US Chemicals — Periodic Crowding Table: Weekly Valuation and Crowding Overview

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US Chemicals — Periodic Crowding Table: Weekly Valuation and Crowding Overview

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29 Jul 2026 05:00:00 ET │ 13 pages

US Chemicals — Periodic Crowding

Table

Weekly Valuation and Crowding Overview

Patrick Cunningham AC

CITI'S TAKE +1-212-816-6684

patrick.cunningham@citi.com

Below we analyze positioning using Citi Quant team’s data (excel download)

and present key valuation metrics and share price moves for our coverage. Rachel Lee

While the crowding composite data is not intended to be a buy/sell signal by +1-212-816-4559

itself, we believe it can serve as a valuable tool for investment consideration. rachel.lee@citi.com

Most Crowded Longs — Analysis from Citi’s Quant Team suggests ECVT, LIN, and

RPM are now the most crowded longs within our coverage (Figure 3). Similarly to last

week, W/W changes were relatively muted across the board with the exception of a

few companies. On average, long crowding for our coverage universe was flattish

W/W, compared to down ~1% last week. Big movers this week include: RPM (+11.2%

W/W), CTVA (+6.4% W/W), ECVT (+5.1% W/W), and SHW (-16.8% W/W). Notably, all

four prints from yesterday recorded declines in long crowding, likely reflecting

investor positioning adjustments prior to 2Q26 earnings. In particular, SHW’s long

crowding declined the most on lower sentiment score despite lower short interest,

and perhaps related to RPM’s strong F4Q26 earnings results (see note here). We

expect this dynamic to reverse course next week given a solid beat-and-raise

quarter as the company continued to execute on pricing and share gains despite no

underlying macro fundamental improvement (see note here). We continue to see a

bifurcation between specialty chemicals and paints and coatings in the upper half