Report published August 28, 2026
North America Alternative Energy Equipment & Services: Short Circuited: Positioning and ETF Flows
Source and citation context
- Issuer
- Citi
- Report date
- August 28, 2026
- Analysis as of
- August 25, 2026
Authors / editors: Vikram Bagri
Finvaulta summarizes Citi's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Citi analyzes market positioning and fund flows across North American renewable and nuclear energy stocks, noting that renewable ETFs have seen ~8% net capital outflows over three months alongside a sharp spike in short crowding. While nuclear ETF flows remained resilient, nuclear equities continue to struggle under substantial equity issuance and insider selling.
Key Takeaways
- 1.Short crowding across renewable energy stocks has risen sharply since the end of 2Q26, accelerating through July and August, helping explain recent sector underperformance.
- 2.Renewable ETFs experienced roughly 8% net capital outflows (~$0.5B) over the past three months, while nuclear ETF flows stabilized with less than 1% outflows.
- 3.Despite stable ETF flows, nuclear stocks face downward pressure driven by insider sales and heavy equity issuance via ATM programs, including ~$1,852M from OKLO and ~$984M from SMR in 1H26.
Table of Contents
- CITI'S TAKE
- Methodology
- Crowding Overview
- Crowding by Name
- Long Crowding vs. Short Crowding Matrix
- Changes in Long Crowding
- Changes in Short Crowding
- Historical Trends
- Renewables & Nuclear ETF Cumulative Net Flows
- Appendix A-1
Report data
Figure 3. Short Crowding in Renewables (Average Composite Score %) — as of August 25, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Renewable ETFs Cumulative Net Outflows (Last 3 Months) | 0.5 USD Billion | Cumulative net outflows across 5 renewable energy ETFs (~8% of starting AUM) |
| Nuclear ETFs Fund Outflow Percentage (Last 90 Days) | 1% | Six selected nuclear ETFs have been relatively stable with <1% outflows |
| OKLO 1H26 ATM Program Issuance | 1852 USD Million | Capital raised through ATM program in 1H26 |
| SMR 1H26 ATM Program Issuance | 984 USD Million | Capital raised through ATM program in 1H26 |
| Renewables Coverage Universe Average Long Crowding Score | 49% | Historical average composite long crowding score across coverage |
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Authors / Editors
Reported Data Context
- Renewable ETFs Cumulative Net Outflows (Last 3 Months): 0.5 USD Billion (3-month period ending August 2026) · Source: Bloomberg
- Nuclear ETFs Fund Outflow Percentage (Last 90 Days): 1 % (90-day period ending August 2026) · Source: Bloomberg
- OKLO 1H26 ATM Program Issuance: 1852 USD Million (1H 2026) · Source: Citi Research
- SMR 1H26 ATM Program Issuance: 984 USD Million (1H 2026) · Source: Citi Research
- Renewables Coverage Universe Average Long Crowding Score: 49 % (August 2026) · Source: Citi Research