Swiss Small and Midcap: Crowding tracker - negative bias on aggregate, pronounced positioning on single-stock level

Research evidence excerpt

Swiss Small and Midcap: Crowding tracker - negative bias on aggregate, pronounced positioning on single-stock level

Global Research

6 July 2026ab

Swiss Small and Midcap Equities

SwitzerlandCrowding tracker - negative bias on aggregate,

pronounced positioning on single-stock level Sebastian Vogel, CFA

Analyst

sebastian.vogel@ubs.com

+41-44 239 90 45

Swiss SMEs' aggregate crowding maintains its negative bias Joern Iffert, CFA

We regularly assess crowding metrics at the individual stock level across our covered Analyst

Swiss universe. In our view, this measure serves as an effective proxy for investor joern.iffert@ubs.com

+41-44-239 88 00

positioning in specific companies. It consolidates data from prime brokerage activities,

stock lending figures, 13F regulatory disclosures and proprietary UBS analysis into a Patrick Rafaisz, CFA, FRM

comprehensive, company-specific indicator. Historically, particularly during periods of Analyst

market volatility, we saw that stocks experiencing significant prior crowding, whether patrick.rafaisz@ubs.com

+41-44-239 90 66

positive or negative, often show heightened price movements. As such, we consider

crowding factors to be relevant in evaluating positioning-related risks. On an aggregate Tanya Hansalik

level, the latest crowding level, hence across our Swiss Small and Mid-Cap coverage Analyst

universe (excluding financials) continues to maintain a slight negative bias. However, at tanya.hansalik@ubs.com

+41-44-239-2053

the individual stock level, the levels remain more diverse.

Tommaso Operto, CFA

At the company level, crowding is more diverse Analyst

tommaso.operto@ubs.com

The latest data (as of June 30) suggests that Accelleron, Burkhalter and Temenos saw +41-44-239 2049

the most pronounced positive crowding across our sample.