Week 1, 2026 (29 Dec 2025 — 2 Jan 2026)
The loudest move in the ASIC tape was Clinuvel (CUV): short interest slid from 9.47% to 6.59% (-2.88%). At the other end, shorts piled into Qualitas Real Estate Income (QRI) from 1.85% to 3.26% (+1.41%) and kept building Treasury Wine Estates (TWE) from 8.89% to 9.87% (+0.98%). Boss Energy (BOE) still wears the crown at 19.70% short, even after easing from 20.41% (-0.71%).
One line explains the week: CUV short interest collapsed from 9.47% to 6.59% (-2.88%). That’s not a trim — that’s an unwind. And it’s happening with FY2025 revenue of 95.017570, net profit of 36.172518 and a fully franked final dividend of 5 cents sitting in black and white. Shorts didn’t convert. They just stopped pressing. 2
At the top of the leaderboard, the big tell wasn’t a new entrant — it was synchronised easing. The top five most shorted names all ticked down week-on-week: BOE is still #1 at 19.70% (down from 20.41%, -0.71%), DMP sits at 17.71% (-0.19%), GYG at 13.69% (-0.16%), PDN at 12.97% (-0.17%) and IEL at 12.45% (-0.15%). 1 BOE remains a crowded trade even after the cover. The fundamentals still read like a ramp story with a sting: FY2025 total revenue of 75.596 and a net loss after tax of -34.168, alongside FY26 production guidance of 1.6Mlbs and C1 cash cost guidance of A$41-45/lb. That gap between the operational pitch and the reported loss is where shorts live. 3 DMP’s 17.71% short position also makes sense in plain numbers: FY2025 revenue of 2303.7, but profit from ordinary activities after tax from continuing operations of -3.7. It’s hard to blame anyone for keeping the debate open. 4
Key financial metrics from recent company reports for the most shorted stocks.
Stocks with the largest increase in short interest this week.
Stocks with the largest decrease in short interest this week.
The week’s biggest build was QRI: 1.85% to 3.26% (+1.41%). For a name that screens as income-friendly, that’s a sharp vote of no confidence — and the 7.3% dividend yield is exactly the kind of headline figure that invites the question: what’s the catch? 1 SX2 followed with a lift from 1.26% to 2.36% (+1.10%). When the P/E is 352.3, shorts don’t need a catalyst — they just need time. 1 Then there’s the large-cap pressure point: TWE moved from 8.89% to 9.87% (+0.98%). This is happening with FY2025 revenue of 2990.1 and profit attributable to shareholders of 436.9, plus a final dividend of 20.0 cents (70). The message from the short book is simple: the market’s already drunk the good vintage. 5 On the cover side, after CUV’s -2.88% flush, SWM fell from 1.76% to 0.34% (-1.42%), A4N from 4.28% to 3.14% (-1.15%) and STX from 4.30% to 3.46% (-0.85%). 1
Zoom out and you can see two different games being played. First: the crowded trades are being de-risked at the top end. BOE (19.70%) and PDN (12.97%) still keep uranium in the frame, but the week’s flow was covering, not fresh aggression. 1 Second: healthcare is splitting into stock-by-stock calls. CUV was aggressively covered to 6.59%, while PNV climbed to 11.66% (+0.20%) and TLX rose to 11.23% (+0.21%). That’s not a sector view — that’s conviction, name by name. 1 6
Watch TWE’s 9.87% next week. If it prints above 10% short interest, it stops being a background position and becomes a statement trade. 1
Clinuvel Pharmaceuticals (CUV): short interest fell from 9.47% to 6.59%, a -2.88% week-on-week move. [ref-1]
Boss Energy (BOE) is the most shorted at 19.70% (down from 20.41%, a -0.71% weekly change). [ref-1]
Qualitas Real Estate Income (QRI) rose from 1.85% to 3.26% (+1.41%), Southgold Consolidated (SX2) rose from 1.26% to 2.36% (+1.10%), and Treasury Wine Estates (TWE) rose from 8.89% to 9.87% (+0.98%). [ref-1]
BOE is still #1 at 19.70% short. In FY2025 it reported total revenue of 75.596 and a net loss after tax of -34.168, while also guiding to FY26 production of 1.6Mlbs and C1 cash cost of A$41-45/lb — a mix that keeps the argument alive on both sides. [ref-3]
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.