Blue Owl Capital has transitioned from a long-dominated positioning profile toward a more contested battleground setup. Looking back over the past year, active long exposure has declined, short interest exposure has increased, and price performance has remained under pressure.

Positioning

The S3 Active Long Short Ratio has steadily declined from >6x to 1.2x, placing OWL firmly in battleground territory. Active long notional has fallen from roughly $4B to $1.5B, while short interest notional has increased from $600M to $1.3B.

This shift reflects a meaningful erosion in long-side backing and a material increase in bearish conviction. Active longs now only modestly exceed active shorts, with the margin narrowing considerably.

Short interest has also risen by 100M shares to 20% of float and has remained elevated despite sustained price weakness. The lack of any short covering reinforces the battleground setup.

Technicals

OWL remains below its 100-day moving average (green line), which has acted as a dynamic area of resistance (red arrows), reinforcing the challenged technical backdrop despite recent stabilization.

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The information herein (some of which has been obtained from third party sources without verification) is believed by S3 Partners, LLC (“S3 Partners”) to be reliable and accurate. Neither S3 Partners nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein or accepts liability arising from its use. Prior to making any decisions based on the information herein, you should determine, without reliance upon S3 Partners, the economic risks, and merits, as well as the legal, tax, accounting, and investment consequences, of such decisions.