The Q2 2026 13F cluster shows a strong institutional rotation into BB, but the 45-day lag means these positions are already stale. Watch for Q3 2026 13F filings to confirm whether the accumulation continued or was reversed. The near-exit by Walleye Capital (a quant/special-situations shop) is a cautionary signal that some sophisticated capital saw a reason to exit. Given the 75% historical win rate on BB calls, the directional read is bullish but tempered by the lag.
Executive Summary
A strong institutional accumulation cluster formed in BlackBerry (BB) during Q2 2026, with 13 buyers adding $218.9M in net new positions against only 5 sellers trimming $7.5M. The buying was dominated by mega-passive managers (Morgan Stanley, BofA, Goldman Sachs) and active asset managers (TD Asset Management, Bank of Montreal), with several funds doubling or more than doubling their stakes. This signals a coordinated re-rating thesis around BlackBerry's IoT/cybersecurity pivot, though the 45-day 13F reporting lag means positions may have shifted since quarter-end. The historical win rate on BB calls is strong (75% at T+20), supporting a bullish read on this cluster.
Key Financial Metrics
Institutional Positions
Net institutional flow: $211.4M
▲ Buyers (13)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Bank Of Montreal /Can | ADD | +27.2% | $29.4M | $23.5M |
| Fidelity | DOUBLED | +706% | $7.8M | $7.5M |
| Morgan Stanley | DOUBLED | +113.2% | $49.2M | $43.3M |
| BofA | ADD | +56.6% | $64.7M | $54.1M |
| Goldman Sachs | ADD | +69% | $31.1M | $26.4M |
| Td Asset Management | DOUBLED | +159.5% | $62.9M | $56.7M |
▼ Sellers (5)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| JPMorgan | TRIM | -73.9% | $6.6M | $214.0K |
| Citigroup | TRIM | -32.5% | $1.4M | $2.3M |
| Walleye Capital | NEAR_EXIT | -98.3% | $9.2M | -$8.6M |
| M&G | TRIM | -26.8% | $5.9M | $12.9M |
| Amundi | TRIM | -26.3% | $377.0K | $708.0K |
Key Facts
- 13 institutional buyers vs 5 sellers in Q2 2026
- Net institutional inflow of $218.9M into BB
- TD Asset Management doubled its position to $62.9M (largest active manager buyer)
- Morgan Stanley more than doubled to $49.2M; BofA added 56.6% to $64.7M
- Walleye Capital made a near-exit, selling 98.3% of its $9.2M position
- JPMorgan trimmed 73.9% of its stake; Citigroup, M&G, and Amundi also reduced
- Fidelity (mega-passive) increased 706% to $7.8M from a tiny base
- No insider open-market buying during the quarter (confluence score 23/100, divergent)
Financial Impact
13 buyers added $218.9M in net new positions (current holdings $252.8M) while 5 sellers reduced by $7.5M, for a net institutional inflow of approximately $211.4M
Risk Factors
- 13F data is 45+ days stale — positions may have been unwound since quarter-end
- Walleye Capital's near-exit suggests some sophisticated capital disagreed with the thesis
- No insider buying to confirm the institutional thesis
- BB remains a small-cap turnaround story with execution risk on IoT/cybersecurity pivot
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-BB-2026-Q2 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 15, 2026 6w ago | Institutional Cluster | $8.73 $7.80 | ▼ −10.65% | ▼ −8.68% | — |
Jul 15, 2026 11w ago | Insider Cluster | $10.64 $8.77 | ▼ −17.58% | ▼ −19.92% | — |
Jul 6, 2026 12w ago | Insider Cluster | $11.38 $8.50 | ▼ −25.31% | ▼ −24.74% | — |
May 8, 2026 21w ago | 8-K | $6.37 $9.41 | ▲ +47.72% | ▲ +47.70% | — |
Apr 9, 2026 25w ago | 8-K | $3.82 $5.99 | ▲ +56.81% | ▲ +49.24% | — |
Apr 4, 2026 25w ago | Insider Cluster | $3.55 $5.58 | ▲ +57.18% | ▲ +48.20% | — |
Apr 2, 2026 26w ago | Insider Cluster | $3.46 $5.40 | ▲ +56.07% | ▲ +46.19% | — |
US Market Status
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