The near-unanimous trimming by BlackRock, State Street, Geode, and Northern Trust — four of the largest index providers — suggests AISP may have been removed from or reweighted downward in major indices. Monitor upcoming index reconstitution announcements and the next 13F for continued passive liquidation. The small active buying is negligible in offsetting this outflow.
Executive Summary
In Q2 2026, Airship AI Holdings saw a stark divergence between small active managers accumulating token positions (8 buyers, net +$167K) and large passive/index funds aggressively reducing (9 sellers, net -$4.6M). The selling is dominated by BlackRock, State Street, Geode, and Northern Trust, which together shed over $4.3M in holdings, while the buying side consists of tiny adds from firms like Marshall Wace (+$85K) and Citigroup (+$39K). This pattern suggests passive rebalancing or de-risking rather than a fundamental thesis change, but the near-total exit by major index providers is a cautionary signal for liquidity and institutional sponsorship.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$4.4M
▲ Buyers (8)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Marshall Wace | ADD | +87.1% | $171.0K | $85.0K |
| Citigroup | DOUBLED | +1371.1% | $41.0K | $39.0K |
▼ Sellers (9)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| BlackRock | TRIM | -73.7% | $3.3M | -$2.4M |
| State Street | NEAR_EXIT | -80.6% | $928.0K | -$738.0K |
| Geode | TRIM | -58.2% | $1.3M | -$736.0K |
| Northern Trust | NEAR_EXIT | -79.2% | $565.0K | -$441.0K |
Key Facts
- 8 small active buyers added a net $167K in positions, with Marshall Wace (+$85K) and Citigroup (+$39K) leading.
- 9 sellers reduced holdings by a net $4.6M, led by BlackRock (-$2.4M), State Street (-$738K), and Geode (-$736K).
- Four mega-passive funds (BlackRock, State Street, Geode, Northern Trust) accounted for ~94% of total selling value.
- Total institutional holdings in the cluster fell from ~$6.7M to ~$2.2M, a 67% reduction.
- No activist or high-conviction value fund appeared on either side; all buyers were small asset managers adding micro-positions.
Financial Impact
Net institutional outflow of ~$4.4M (buyers added $167K, sellers removed $4.6M), representing a ~67% reduction in tracked holdings from ~$6.7M to ~$2.2M.
Risk Factors
- Continued passive selling pressure if index removal is confirmed or if other index funds follow suit.
- Loss of institutional sponsorship could reduce liquidity and increase volatility.
- No high-conviction activist or value fund has stepped in to absorb the selling, leaving the stock reliant on retail and small allocators.
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-AISP-2026-Q2 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 22, 2026 4w ago | Institutional Cluster | $1.98 $2.16 | ▼ −9.37% | ▼ −9.93% | — |
Aug 6, 2026 11w ago | 8-K | $1.92 $2.10 | ▲ +9.38% | ▲ +8.78% | — |
Aug 6, 2026 11w ago | Press Release | $1.92 $2.10 | ▲ +9.38% | ▲ +8.78% | — |
May 11, 2026 24w ago | Press Release | $2.44 $2.84 | ▼ −16.39% | ▼ −16.70% | — |
US Market Status
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