Measuring the Crowded Trade in Global Equities: Tech crowded Globally and within US shows clear, increasing preference for semis, while Energy crowding drops on Iran deal

Research evidence excerpt

Measuring the Crowded Trade in Global Equities: Tech crowded Globally and within US shows clear, increasing preference for semis, while Energy crowding drops on Iran deal

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25 Jun 2026 15:21:46 ET │ 22 pages

Measuring the Crowded Trade in

Global Equities

Tech crowded Globally and within US shows clear, increasing

preference for semis, while Energy crowding drops on Iran deal North America

Richard W Schlatter AC

CITI'S TAKE +1-212-816-0591

richard.w.schlatter@citi.com

Technology remains one of the most crowded in nearly all regions. Energy

sector crowding has declined on the US-Iran MoU potentially re-opening Anju Bhandari AC

the Strait of Hormuz and triggering a decline in oil prices (Citi Commodity +1-212-816-3812

team view here). Within US Technology the clear preference for Semis is anju.bhandari@citi.com

maintained with Hardware & Equipment and Software scores declining. In

Europe the decline in energy crowding has re-established the YTD

popularity of Tech, Industrials and Financial sectors. Financials are the most Europecrowded in Japan as well. Technology continues to be the most crowded in

Asia ex Japan, and our equity market positioning model also reflects new David T Chew

risk added in Korea last week. +44-20-7986-7698

david.chew@citi.com

Sector Crowding — Tech remains the most crowded (cap-weight) sector in Europe,

US (with Communications) and Asia ex Japan. Within the US, Tech crowding

declined in Software and Hardware but remains high in Semis. Energy crowding

Asiadecreased in Europe and the US on the Iran MoU. Financials remain the most

crowded sector in Japan and are highly crowded in Europe. Yue Hin Pong

+44-20-7986-3953Factor Crowding — The most crowded quant style remains Growth across the US,

Asia ex JP, and Japan.