The mixed institutional cluster with net selling suggests no clear catalyst driving consensus. Monitor for a potential thesis catalyst (earnings, M&A, or regional gaming trends) that could resolve the divergence. The new Norges Bank position is a positive signal but insufficient alone to overweight the stock given the larger selling by Boston Partners and Fidelity.
Executive Summary
Institutional activity in BYD during 2026-Q2 shows a mixed picture: 9 buyers accumulated $133.2M in new positions (led by Norges Bank's new $35.5M stake and American Century's $49.8M add), while 9 sellers reduced holdings by $171.8M (dominated by Boston Partners trimming $129.8M and Fidelity trimming $24.7M). The net selling pressure of ~$38.6M and the divergent insider-institutional signals (score 22/100) suggest no strong consensus thesis, though the presence of a sovereign wealth fund as a new buyer adds a notable positive signal. Historical calibration shows a 63% win rate at T+20 on prior BYD reports, but the mixed cluster direction warrants caution.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$38.6M
▲ Buyers (9)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Norges Bank | NEW | +0% | $35.5M | $35.5M |
| American Century Companies | ADD | +58.7% | $120.4M | $49.8M |
| Morgan Stanley | ADD | +39.2% | $70.6M | $23.4M |
| Citigroup | ADD | +66.4% | $24.2M | $10.7M |
| Russell Investments Group | DOUBLED | +130.4% | $11.4M | $6.8M |
▼ Sellers (9)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Boston Partners | TRIM | -60.2% | $226.7M | -$129.8M |
| Fidelity | TRIM | -28.1% | $108.9M | -$24.7M |
| New York State Common Retirement Fund | TRIM | -33.4% | $27.3M | -$7.7M |
| Lpl Financial | TRIM | -64.3% | $8.7M | -$5.4M |
| Fifth Third Bancorp | NEAR_EXIT | -76% | $3.6M | -$2.7M |
Key Facts
- 9 buyers added $133.2M in new positions during 2026-Q2
- 9 sellers reduced holdings by $171.8M, creating net selling of ~$38.6M
- Norges Bank established a new $35.5M position (401.5K shares)
- Boston Partners was the largest seller, trimming $129.8M (1.66M shares)
- American Century was the largest buyer, adding $49.8M (504.2K shares)
- Insider-institutional confluence score is 22/100 (divergent), with zero open-market insider buyers
Financial Impact
Net institutional selling of approximately $38.6M during 2026-Q2, with $133.2M in buying activity offset by $171.8M in selling activity
Risk Factors
- Net institutional selling may indicate deteriorating fundamentals or sector headwinds
- The 45-day 13F reporting lag means positions may have already been unwound
- Divergent insider-institutional signals (score 22/100) reduce conviction in the cluster signal
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-BYD-2026-Q2 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 15, 2026 6w ago | Institutional Cluster | $82.77 $76.08 | ▼ −8.08% | ▼ −6.11% | — |
Jul 23, 2026 10w ago | Press Release | $87.04 $80.78 | ▼ −7.19% | ▼ −10.82% | — |
Jun 25, 2026 14w ago | 8-K | $89.70 $86.56 | ▼ −3.50% | ▼ −4.76% | — |
Jun 9, 2026 16w ago | Insider Cluster | $86.82 $87.37 | ▼ −0.63% | ▲ +2.99% | — |
May 7, 2026 21w ago | 8-K | $85.64 $87.87 | ▲ +2.60% | ▲ +2.58% | — |
Apr 29, 2026 22w ago | 144 | $86.29 $82.22 | ▼ −4.72% | ▼ −10.18% | — |
Apr 23, 2026 23w ago | 8-K | $83.88 $79.65 | ▲ +5.04% | ▲ +9.07% | — |
Mar 20, 2026 28w ago | DEFA14A | $81.06 $88.12 | ▲ +8.71% | ▼ −0.61% | — |
Feb 24, 2026 31w ago | 8-K | $84.72 $84.87 | ▲ +0.17% | ▲ +5.41% | — |
US Market Status
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