US Business Services "May Crowding and Recent Investor Conversations on ..."

Research evidence excerpt

US Business Services "May Crowding and Recent Investor Conversations on ..."

Global Research

4 June 2026ab

US Business Services Equities

AmericasMay Crowding and Recent Investor

Conversations on Business Services Stocks Industrial Services

Joshua Chan, CFA

Analyst

joshua.chan@ubs.com

Most Crowded Longs - FIX, BFAM, IT; Most Crowded Shorts - WSC, XMTR, ULS +1-212-713 9957

As of the end of May, FIX, BFAM, and IT are the most crowded longs in our Karandeep Singhania

coverage. The most crowded shorts in our coverage are WSC, XMTR, and ULS. Associate Analyst

karandeep.singhania@ubs.com

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

+1-212-713 4211

FVRR, KLC, and UNF. KLC became the most long crowded since we started

tracking in January 2025. The biggest negative crowding score changes this Brianna Kamdoum

month were BFAM, EXPO, and MAN. BFAM became the least long crowded in Associate Analyst

brianna.kamdoum@ubs.com

almost a year, while EXPO also became less long crowded, reaching lowest level

+1-212-882 5027

since October 2025.

Nicolo Menez

Crowding is defined as a high percentage of eligible funds holding similar Analyst

positions in a stock. A positive crowding score is associated with long-crowding nicolo.menez@ubs.com

whereas a negative crowding score is associated with short-crowding. See charts +1-212-713 3183

and historical data starting on page 3.

Thoughts on Crowding Data from Our Investor Conversations

BFAM/KLC: BFAM saw long-crowding ease in May, which aligned with a choppy

Q1 report where Australia headwinds surprised investors and seemingly reduced

the likelihood of a guidance raise which usually happens in the Q2 report. We have

also picked up a more apathetic sentiment from investors (vs. prior bullishness)