The 5:1 dollar imbalance toward selling — led by two prominent quant funds — suggests systematic risk models may be flagging BWA. Monitor next 10-Q for EV transition strategy updates. If traditional long-only buyers like Swedbank and Bridgewater continue accumulating, the sell-side may be tactical quant de-risking rather than a fundamental call.
Executive Summary
A mixed institutional cluster has formed in BorgWarner (BWA) during Q3 2024, with 20 buyers accumulating ~$50M in new positions while 19 sellers reduced holdings by ~$268M. The largest sell-side moves come from quant funds Citadel and Balyasny, which each cut positions by over $80M, while top buyers include a large add by Swedbank ($22.5M) and a doubling by Bridgewater ($13.5M). The cluster points to divergent views on BWA's EV transition exposure and near-term auto demand outlook.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$218.2M
▲ Buyers (20)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Swedbank Ab | DOUBLED | +236.5% | $30.6M | $22.5M |
| Bridgewater Associates | DOUBLED | +4509.5% | $13.8M | $13.5M |
| Franklin Resources | DOUBLED | +292.9% | $9.0M | $6.9M |
| Glenmede Trust Co Na | ADD | +44.2% | $11.0M | $4.2M |
▼ Sellers (19)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Citadel Advisors | NEAR_EXIT | -91.6% | $136.6M | -$123.7M |
| Balyasny Asset Management | TRIM | -57.6% | $153.6M | -$80.4M |
| Silvercrest Asset Management | TRIM | -42.4% | $126.2M | -$44.4M |
| Verition Fund Management | NEAR_EXIT | -92.9% | $4.5M | -$4.1M |
Key Facts
- 20 institutional buyers added a net $50.1M in BWA positions during Q3 2024.
- 19 institutional sellers removed a net $268.3M — the largest sell-side leans heavily quant-driven.
- Citadel executed a near-exit, cutting 91.6% of its position: $136.6M → $12.9M.
- Balyasny trimmed 57.6% of its position: $153.6M → $73.2M.
- Swedbank doubled its stake to $30.6M (+$22.5M), the single largest buy-side move.
- Bridgewater went from $265K to $13.8M, a 45x increase in dollar exposure.
- Silvercrest trimmed $44.4M off a large $126.2M position.
- Sell side ($268M) dwarfs buy side ($50M) by more than 5x in total dollar terms.
Financial Impact
Active institutional cluster saw net selling of ~$218M: buyers added $50.1M across 20 accounts, sellers cut $268.3M across 19 accounts. The sell-side was concentrated in three funds — Citadel ($124M), Balyasny ($80M), and Silvercrest ($44M) — that together accounted for 93% of all selling.
Risk Factors
- Odd-lot value inaccuracies (Cwm, Teacher Retirement, Dz Bank) may inflate buyer count without material impact.
- 13F data is 45+ days stale; some positions may have been partially reversed since quarter-end.
- Consensus is 67% bullish (14 Buy ratings), meaning a crowded long could unwind on any auto demand miss.
- Prior model calls on BWA have a 33% win rate at T+20 — the stock has been persistently mean-reverting vs analyst calls.
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-BWA-2024-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 1, 2026 4w ago | Insider Cluster | $63.54 $60.11 | ▼ −5.40% | ▼ −5.72% | — |
Aug 25, 2026 5w ago | Insider Cluster | $65.10 $60.55 | ▼ −6.99% | ▼ −7.96% | — |
Aug 20, 2026 6w ago | Insider Cluster | $67.78 $63.32 | ▼ −6.58% | ▼ −6.30% | — |
Aug 20, 2026 6w ago | Insider Cluster | $64.80 $63.32 | ▼ −2.28% | ▼ −2.28% | — |
Aug 18, 2026 6w ago | Insider Cluster | $67.95 $62.94 | ▼ −7.38% | ▼ −6.39% | — |
Aug 10, 2026 7w ago | 8-K | $69.28 $66.80 | ▼ −3.58% | ▼ −2.67% | — |
Aug 5, 2026 8w ago | 8-K | $66.34 $65.18 | ▼ −1.75% | ▼ −1.15% | — |
Aug 1, 2026 8w ago | Institutional Cluster | $63.31 $64.16 | ▲ +1.34% | ▲ +0.10% | — |
Jul 31, 2026 9w ago | 8-K | $63.74 $64.09 | ▲ +0.55% | ▼ −2.44% | — |
Jun 12, 2026 16w ago | Institutional Cluster | $74.51 $64.99 | ▼ −12.78% | ▼ −14.56% | — |
US Market Status
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