the main reason i believed it to be oversized when i tried it on was the super long sleeves that bunched up on me. It's also generally loose. I don't have short arms by any means but that's what I noticed. I don't prefer a 'tight' fit, but i thought the 46 fit like a relaxed medium, while the 48 was really big. put it this way: the 46 was much, much more relaxed fitting than an APC medium sweater.