The cluster is dominated by passive/quant buying (Schwab, RenTech, Point72) offset by large active manager and sovereign selling (Morgan Stanley, Norges, Mitsubishi UFJ). The divergent insider signal (no insider buying) weakens the bullish case. Monitor next earnings for fundamental catalyst that could resolve the disagreement; the net selling bias suggests caution near-term.
Executive Summary
A mixed institutional cluster in ADP for 2026-Q1 shows 52 buyers accumulating $2.23B in net new holdings, led by Schwab (doubled to $2.35B) and Wellington (added $156M), while 37 sellers reduced positions by $3.36B, led by Morgan Stanley (trimmed $1.36B), Norges Bank (full exit of $722M), and Mitsubishi UFJ (trimmed $533M). The net selling pressure of ~$1.13B suggests divergent views, with passive index rebalancing and quant funds on the buy side offset by significant active manager and sovereign wealth exits.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$1.1B
▲ Buyers (52)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Schwab | DOUBLED | +378.9% | $2.4B | $1.7B |
| RenTech | DOUBLED | +1018.7% | $131.4M | $116.5M |
| Point72 | NEW | +0% | $11.5M | $11.5M |
| Wellington Management Group | ADD | +37% | $2.0B | $156.1M |
| Amundi | ADD | +27.7% | $616.4M | $5.5M |
| Mirae Asset Global Investments | DOUBLED | +131.9% | $110.4M | $50.1M |
| Arrowstreet Capital, Limited P | ADD | +29.5% | $58.5M | $1.3M |
| Victory Capital Management | ADD | +96.5% | $264.6M | $94.1M |
| Neuberger Berman Group | ADD | +64.4% | $68.6M | $15.8M |
| Clearbridge Investments | ADD | +42.1% | $487.4M | $53.3M |
▼ Sellers (37)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Morgan Stanley | TRIM | -38.2% | $2.7B | -$1.4B |
| Jensen | NEAR_EXIT | -83.4% | $163.0M | -$141.7M |
| Norges Bank | EXIT | -100% | $721.7M | -$721.7M |
| Ameriprise Financial | TRIM | -28.1% | $1.0B | -$433.9M |
| Mitsubishi Ufj Asset Managemen | TRIM | -65.1% | $740.9M | -$532.9M |
| Fil | TRIM | -67.7% | $33.7M | -$25.1M |
| Dz Bank Ag Deutsche Zentral Ge | NEAR_EXIT | -99.6% | $4.7M | -$4.7M |
| National Bank Of Canada | TRIM | -25.6% | $149.3M | -$61.6M |
| Allianz Asset Management | TRIM | -26.1% | $110.8M | -$46.1M |
| Prudential Financial | TRIM | -29.1% | $71.0M | -$31.3M |
Key Facts
- 52 institutional buyers added $2.23B in net new holdings, while 37 sellers reduced by $3.36B, for net selling of ~$1.13B
- Schwab (mega-passive) doubled its stake from $621M to $2.35B, adding $1.73B — the largest single move
- Norges Bank (sovereign) fully exited a $722M position
- Morgan Stanley (mega-passive) trimmed $1.36B, reducing by 38.2%
- Renaissance Technologies (quant) doubled its small stake from $14.9M to $131.4M
- Point72 (quant) initiated a new $11.5M position
- No open-market insider buying was detected, with a divergent 13F × Form 4 confluence score of 25/100
Financial Impact
Net institutional selling of approximately $1.13B, with $6.15B in total buyer holdings versus $3.36B in seller reductions
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound since quarter-end
- No insider buying corroboration reduces conviction in the accumulation thesis
- Large passive buying (Schwab) may reflect index rebalancing rather than fundamental conviction
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-ADP-2026-Q1 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 4, 2026 28d ago | Insider Cluster | $277.62 $276.63 | ▼ −0.36% | ▲ +0.85% | — |
Sep 4, 2026 28d ago | Insider Cluster | $277.62 $276.63 | ▼ −0.36% | ▲ +0.85% | — |
Sep 3, 2026 29d ago | Insider Cluster | $283.53 $268.26 | ▼ −5.39% | ▼ −4.24% | — |
Aug 24, 2026 5w ago | Insider Cluster | $283.01 $286.16 | ▲ +1.11% | ▲ +0.64% | — |
Jul 29, 2026 9w ago | 8-K | $273.37 $269.90 | ▼ −1.27% | ▼ −6.80% | — |
Jul 20, 2026 10w ago | Institutional Cluster | $246.22 $254.98 | ▲ +3.56% | ▲ +4.79% | — |
Jun 21, 2026 14w ago | Institutional Cluster | $214.60 $223.55 | ▲ +4.17% | ▲ +6.24% | — |
Mar 30, 2026 26w ago | Court Ruling | $205.41 $203.47 | ▼ −0.94% | ▼ −5.24% | — |
Mar 10, 2026 29w ago | Court Ruling | $217.22 $209.63 | ▼ −3.49% | ▼ −2.59% | — |
US Market Status
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