The cluster shows strong active-manager buying (D.E. Shaw, Millennium, MFS) offset by significant trimming from large holders (CIBC, Citigroup). The 45-day lag means these positions may already be unwound. Watch for any insider Form 4 filings or uranium spot price moves to corroborate the bullish thesis.
Executive Summary
Institutional activity in Cameco (CCJ) during Q2 2026 was mixed: 52 buyers accumulated $350.7M in new positions while 31 sellers reduced holdings by $230.3M. The buying was concentrated among active asset managers and quant funds (D.E. Shaw, Millennium, Massachusetts Financial Services), while large sellers included CIBC Asset Management and Citigroup trimming significant stakes. The net $120.4M inflow suggests continued institutional interest in uranium exposure, but the mixed conviction and 45-day reporting lag temper the signal.
Key Financial Metrics
Institutional Positions
Net institutional flow: $120.4M
▲ Buyers (52)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| D.E. Shaw | DOUBLED | +122.9% | $188.8M | $98.4M |
| Millennium Management | DOUBLED | +1101.1% | $43.0M | $39.2M |
| Massachusetts Financial Services | ADD | +49.5% | $462.1M | $128.2M |
| American Century Companies | ADD | +40.3% | $120.1M | $28.8M |
| Eurizon Capital Sgr S.p.a. | DOUBLED | +184.7% | $47.3M | $29.6M |
▼ Sellers (31)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| CIBC Asset Management | TRIM | -27.1% | $392.4M | -$123.6M |
| Citigroup | TRIM | -45.2% | $128.9M | -$62.6M |
| BNP Paribas Financial Markets | NEAR_EXIT | -87.1% | $20.6M | -$18.1M |
| Principal Financial Group | NEAR_EXIT | -79.4% | $18.6M | -$15.0M |
| Jane Street Group | TRIM | -57.5% | $9.2M | -$5.5M |
Key Facts
- 52 institutional buyers added $350.7M in new positions; 31 sellers reduced by $230.3M
- D.E. Shaw doubled its stake to $188.8M (Δ+$98.4M)
- Millennium Management increased holdings 11x to $43.0M (Δ+$39.2M)
- Massachusetts Financial Services added 49.5% to reach $462.1M (Δ+$128.2M)
- CIBC Asset Management trimmed 27.1% (-$123.6M) and Citigroup trimmed 45.2% (-$62.6M)
- Net aggregate inflow of ~$120.4M across all tracked institutions
Financial Impact
52 institutions accumulated $350.7M in new positions while 31 reduced holdings by $230.3M, for a net inflow of approximately $120.4M
Risk Factors
- 13F data is 45+ days stale; positions may have been reversed since quarter-end
- Mixed conviction with large sellers (CIBC, Citigroup) trimming over $186M combined
- Uranium sector is sensitive to geopolitical and regulatory developments
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-CCJ-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 6d ago | Institutional Cluster | $78.93 | awaiting T+5 | — | — |
Oct 12, 2026 15d ago | Institutional Cluster | $86.12 $80.70 | ▼ −6.29% | ▼ −4.80% | — |
Oct 1, 2026 26d ago | 6-K | $85.69 $87.12 | ▲ +1.67% | ▲ +0.37% | — |
Jul 31, 2026 12w ago | 6-K | $86.38 $97.39 | ▲ +12.75% | ▲ +9.23% | — |
Jul 15, 2026 14w ago | 6-K | $90.98 $90.37 | ▼ −0.67% | ▲ +0.31% | — |
Jul 6, 2026 16w ago | 6-K | $97.50 $95.99 | ▼ −1.55% | ▼ −2.04% | — |
Jul 2, 2026 16w ago | 6-K | $96.54 $95.74 | ▲ +0.83% | ▲ +1.76% | — |
Jun 1, 2026 21w ago | 6-K | $120.51 $102.27 | ▼ −15.14% | ▼ −12.17% | — |
May 28, 2026 21w ago | 6-K | $110.63 $114.56 | ▲ +3.55% | ▲ +3.60% | — |
May 11, 2026 24w ago | 6-K | $120.14 $105.14 | ▲ +12.49% | ▲ +12.40% | — |
US Market Status
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