European Retail: Positioning in the European Retail Sector

Research evidence excerpt

European Retail: Positioning in the European Retail Sector

Global Research

6 July 2026ab

European Retail Equities

Europe including UKPositioning in the European Retail Sector

Retailers, Apparel

Sreedhar Mahamkali

UBS Crowding Factor: An aid for stock positioning Analyst

Leveraging the UBS Quant Research team's proprietary crowding framework, we sreedhar.mahamkali@ubs.com

publish this note to help investors better understand changes in positioning of crowded +44-20-7568 8040

longs/shorts. The most informational value is in the delta in crowding over a 1m/3m Yashraj Rajani, CFA

basis, the focus of this note. We include UBS HOLT investment styles (Figure 31 ITXclasedas'QualityatAnyPrice'3') as an Analyst

additional indicator of style migration of stocks on a monthly basis. yashraj.rajani@ubs.com

+44-20-7901 5662

Delta in crowding over 1m: Food/Fashion less -ve; Hardline less +ve Michal Potyra, CFA

At a sector level, Retail is short skewed. Food (Figures 1, 9 & 10): Positioning less -ve vs Analyst

1m ago. TSCO is the most crowded long; SBRY is the most crowded short. Fashion michal.potyra@ubs.com

+44-20-7568-1935

(Figures 1, 11 & 12): Positioning less -ve; NXT is the most crowded long while ABF is the

most crowded short. Hardline (Figures 1, 13, 14): Positioning less +ve. Figure 7ComparingLong-onlypositionsvs.Hedgefundpositions shows Christine Vargas

the positioning of Long only investors vs. Hedge funds across subsectors. UBS Analyst

HOLT style watch: ITX classed as 'Quality at Any Price'. christine.vargas@ubs.com

+44-20-7568 2409

Figure 1: Food/Fashion less -ve; Hardline less +ve Steffen Spillecke, CFA

HOLT Sector Specialist

steffen.spillecke@ubs.com

les +44-20-7883 6549

ne Jenny Huang

dli HOLT Sector Specialist

Har jenny.huang@ubs.com

-ve; +44-20-7567 3075

ess