During Q1, active long interest in U.S. infrastructure equities, using INFRA ETF constituents as a proxy, declined –2.7% (from $524.7B to $510.4B), while short interest climbed +8.2% (from $52.3B to $56.6B). Median long interest as a percentage of market cap held steady around 25.5%, while median short interest rose from 2.4% to 2.8%, signaling growing bearish conviction even as long exposure remained broadly stable.

Mid-year Rebound & Increased Active Long and Short Positioning: From April 1 to July 14, active long interest rose +8.7% (to $554.7B), while short interest increased +18.4% (to $67.1B). Median long interest edged up to 26.5%, while median short interest climbed from 2.8% to 3.0%, highlighting a build in conviction on both sides ahead of Q2 earnings and U.S. infrastructure-related policy developments.

Long and Short Data Reveal Positioning Pressure Not Visible in Price: By observing changes in active long and short exposure together, investors can identify where flows are crowding in one direction or where positioning battles are emerging — offering early insight into risk and opportunity ahead of market-moving events.

Stock-level Flow Patterns Expose Conviction and Conflict Beneath the Surface: Analyzing long and short interest together helps distinguish high-conviction trends — where investors are aligned — from contested setups marked by opposing flows, offering sharper insight into crowding, volatility risk, and the true direction of institutional positioning.

This table shows the U.S. infrastructure stocks with the largest year-to-date increases in active long interest. Most names saw rising long interest alongside gains in price, with Con Edison (ED) drawing strong long inflows and a 41% drop in short interest, and American Electric Power (AEP) showing the most aggressive short build despite increased long activity. ONEOK (OKE) was the only stock in the group to decline in price, which may reflect the increased supply of shares from its EnLink acquisition serving as an overhang after Q1 earnings.

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