May 2025
May’s short tape had one standout: Boss Energy (BOE) was aggressively covered, down from 25.48% to 19.75% (-5.73%), even though it’s still the most shorted name on the board. Uranium is still crowded (BOE 19.75%, PDN 15.15%, DYL 10.89%), but the fresh pressure showed up elsewhere — Evolution Mining (EVN) jumped from 1.30% to 5.11% (+3.81%). Across 638 stocks, the average short position held steady at 1.35% and the period average change was -0.01%.
BOE didn’t drift lower. Shorts hit the buy button. In one month, short interest in Boss Energy fell from 25.48% to 19.75% (-5.73%). When the most crowded short on the ASX starts getting covered that quickly, it’s not a rounding error — it’s positioning snapping back.
BOE stays #1 at 19.75% short, but the story is the unwind. Boss is still an execution debate as it ramps Honeymoon and advances Alta Mesa, yet May’s move says the trade got too one-way. For the company’s own framing, see its materials including the quarterly results presentation: http://www.bossenergy.com/images/documents/Dec24-Quarterly-Results-Presentation.pdf and report pack: http://www.bossenergy.com/images/media/2973720.pdf. Paladin (PDN) is still heavily shorted at 15.15%, but also moved the same direction (-1.34%). Its annual report is here: https://www.paladinenergy.com.au/wp-content/uploads/2025/10/Paladin-2025AnnualReport-Full-Web.pdf. If uranium shorts were being trimmed, lithium shorts were being topped up. Mineral Resources (MIN) rose to 14.31% (+0.71%), Pilbara Minerals (PLS) to 12.95% (+0.96%), and Liontown (LTR) to 12.66% (+0.53%). That’s a sector call: the market is still leaning into the idea that lithium pricing pressure lingers and the next test is cash flow discipline. MIN’s results pack: https://cdn.sanity.io/files/o6ep64o3/production/b23c9b1f93dbe5cc41520061cafecf0c1d214c77.pdf. Outside resources, the top 10 stayed busy: PolyNovo (PNV) lifted to 10.62% (+0.42%), Cettire (CTT) climbed to 10.50% (+1.42%), while IDP Education (IEL) eased to 11.90% (-0.20%) and Lifestyle Communities (LIC) to 9.97% (-0.18%).
Stocks with the largest increase in short interest this month.
Stocks with the largest decrease in short interest this month.
The month’s loudest new bet was EVN. Short interest jumped from 1.30% to 5.11% (+3.81%). That’s a big swing for a large-cap gold name — the kind of move that usually reflects a targeted view on margins, costs or guidance sensitivity rather than a casual macro hedge. Next came Nufarm (NUF), up from 1.49% to 3.92% (+2.43%). Ag/chem is where shorts go when they want earnings variability: input costs, seasonal conditions and pricing power can turn quickly. Breville (BRG) also drew fire, rising from 3.93% to 6.23% (+2.30%). This is the rates-and-consumer trade in one line: premium appliances are an easy place to bet on demand slowing and promotions rising if households stay squeezed. Breville’s annual report: https://brevillegroup.com/wp-content/uploads/2025/08/Annual-Report-2025.pdf. On the cover list, Megaport (MP1) fell from 7.53% to 4.31% (-3.22%). That’s meaningful de-risking; whatever the bear case was, it got less attractive at the margin. MP1’s half-year investor presentation: https://www.megaport.com/pdf/MP1_H1_FY25_Half_Year_Results_Investor_Presentation.pdf. Treasury Wine Estates (TWE) also saw shorts retreat, from 7.16% to 4.66% (-2.50%). TWE’s 2025 report: https://a.storyblok.com/f/171317/x/c3d39083c7/2025_twe_sustainability_report.pdf. Resources covering wasn’t just BOE. Syrah (SYR) dropped from 7.43% to 5.37% (-2.06%) and Lotus (LOT) from 10.11% to 8.09% (-2.02%), consistent with traders taking risk off crowded commodity shorts rather than pressing for the last cent.
This month was a rotation, not a retreat. Uranium is still the most crowded pocket on the tape, but it stopped getting more crowded. BOE (-5.73%), PDN (-1.34%), Deep Yellow (DYL) (-1.76%) and LOT (-2.02%) all moved the same way. That’s what it looks like when a trade has been popular for too long and the marginal short decides the juice isn’t worth the squeeze. Lithium stayed the market’s preferred punching bag. PLS (+0.96%), MIN (+0.71%) and LTR (+0.53%) all had shorts piling in together — a clean commodity-cycle thesis rather than a single-stock drama. Outside resources, the rate-sensitive and consumer names did the heavy lifting. Digico Infrastructure REIT (DGT) rose from 1.60% to 3.60% (+2.00%), and BRG’s jump to 6.23% (+2.30%) fits the same macro thread: higher-for-longer thinking pushes shorts towards businesses exposed to funding costs and discretionary spend.
Watch EVN’s short position next month: if it keeps climbing from 5.11%, the market is signalling a specific operational worry rather than a gold-price view. In uranium, the tell is simpler — whether BOE keeps sliding from 19.75% short, or whether the covering was a one-off reset before shorts reload.
Because it started from an extreme level: BOE fell from 25.48% to 19.75% (-5.73%) in May, but 19.75% is still the highest short interest in the dataset.
Yes in May: BOE (-5.73%), PDN (-1.34%), DYL (-1.76%) and LOT (-2.02%) all had lower short interest month-on-month.
Evolution Mining (EVN): 1.30% to 5.11%, an increase of +3.81%.
Megaport (MP1) fell from 7.53% to 4.31% (-3.22%) and Treasury Wine Estates (TWE) fell from 7.16% to 4.66% (-2.50%).
Lithium: shorts increased in Mineral Resources (MIN) to 14.31% (+0.71%), Pilbara Minerals (PLS) to 12.95% (+0.96%), and Liontown (LTR) to 12.66% (+0.53%).
Data sourced from ASIC short position reports (T+4 delayed). This report is for informational purposes only and does not constitute financial advice. Short selling data may not reflect real-time market conditions.