The cluster is mixed but net positive in dollar terms. Active value-oriented managers (First Eagle, Dimensional) adding alongside aggressive doublers (Assenagon, Tudor) suggests a contrarian value thesis, while quant selling (Citadel, D.E. Shaw) may reflect systematic risk reduction. Monitor next 13F for follow-through; the 45-day lag means positions may have already been adjusted.
Executive Summary
An institutional cluster in ADTN for Q3 2024 shows mixed conviction: 4 active asset managers added $8.2M in new holdings (led by Assenagon and Tudor doubling positions), while 6 sellers—including quant funds Citadel and D.E. Shaw—trimmed $4.5M. The buying is concentrated in smaller active managers, while the selling is dominated by quantitative and large passive institutions, suggesting a divergence between value-oriented and systematic strategies.
Key Financial Metrics
Institutional Positions
Net institutional flow: $3.7M
▲ Buyers (4)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Assenagon Asset Management | DOUBLED | +1545.2% | $3.9M | $3.7M |
| Tudor Investment Corp Et Al | DOUBLED | +146.5% | $1.6M | $1.1M |
| First Eagle Investment Managem | ADD | +46.9% | $5.9M | $2.4M |
| Dimensional Fund Advisors | ADD | +56.4% | $2.6M | $1.1M |
▼ Sellers (6)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Citadel | TRIM | -42.4% | $9.1M | -$3.2M |
| D.E. Shaw | TRIM | -41.3% | $1.7M | -$569.1K |
| Balyasny Asset Management | TRIM | -70.5% | $469.0K | -$312.8K |
| Legal & General Group | NEAR_EXIT | -80.6% | $203.0K | -$158.6K |
| Hsbc Holdings | NEAR_EXIT | -75.2% | $282.0K | -$204.3K |
| Russell Investments Group | TRIM | -29.2% | $372.0K | -$75.3K |
Key Facts
- 4 buyers added $8.2M in aggregate, with Assenagon (+1545% shares) and Tudor (+146.5%) doubling positions
- 6 sellers reduced holdings by $4.5M, led by Citadel trimming 42.4% ($3.2M) and D.E. Shaw trimming 41.3% ($569K)
- Net institutional flow was +$3.7M (buyers $14.1M vs sellers $9.6M in current holdings)
- All buyers are active asset managers; sellers include two quant funds (Citadel, D.E. Shaw) and four passive/asset managers
Financial Impact
Net institutional accumulation of $3.7M (buyers added $8.2M, sellers reduced $4.5M) in Q3 2024
Risk Factors
- 13F data is 45+ days stale; current positions may differ materially
- Quant selling (Citadel, D.E. Shaw) could indicate fundamental concerns not visible in the cluster data
- Small absolute dollar amounts ($14.1M total buying) limit signal strength
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-ADTN-2024-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 10w ago | 8-K | $7.76 $8.10 | ▲ +4.38% | ▲ +4.79% | — |
Aug 8, 2026 11w ago | Institutional Cluster | $7.63 $8.66 | ▲ +13.43% | ▲ +13.48% | — |
Aug 7, 2026 11w ago | Insider Buy | $7.63 $8.66 | ▲ +13.43% | ▲ +13.48% | — |
Aug 4, 2026 11w ago | 8-K | $8.76 $7.76 | ▼ −11.42% | ▼ −11.32% | — |
Jul 22, 2026 13w ago | 8-K | $10.45 $8.33 | ▲ +20.29% | ▲ +17.89% | — |
Jul 17, 2026 14w ago | S-3ASR | $11.65 $10.15 | ▼ −12.88% | ▼ −12.19% | — |
Jun 11, 2026 19w ago | Institutional Cluster | $15.26 $15.18 | ▼ −0.52% | ▼ −1.20% | — |
May 1, 2026 25w ago | DEFA14A | $18.45 $14.55 | ▼ −21.14% | ▼ −23.49% | — |
Apr 7, 2026 28w ago | 8-K | $13.73 $15.73 | ▲ +14.57% | ▲ +11.05% | — |
Mar 27, 2026 30w ago | DEFA14A | $12.93 $12.93 | · 0.00% | ▼ −3.86% | — |
US Market Status
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