US Business Services "April Crowding and Recent Investor Conversations o..."

Research evidence excerpt

US Business Services "April Crowding and Recent Investor Conversations o..."

Global Research

12 May 2026ab

US Business Services Equities

AmericasApril Crowding and Recent Investor

Conversations on Business Services Stocks Industrial Services

Joshua Chan, CFA

Analyst

joshua.chan@ubs.com

Most Crowded Longs - FIX, BFAM, ARMK; Most Crowded Shorts - WSC, FVRR, +1-212-713 9957

ULS

Karandeep Singhania

As of the end of April, FIX, BFAM, and ARMK are the most crowded longs in our Associate Analyst

coverage. The most crowded shorts in our coverage are WSC, FVRR, and ULS. karandeep.singhania@ubs.com

+1-212-713 4211

Relative to March, the biggest one-month positive crowding score changes were

for UPWK, APG, and TIC. APG became the most long crowded since November Brianna Kamdoum

2024, while TIC became long crowded after being short crowded for past four Associate Analyst

brianna.kamdoum@ubs.com

months. The biggest negative crowding score changes this month were CTAS,

+1-212-882 5027

FVRR, and KFRC. CTAS became significantly less long crowded in April, while FVRR

became the most short crowded since we started tracking in June 2022. Nicolo Menez

Crowding is defined as a high percentage of eligible funds holding similar nicolo.menez@ubs.com

positions in a stock. A positive crowding score is associated with long-crowding +1-212-713 3183

whereas a negative crowding score is associated with short-crowding. See charts

and historical data starting on page 3.

Thoughts on Crowding Data from Our Investor Conversations

CTAS: CTAS has seen long-crowding ease for two straight months with crowding

now at near neutral levels, for a stock that was at one point one of the most long-

crowded stocks on our list. We think shares have faded recently due to a