European Utilities "Crowding: UK stocks under pressure. Positioning on SSE..."

Research evidence excerpt

European Utilities "Crowding: UK stocks under pressure. Positioning on SSE..."

Global Research

2 July 2026ab

European Utilities Equities

Europe including UKCrowding: UK stocks under pressure. Positioning

on SSE turned negative. Utilities

Wanda Serwinowska, CFA

Analyst

wanda.serwinowska@ubs.com

UK stocks under pressure +44-20-7568 3980

As of 29 June, there was net positive positioning on 17 stocks (out of 32) in the sector, Mark Freshney

vs. 17 stocks on 11 June. We note positive changes in sentiment on 14 utilities (e.g. long Analyst

positions are more crowded or short positions are less crowded), while 18 utilities mark.freshney@ubs.com

showed negative changes in crowding. UK Water stocks are most negatively crowded, +44-20-7568 3989

with an average score of -4; while crowding is most positive on Integrateds (average Gonzalo Sanchez-Bordona

score +3). UK stocks have been under pressure with SSE, followed by National Grid and Analyst

then Centrica, seeing the steepest drops (see Figure 2Changesincrowdingoverthepast6months). gonzalo.sanchez-bordona@ubs.com

+34-91-745 4147

Largest moves for SSE (turned negative) and Centrica (less positive) Christabel Kelly

Net short positioning: Elia and Verbund are the most crowded shorts, followed Analyst

by United Utilities, Endesa and EDPR. Positioning turned negative on Redeia (from christabel.kelly@ubs.com

+1 on 11 June to -2 on 29 June) and SSE (from +5 to -1). Of stocks that show net +44-20-7568 2358

short positioning, we see the largest improvement for Pennon (from -3 to -1). We Anna Webb

see the largest deterioration for Fortum (from -5 to -8), United Utilities (from -8 to Analyst

-10) and Verbund (from -9 to -11). anna.webb@ubs.com

+44-20-7568 8293

Net long positioning: RWE and Naturgy are the most crowded longs, followed