs building as shorts unwind, points to a decisive bullish move in the sector.

• Consumer Services (SPLRCHR) flipped to crowded on the long leg, rising from -0.03 to 0.24 (98th percentile), while short crowding held steady at 0.92 (37th percentile) from 0.90.

• Grid Revamp (GSXUGRID) built on both legs simultaneously: long crowding surged from 0.50 to 0.83 (94th percentile) and short crowding rose from 0.54 to 0.66 (97th percentile). This rare two-way build places the theme among the most contested plays.

• Obesity Drugs (GSHLCBMI) short crowding rose from 0.10 to 0.39, while long crowding moved deeper into uncrowded territory from -0.04 to -0.20. The easing on the long leg alongside a fresh short build points to bearish sentiment on the theme.

• Banks (SPXBK) saw the most dramatic long-side reversal across all US sectors, flipping from crowded at 0.56 to uncrowded at -0.04 (46th percentile).

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.

Exhibit 1: Crowding Overview: US Sectors and Themes

*Basket constituents and their weights are held constant at the most recent rebalance-date composition for all dates prior to that rebalance; from the rebalance date onward, constituents and weights reflect point-in- time data.

Exhibit 2: Sector Crowding: Long & Short Side