The cluster is large in dollar terms but dominated by passive/index-driven accumulation, not active conviction. The divergent insider signal (zero buying) and quant selling (Millennium, Bridgewater) suggest caution. Monitor for any fundamental catalyst (earnings, guidance) that could validate the passive buying thesis; without it, the cluster may reflect index rebalancing rather than a directional bet.
Executive Summary
A large institutional cluster in AYI shows a strong net buying bias of $1.30B from 23 buyers, dominated by mega-passive funds (Fidelity, UBS, Goldman Sachs, Geode, Norges Bank), against $43.4M in selling from 14 mostly smaller asset managers. The buying is overwhelmingly passive/index-driven, not active conviction, and the selling includes notable quant funds (Bridgewater, Millennium) trimming or nearly exiting. The cluster signals broad institutional accumulation but lacks active-manager conviction, and the 13F × Form 4 confluence is divergent with zero insider buying, weakening the signal.
Key Financial Metrics
Institutional Positions
Net institutional flow: $1.3B
▲ Buyers (23)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Fidelity | ADD | +53% | $1.4B | $697.4M |
| UBS | DOUBLED | +129.6% | $194.3M | $131.3M |
| Norges Bank | NEW | — | $119.4M | $119.4M |
| Goldman Sachs | ADD | +89.4% | $144.0M | $87.4M |
| Morgan Stanley | ADD | +37.5% | $136.8M | $62.8M |
▼ Sellers (14)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Assenagon Asset Management | NEAR_EXIT | -78.9% | $20.1M | -$14.4M |
| Millennium | NEAR_EXIT | -95.9% | $11.3M | -$10.7M |
| Bridgewater | TRIM | -74.3% | $8.4M | -$5.5M |
| Russell Investments Group | TRIM | -38.5% | $17.0M | -$3.0M |
| Universal- Beteiligungs- Und | TRIM | -50.8% | $8.0M | -$2.7M |
Key Facts
- 23 institutional buyers added $1.30B in AYI positions during 2026-Q2, while 14 sellers reduced by $43.4M.
- Top buyers: Fidelity (+$697M), UBS (+$131M), Norges Bank (new $119M), Goldman Sachs (+$87M), Morgan Stanley (+$63M).
- Sellers include Millennium (near-exit, -$10.7M), Assenagon (near-exit, -$14.4M), and Bridgewater (trim, -$5.5M).
- The buying is dominated by mega-passive/index funds; active managers and quants are mixed.
- 13F × Form 4 confluence score is 25/100 (divergent) — zero open-market insider buying.
- Historical calibration shows a 50% win rate at T+20 on prior AYI reports, with a -3.50% average alpha vs SPY.
Financial Impact
Net institutional buying of $1.30B from 23 buyers vs. $43.4M in selling from 14 sellers; net inflow of approximately $1.26B.
Risk Factors
- Passive/index-driven buying may reverse on index rebalancing or sector rotation.
- Quant selling (Millennium, Bridgewater) suggests sophisticated capital is reducing exposure.
- Zero insider buying weakens the conviction signal from the institutional cluster.
- Historical T+20 alpha vs SPY is negative (-3.50%) on prior AYI reports.
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-AYI-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 28, 2026 4w ago | Press Release | $331.79 $308.79 | ▲ +6.93% | ▲ +6.74% | — |
Aug 21, 2026 5w ago | Institutional Cluster | $343.10 $306.46 | ▼ −10.68% | ▼ −11.70% | — |
Jun 25, 2026 14w ago | Press Release | $359.39 $326.97 | ▼ −9.02% | ▼ −9.55% | — |
Apr 2, 2026 26w ago | 8-K | $265.20 $289.77 | ▼ −9.26% | ▲ +0.61% | — |
Apr 2, 2026 26w ago | Press Release | $265.20 $289.77 | ▲ +9.26% | ▼ −0.61% | — |
Mar 26, 2026 27w ago | Press Release | $269.50 $291.85 | ▲ +8.29% | ▼ −4.45% | — |
US Market Status
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