The institutional cluster is directionally mixed with a net selling bias driven by one large exit. The broad buyer base (9 funds, all active managers) provides some support, but the lack of insider buying and poor historical model performance on ADI (14% T+20 win rate) argue against a strong directional trade. Monitor for any catalyst (earnings, guidance, or sector rotation) that could break the stalemate before taking a position.
Executive Summary
In Q2 2026, 9 institutional buyers added $388.3M to ADI positions while 7 sellers reduced by $628.9M, resulting in a net negative $240.6M flow. The selling is heavily concentrated in one fund (Cantillon's near-exit of $573.2M), but the buyer base is broad and active, led by Russell Investments (+$113.6M) and Mirae Asset (+$111.2M). The cluster is mixed — active managers dominate both sides — and the 14% historical win rate on ADI reports at T+20 suggests caution against over-weighting the signal.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$240.6M
▲ Buyers (9)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Russell Investments Group | ADD | +31.2% | $285.5M | $113.6M |
| Mirae Asset Global Investments Co. | ADD | +35.9% | $270.8M | $111.2M |
| Assenagon Asset Management | ADD | +25.4% | $210.1M | $75.9M |
| Walleye Capital | ADD | +60% | $54.7M | $27.3M |
| Td Waterhouse Canada | DOUBLED | +834.9% | $27.3M | $24.9M |
| Mediolanum International Funds | ADD | +70.4% | $36.0M | $19.7M |
| Factory Mutual Insurance | NEW | +0% | $14.5M | $14.5M |
| Alps Advisors | ADD | +76.4% | $1.2M | $650.0K |
| Fisher Asset Management | ADD | +26.8% | $1.7M | $644.0K |
▼ Sellers (7)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Cantillon | NEAR_EXIT | -95.4% | $608.1M | -$573.2M |
| Fort Washington Investment Advisors | TRIM | -35.3% | $78.4M | -$15.1M |
| Jennison Associates | TRIM | -65.4% | $30.3M | -$17.2M |
| Eurizon Capital Sgr S.p.a. | TRIM | -27% | $122.9M | -$10.8M |
| Boston Trust Walden | TRIM | -32.2% | $42.4M | -$6.5M |
| Temasek Holdings (Private) | TRIM | -38% | $16.3M | -$3.7M |
| M&G | NEAR_EXIT | -78.6% | $3.4M | -$2.5M |
Key Facts
- 9 institutional buyers added $388.3M in ADI during Q2 2026
- 7 institutional sellers reduced by $628.9M, led by Cantillon's near-exit of $573.2M
- Top buyers: Russell Investments (+$113.6M), Mirae Asset (+$111.2M), Assenagon (+$75.9M)
- Td Waterhouse Canada doubled its position (+834.9% shares) to $27.3M
- No open-market insider buying corroborates the institutional activity
- Historical ADI reports show only 14% win rate at T+20 across 7 settled reports
Financial Impact
Net institutional outflow of $240.6M: $388.3M in buying vs $628.9M in selling. Cantillon's near-exit accounts for $573.2M of the selling.
Risk Factors
- Cantillon's near-exit may signal a fundamental thesis break that other sellers are following
- 45-day 13F reporting lag means positions may have been unwound since quarter-end
- Historical model calls on ADI have underperformed, with only 14% win rate at T+20
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-ADI-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 22d ago | Insider Cluster | $361.25 $362.65 | ▲ +0.39% | ▲ +0.89% | — |
Sep 9, 2026 22d ago | Insider Cluster | $361.25 $362.65 | ▲ +0.39% | ▲ +0.89% | — |
Sep 9, 2026 23d ago | 8-K | $365.07 $362.04 | ▼ −0.83% | ▼ −0.17% | — |
Sep 2, 2026 4w ago | Insider Cluster | $355.42 $361.25 | ▲ +1.64% | ▲ +2.60% | — |
Aug 28, 2026 5w ago | Insider Cluster | $361.78 $362.25 | ▲ +0.13% | ▲ +0.02% | — |
Aug 19, 2026 6w ago | 8-K | $373.26 $371.80 | ▼ −0.39% | ▼ −0.00% | — |
Aug 9, 2026 7w ago | Institutional Cluster | $383.93 $390.28 | ▲ +1.66% | ▲ +1.70% | — |
Aug 6, 2026 8w ago | Insider Cluster | $375.81 $380.89 | ▲ +1.35% | ▲ +0.14% | — |
Jul 23, 2026 10w ago | Press Release | $371.86 $366.67 | ▲ +1.40% | ▲ +1.77% | — |
Jul 14, 2026 11w ago | Insider Cluster | $392.75 $372.46 | ▼ −5.17% | ▼ −3.87% | — |
US Market Status
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