The cluster is dominated by active managers on both sides, but the net selling pressure and lack of insider buying suggest caution. Monitor for any fundamental catalyst (silver price moves, production updates) that could resolve the mixed signals. The historical poor T+20 performance on AG reports warrants a lower conviction on this cluster as a standalone signal.
Executive Summary
Institutional cluster for First Majestic Silver (AG) in Q2 2026 shows a mixed signal: 4 buyers added $13.7M in net new positions (led by Citigroup's $12.6M increase), while 6 sellers reduced holdings by $34.4M (led by IMC-Chicago's $12.9M trim and Walleye Trading's $10.2M trim). The net selling pressure of ~$20.7M and the absence of open-market insider buying weaken the bullish case, despite Citigroup's large new position. Historical calibration on AG reports shows poor T+20 performance (avg -3.02%, 38% win rate), and the score-6/7 cells have negative net alpha, suggesting caution on over-scoring this cluster as a strong directional signal.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$20.7M
▲ Buyers (4)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Citigroup | DOUBLED | +1452.6% | $13.7M | $12.6M |
| Envestnet Asset Management | DOUBLED | +173.6% | $1.1M | $616.0K |
| Td Waterhouse Canada | DOUBLED | +142.6% | $859.0K | $399.0K |
| Hightower Advisors | ADD | +45.8% | $1.1M | $143.0K |
▼ Sellers (6)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Imc-Chicago | TRIM | -26% | $31.0M | -$12.9M |
| Walleye Trading | TRIM | -59.5% | $14.9M | -$10.2M |
| Walleye Capital | NEAR_EXIT | -96.2% | $6.4M | -$6.2M |
| Russell Investments Group | TRIM | -70.4% | $3.8M | -$2.9M |
| Erste Asset Management | NEAR_EXIT | -96.9% | $2.2M | -$2.1M |
| Farther Finance Advisors | TRIM | -61.2% | $113.0K | -$79.5K |
Key Facts
- 4 institutional buyers added $13.7M in net new positions during Q2 2026
- 6 institutional sellers reduced holdings by $34.4M, creating net selling pressure of ~$20.7M
- Citigroup doubled its stake by 1,452.6% to $13.7M, the largest buyer
- IMC-Chicago trimmed 26% of its position, selling $12.9M worth of shares
- No open-market insider buying was detected in the same window (confluence score 28/100)
- Historical AG reports show avg T+20 return of -3.02% with only 38% win rate
Financial Impact
Net institutional selling of ~$20.7M in Q2 2026, with $16.8M in total buyer holdings vs $34.4M in total seller reductions
Risk Factors
- Net selling pressure of ~$20.7M may indicate institutional de-risking ahead of a catalyst
- No insider buying corroboration weakens the bullish thesis from Citigroup's large addition
- Historical AG reports show poor T+20 performance (avg -3.02%, 38% win rate)
- 13F data is 45+ days stale; positions may have been unwound since quarter-end
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-AG-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 9, 2026 23d ago | 6-K | $21.18 $18.33 | ▼ −13.46% | ▼ −12.36% | — |
Aug 25, 2026 5w ago | 6-K | $20.99 $21.20 | ▲ +1.00% | ▲ +1.12% | — |
Aug 8, 2026 7w ago | Institutional Cluster | $18.85 $19.57 | ▲ +3.82% | ▲ +3.87% | — |
Jul 30, 2026 9w ago | 6-K | $15.69 $17.28 | ▲ +10.13% | ▲ +6.51% | — |
Jul 30, 2026 9w ago | 6-K | $15.69 $17.28 | ▲ +10.13% | ▲ +6.51% | — |
Jul 7, 2026 12w ago | 6-K | $15.80 $16.93 | ▲ +7.15% | ▲ +6.29% | — |
May 12, 2026 20w ago | 6-K | $24.21 $19.73 | ▼ −18.50% | ▼ −18.58% | — |
Apr 9, 2026 25w ago | 6-K | $20.59 $21.05 | ▲ +2.23% | ▼ −0.95% | — |
Apr 2, 2026 26w ago | 6-K | $21.84 $20.58 | ▼ −5.77% | ▼ −9.39% | — |
Mar 30, 2026 26w ago | Court Ruling | $19.65 $21.26 | ▲ +8.19% | ▲ +3.89% | — |
US Market Status
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