Goldman Sachs
May 22, 2026
Hedge Funds Crowding Monitor US
Market ReportEquitiesIndustrialsInformation Technology
US hedge fund crowding reached multi-month extremes this week in AI-related themes, Capital Goods, and Momentum winners. Simultaneously, funds rotated out of Energy longs and into shorts, while Software & Services short crowding declined.
Key Takeaways
- 1.Capital Goods is currently the most long crowded US sector, reaching the 98th percentile over the trailing six months.
- 2.AI themes, specifically Broad AI and AI Data Centers, have reached peak long crowding levels (99th percentile).
- 3.Hedge funds have aggressively rotated out of long Energy positions and into shorts amidst geopolitical uncertainty.
Table of Contents
- Crowding Monitor
- Methodology and Definitions
- Purpose
- Crowding Score
- Long Crowding vs. Short Crowding
- 6-month Historical Comparison
- Data Source
- Additional Disclaimers
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Authors
Kartik SinghalTanya RatraMarco Laicini
Securities
SPLRCICGSTMTAIPSPNYGSTMTDATGSXUHMOM
Themes
Artificial Intelligence PositioningMomentum Strategy CrowdingSector Rotation out of Energy
Regions
North AmericaUnited States