The cluster suggests active managers see value in AGI at current levels, but the historical track record of AGI calls is poor (0% win rate at T+20). Monitor for a catalyst (e.g., gold price move, production update) that could validate the thesis. The 45-day 13F lag means positions may have already been adjusted.
Executive Summary
A mixed institutional cluster in AGI for Q3 2024 shows 14 buyers adding $68.0M in new holdings (led by Driehaus Capital Management, Jupiter Asset Management, and Canada Pension Plan) while 9 sellers reduced by $37.5M (led by Invesco and Citadel). The net buying of $30.5M is dominated by active asset managers, suggesting a shared bullish thesis on gold miner fundamentals, partially offset by passive/quant trimming. Historical performance on AGI calls has been poor (0% win rate at T+20), warranting caution despite the cluster's active-manager conviction.
Key Financial Metrics
Institutional Positions
Net institutional flow: $30.5M
▲ Buyers (14)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Driehaus Capital Management | ADD | +74.6% | $49.8M | $27.4M |
| Jupiter Asset Management | NEW | — | $20.8M | $20.8M |
| Canada Pension Plan Investment | DOUBLED | +199.1% | $18.4M | $13.5M |
| Walleye Capital | DOUBLED | +163.7% | $1.7M | $1.2M |
| Bridgewater | ADD | +37% | $2.8M | $1.2M |
▼ Sellers (9)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Invesco | TRIM | -37.3% | $65.9M | -$13.3M |
| Citadel | TRIM | -48% | $39.8M | -$13.5M |
| Assenagon Asset Management | TRIM | -67.6% | $13.7M | -$8.1M |
| Alberta Investment Management | TRIM | -33.2% | $6.7M | -$999.4K |
| Voloridge Investment Management | TRIM | -59.6% | $1.9M | -$936.1K |
Key Facts
- 14 institutional buyers added $68.0M in AGI positions; 9 sellers reduced by $37.5M (net +$30.5M)
- Largest buyer: Driehaus Capital Management added $27.4M (+74.6% to $49.8M)
- Jupiter Asset Management initiated a new $20.8M position
- Canada Pension Plan Investment doubled its stake (+$13.5M to $18.4M)
- Top sellers: Invesco trimmed $13.3M (-37.3%) and Citadel trimmed $13.5M (-48.0%)
- Active asset managers dominate the buying side; sellers include passive/quant firms
- Historical AGI reports show 0% win rate at T+20 across 4 settled calls
Financial Impact
Net institutional buying of $30.5M (14 buyers adding $68.0M vs 9 sellers reducing $37.5M)
Risk Factors
- 45-day reporting lag: Q3 positions may no longer reflect current holdings
- Historical AGI calls have underperformed significantly (avg -10.5% at T+20)
- Gold price volatility could reverse the thesis quickly
- Passive/quant selling (Invesco, Citadel) may indicate broader sector rotation
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-AGI-2024-Q3 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 31, 2026 4w ago | 6-K | $36.61 $33.04 | ▼ −9.75% | ▼ −9.56% | — |
Aug 8, 2026 7w ago | Institutional Cluster | $33.19 $36.45 | ▲ +9.82% | ▲ +10.74% | — |
Jul 30, 2026 9w ago | 6-K | $28.40 $37.88 | ▼ −33.38% | ▼ −29.41% | — |
Jul 29, 2026 9w ago | Press Release | $28.40 $37.88 | ▲ +33.38% | ▲ +29.41% | — |
Jun 30, 2026 13w ago | 6-K | $30.31 $28.58 | ▼ −5.71% | ▼ −3.52% | — |
Jun 11, 2026 16w ago | Institutional Cluster | $35.20 $29.46 | ▼ −16.31% | ▼ −18.09% | — |
May 28, 2026 18w ago | 6-K | $40.80 $30.74 | ▼ −24.66% | ▼ −22.86% | — |
May 28, 2026 18w ago | Press Release | $40.80 $30.74 | ▼ −24.66% | ▼ −22.86% | — |
May 28, 2026 18w ago | 6-K | $39.52 $31.32 | ▼ −20.75% | ▼ −17.60% | — |
May 28, 2026 18w ago | Press Release | $39.52 $31.32 | ▼ −20.75% | ▼ −17.60% | — |
US Market Status
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