The cluster is dominated by passive rebalancing, not active conviction. Monitor for active manager 13F filings or insider activity for a clearer read.
Executive Summary
A mixed institutional cluster in Caris Life Sciences (CAI) for Q4 2025 shows three mega-passive funds (BlackRock, State Street, Fidelity) adding $138.9M in aggregate, while two other mega-passive funds (Vanguard, T. Rowe Price) trimmed a small $4.5M.
Key Financial Metrics
Institutional Positions
Net institutional flow: $134.4M
▲ Buyers (3)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| BlackRock | DOUBLED | +266.5% | $64.0M | $44.4M |
| State Street | ADD | +67.8% | $7.0M | $2.3M |
| Fidelity | ADD | +47.6% | $383.6M | $92.2M |
▼ Sellers (2)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Vanguard | NEAR_EXIT | -80.9% | $5.3M | -$4.4M |
| T. Rowe Price | TRIM | -30.3% | $209.0K | -$79.2K |
Key Facts
- 3 buyers added $138.9M in net new holdings, led by Fidelity (+$92.2M) and BlackRock (+$44.4M)
- 2 sellers reduced holdings by $4.5M, led by Vanguard near-exit (-$4.4M)
- All five institutions are mega-passive/index funds — no active managers or activists in the cluster
Financial Impact
3 passive buyers accumulated $454.6M in current holdings (net +$138.9M) while 2 passive sellers reduced holdings by $4.5M
Risk Factors
- 45-day reporting lag means positions may have already been unwound
- All participants are passive/index funds — signal is weak and may reflect mechanical rebalancing
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-CAI-2025-Q4 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | Institutional Cluster | $32.35 | awaiting T+20 | — | — |
Oct 15, 2026 11d ago | Press Release | $31.76 | awaiting T+20 | — | — |
Sep 23, 2026 4w ago | Insider Cluster | $32.27 $31.71 | ▲ +1.74% | ▲ +1.32% | — |
Sep 14, 2026 6w ago | 8-K | $28.50 $29.53 | ▲ +3.61% | ▲ +0.89% | — |
Aug 7, 2026 11w ago | 144 | $23.40 $24.82 | ▼ −6.07% | ▼ −6.98% | — |
Jul 13, 2026 15w ago | Insider Cluster | $17.06 $23.40 | ▲ +37.16% | ▲ +33.98% | — |
Jun 11, 2026 19w ago | Institutional Cluster | $18.00 $17.87 | ▼ −0.72% | ▼ −2.61% | — |
Apr 23, 2026 26w ago | DEFA14A | $19.79 $15.70 | ▼ −20.67% | ▼ −25.30% | — |
US Market Status
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