交通运输与物流行业中最拥挤的多头和空头

EquityResearchJuly10,2025 sure information, and information regarding the status of non-US analysts on pages 7 -11 of this report. Source: MSCl, JefferiesStephanie Moore * IEquity Analyst(615) 934-1384 | smoore@jefferies.comJoseph Hafling * IEquity Associate+1 (212) 778-8707 1jhafling@jefferies.comPJ Sullivan * IEquity Associate+1 (646) 805-5461 Ipsullivan@jefferies.com JefferiesFigure 2 - Active Weights of Hedge Funds by SectorActive Positions vs Russell 3000SectorCommunication ServicesConsumer DiscretionaryConsumer StaplesEnergyFinancialsHealth CareIndustrialsInformation TechnologyMaterialsReal EstateUtilitiesSource:MSClFigure 3 - Transportation & Logistics Names That HFs Are Most Bullish OnActive Position vs. Russell 3000 (in Basis Points)KNXCSXFDXNSCSAIAObps5bps10bps15bps 20bps 25bps 30bps 35bps40bps 45bps 50bpsSource: MSCI, JefferiesPlease see important disclosure information on pages 7 - 11 of this report.This report is intended for Jefferies clients only. Unaut Hedge funds shifted away from ConsumerStaples, Utilities, Energy, and Health Care inAprilandintoCommunicationServices,HealthCare,andConsumerDiscretionaryShowsTransportation&Logisticsstockswhere hedge fund holdingsweremostoverweight relative to the Russell 3000weightings. JefferiesFigure 4 - Transportation & Logistics Names That HFs Are Most Bearish OnActive Position vs. Russell 3000 (in Basis Points)EXPDCHRWUNPXPOODFL(160bps)(140bps)(120bps)(100bps)(80bps)(60bps)Source: MSCl, JefferiesFigure 5 - Transportation & Logistics Names That HFs Became the Most Bullish on vs The Previous MonthChange in Active Position vs Russell 3000 (in Basis Points)CSXSdnKNXNSCJBHTObps5bpsSource: MSCl, JefferiesPlease see important disclosure information on pages 7 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited Shows Transportation & Logistics stockswherehedgefundholdingsweremostunderweight relative to the Russell 3000weightings.Showsthe Transportation&Logistics stockswith the most hedge fund inflows month-to-month. JefferiesFigure 6 - Transportation & Logistics Names That HFs Became the Most Bearish on vs The Previous MonthChange in Active Position vs Russell 30oo (In Basis Points)EXPDCHRWUNPXPO(80bps)(70bps)Source: MSCI, JefferiesFigure 7 - May Stock Performance of Most Bullish/Bearish Names Within Transportation & LogisticsKNXCSXFDXNSCSAIAEXPDCHRWUNPOdxODFL0%2%Source: FactSet, JefferiesPlease see important disclosure information on pages 7 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Shows the Transportation & Logistics stockswith the most hedge fund outflows month-to-monthShows the month-ahead stock performancesof the most overweight and underweightnames within Transportation & Logistics. JefferiesFigure 8 - Transportation & Logistics Names With The Highest and Lowest Short Interest at the End of AprilShort Interest Expressed as a Percentage of the FloatFWRDSNDRXPOOX9WERNTFII1.2%NSC1.2%CP0.9%CVLG■0.8%IND1 0.3%0%Source: FactSet, JefferiesFigure 9 - Transportation & Logistics Names With The Highest and Lowest Short Interest Currently (July 2025)Short Interest Expressed as a Percentage of the FloatFWRDSNDRWERNXPOGXO..NSC1.4%TFII1.2%CP1.1%UNP1.1%CNI0.9%0%Source: FactSet, JefferiesPlease see important disclosure information on pages 7 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Shows the Transportation & Logistics stockswith the highest and lowest short interest as apercent of the float as of April 2025.Shows the Transportation & Logistics stockswith the highest and lowest current shortinterest as a percent of the float.5 JefferiesFigure 10 - Transportation & Logistics Names With The Highest and Lowest Days to Cover at the End of AprilGXOSNDRFWRDODFLEXPD..TFIICSXINDSAIA1.1CVLG0.601Source: FactSet, JefferiesFigure 11 - Transportation & Logistics Names With The Highest and Lowest Days to Cover Currently (July 2025)SNDRFWRDGXOODFLCHRWFDXMRTNUNPCSXTFII0Source: FactSet, JefferiesPlease see important disclosure information on pages 7 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited Shows the Transportation & Logistics stockswith the highest and lowest days to cover asof April 2025.Shows the Transportation & Logistics stockswith the highest and lowest current days tocover.6 JefferiesCompany Valuation/RisksFor Important Disclosure information on companies recommended in this report, please visit our website at https:/javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300.Analyst Certification:I, Stephanie Moore, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recom