The divergence between active manager accumulation and passive manager distribution creates an unclear signal. Monitor for a follow-on 13F filing in Q3 to see if the active buying continues or reverses. The absence of insider buying suggests no strong conviction from management. Given the 45-day reporting lag, these positions may already be stale.
Executive Summary
A mixed institutional cluster in ASIC (Ategrity Specialty Insurance Co Holdings) for 2026-Q2 shows 6 buyers adding $608K in net new positions, concentrated among active asset managers (Citigroup, Russell, Deutsche Bank doubling holdings), while 3 sellers — including mega-passive BofA and Goldman Sachs — trimmed a combined $2.77M. The net selling pressure from large passive holders outweighs the active buying, suggesting a rotation rather than a strong bullish consensus. No insider open-market buying accompanies the cluster, weakening the conviction signal.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$2.2M
▲ Buyers (6)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| T. Rowe Price | ADD | +36.8% | $9.0K | $4.0K |
| New York State Common Retirement Fund | ADD | +76.9% | $55.0K | $30.0K |
| Citigroup | DOUBLED | +1091.3% | $128.0K | $119.0K |
| Bank Of New York Mellon | ADD | +36.5% | $518.0K | $206.0K |
| Russell Investments Group | DOUBLED | +604.9% | $103.0K | $91.0K |
| Deutsche Bank | DOUBLED | +203.2% | $218.0K | $159.0K |
▼ Sellers (3)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| BofA | TRIM | -54.5% | $2.0M | -$898.6K |
| Goldman Sachs | TRIM | -59.3% | $2.6M | -$1.3M |
| Walleye Capital | TRIM | -57.9% | $1.1M | -$554.4K |
Key Facts
- 6 institutional buyers added $608K in net new positions, led by Citigroup (+$119K), Bank of New York Mellon (+$206K), and Deutsche Bank (+$159K)
- 3 institutional sellers trimmed $2.77M, led by Goldman Sachs (-$1.31M) and BofA (-$899K)
- Net aggregate change across all 9 institutions is -$2.16M (sellers outweigh buyers)
- No insider open-market buying in the concurrent window (Form 4 confluence score 30/100, verdict: institutions_only)
- Cluster is mixed: active managers are accumulating, but large passive holders are distributing
Financial Impact
6 buyers added $608K in new positions while 3 sellers trimmed $2.77M, for a net institutional outflow of approximately $2.16M
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound
- Passive sellers (BofA, Goldman Sachs) dominate the dollar volume, suggesting index rebalancing rather than fundamental thesis change
- No insider buying to corroborate the active manager thesis
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-ASIC-2026-Q2 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 6d ago | 8-K | $23.80 | awaiting T+60 | — | — |
Aug 15, 2026 10w ago | Institutional Cluster | $24.09 | awaiting T+60 | — | — |
Jul 10, 2026 15w ago | 8-K | $24.12 $25.73 | ▲ +6.67% | ▲ +4.04% | — |
Jun 11, 2026 19w ago | Institutional Cluster | $21.02 $27.40 | ▲ +30.35% | ▲ +25.96% | — |
US Market Status
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