N.A. Chems & Pkg'g "Quant Data Crowding Update" Spector

Research evidence excerpt

N.A. Chems & Pkg'g "Quant Data Crowding Update" Spector

ening at levels last seen in early 2025. Notably, specialties gaurav-l.sharma@ubs.com

lost the most crowded spot, held since 2023 with our coverage ex- packaging now +1-212-713 4312

converging towards the 6-8pts range. Commodities moved up significantly, Nicole Grueneberg

ranking as the most crowded sub-sector, and at levels not seen since early 2023. Associate Analyst

Ag stocks edged down slightly M/M in April. nicole.grueneberg@ubs.com

+1-212-713-2469

Three-factor crowding positive momentum: LYB, DOW and FMC

Nicolo Menez

The UBS Quant team uses a proprietary score of "Three-Factor Crowding Momentum." Analyst

Positive momentum means a stock has become more crowded over the past three nicolo.menez@ubs.com

months, and its price has underperformed over the past month. LYB, DOW and FMC +1-212-713 3183

were the only stocks in our coverage to show positive momentum at the end of April.

Three-factor crowding negative momentum: ESI

Three-factor crowding negative momentum means a stock has become a more crowded

short over the past three months, and its price has outperformed over the past month.

This factor has been linked with weak performance over time. ESI was the only stock in

our coverage to show negative momentum at the end of April.

Our Take

The top five positions saw some reshuffling over the prior month, with CCK now

screening as the most crowded stock in our coverage. ECL, which ranked at the

top in March, saw a significant reduction in crowding, moving towards the middle

of our coverage in April. Notably, LYB saw a 10pt increase in crowding bringing it

to #4 most crowded. CCK and BALL are now the only packaging stocks that

remain significantly long crowded. Meanwhile, ALB, VLTO and LIN have continued