The Baillie Gifford trim is the dominant signal here — a top-2 holder reducing by nearly a third suggests waning conviction from a long-term growth investor. However, the broad-based buying from 6 smaller managers provides a counterweight. Monitor for further insider selling or additional 13F filings from Baillie Gifford in Q3 to confirm whether this is a one-time rebalance or the start of a larger exit. The lack of insider buying weakens the bullish case from the accumulation side.
Executive Summary
Amplitude's 2026-Q2 institutional cluster shows a mixed picture: 6 smaller active managers added $936K in aggregate, while Baillie Gifford (the second-largest holder) trimmed 32.4% of its position, selling $4.35M worth. The net dollar flow is heavily negative due to Baillie Gifford's large trim, but the buying side is broad-based and includes Citigroup and Farther Finance more than doubling their stakes. The divergence between active manager accumulation and the largest holder's reduction creates an ambiguous signal, with no insider buying to corroborate either side.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$3.5M
▲ Buyers (6)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Citigroup | DOUBLED | +483.6% | $372.0K | $315.0K |
| Strs Ohio | ADD | +46.3% | $580.0K | $227.0K |
| Wealth Enhancement Advisory Services | ADD | +47.8% | $444.0K | $220.0K |
▼ Sellers (3)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Baillie Gifford & | TRIM | -32.4% | $18.0M | -$4.4M |
| Hightower Advisors | TRIM | -47.5% | $154.0K | -$63.3K |
| Pnc Financial Services Group | TRIM | -27.8% | $189.0K | -$36.0K |
Key Facts
- 6 buyers added $936K in new positions, led by Citigroup (+$315K) and Strs Ohio (+$227K)
- 3 sellers trimmed $4.45M, dominated by Baillie Gifford's $4.35M reduction (32.4% of its stake)
- Baillie Gifford remains the largest institutional holder at $13.6M despite the trim
- No open-market insider buying was detected (confluence score 15/100, divergent)
- The buying side consists entirely of smaller active managers; no activist or well-known hedge funds participated
Financial Impact
Net institutional selling of ~$3.5M, with $4.45M in sells vs $936K in buys
Risk Factors
- Baillie Gifford's large trim could signal deteriorating fundamentals or a thesis change
- Smaller buyer positions are immaterial relative to the seller's $4.35M exit
- No insider buying to corroborate the accumulation thesis
- 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-AMPL-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | 144 | $17.30 | awaiting T+5 | — | — |
Oct 23, 2026 3d ago | 144 | $17.42 | awaiting T+5 | — | — |
Oct 15, 2026 11d ago | 8-K | $14.75 $17.42 | ▲ +18.10% | ▲ +18.53% | — |
Sep 14, 2026 6w ago | Insider Cluster | $13.37 $13.14 | ▲ +1.72% | ▲ +3.85% | — |
Aug 8, 2026 11w ago | Institutional Cluster | $12.19 $12.61 | ▲ +3.45% | ▲ +3.49% | — |
Jul 1, 2026 16w ago | ANALYST-UPGRADE | $8.55 $9.16 | ▲ +7.13% | ▲ +6.87% | — |
Jun 12, 2026 19w ago | 144 | $6.84 $6.46 | ▼ −5.56% | ▼ −4.17% | — |
May 7, 2026 24w ago | ANALYST-DOWNGRADE | $5.91 $5.98 | ▲ +1.18% | ▼ −0.32% | — |
May 6, 2026 24w ago | 8-K | $5.91 $5.98 | ▲ +1.18% | ▼ −0.32% | — |
Apr 24, 2026 26w ago | DEFA14A | $7.03 $8.04 | ▲ +14.37% | ▲ +13.97% | — |
US Market Status
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