The cluster shows a divergence: many smaller institutional buyers are accumulating CDE while a few large holders are exiting in size. The net dollar flow is slightly negative, suggesting caution. Watch for further insider buying (current confluence score 49/100, divergent) and gold price trends. The historical record of prior CDE reports shows poor predictive power—weight this cluster lightly.
Executive Summary
In Q2 2026, 28 institutions added ~$54.7M in new CDE positions while 8 sellers trimmed ~$58.0M, resulting in a slight net sell of ~$3.3M. The buyer count heavily outweighs sellers, but a few large exits (notably Panagora's complete $37.5M sell) offset the buying dollar-wise. The net conviction is bullish by count but neutral-to-mixed in dollar terms.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$3.3M
▲ Buyers (28)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Retirement Systems Of Alabama | NEW | +0% | $17.4M | $17.4M |
| Envestnet Asset Management | DOUBLED | +403.6% | $21.1M | $16.2M |
| Swiss Life Asset Management | DOUBLED | +426.1% | $7.8M | $6.1M |
| Robeco Institutional Asset Management B.v. | DOUBLED | +521% | $7.0M | $5.7M |
| New York State Common Retirement Fund | DOUBLED | +105.5% | $8.1M | $3.6M |
▼ Sellers (8)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Panagora Asset Management | EXIT | -100% | $37.5M | -$37.5M |
| Assenagon Asset Management | TRIM | -64.5% | $20.6M | -$14.2M |
| Strs Ohio | NEAR_EXIT | -85.5% | $2.9M | -$2.5M |
Key Facts
- 28 buyers added $54.7M in aggregate; 8 sellers reduced $58.0M (net -$3.3M)
- Largest new position: Retirement Systems Of Alabama bought 1.07M shares ($17.4M)
- Envestnet Asset Management more than quadrupled its stake (+403.6%, adding $16.2M to $21.1M)
- Panagora Asset Management fully exited its 2.0M-share position worth $37.5M
- Assenagon Asset Management trimmed 64.5% of its 1.1M-share position, selling $14.2M
- Active managers dominate the cluster; no passive/index funds identified
- Historical calls on CDE have underperformed (avg T+20 -17%, 14% win rate)
Financial Impact
Net institutional selling of ~$3.3M, with $54.7M in aggregate buying offset by $58.0M in aggregate selling
Risk Factors
- Historical reports on CDE have significantly underperformed (avg T+20 -17%, 14% win rate)
- Large seller Panagora and Assenagon could indicate fundamental concerns not visible in the cluster alone
- 13F filings have 45-day lag; positions may already be unwound
- Gold price volatility and operational risks at Coeur's mines
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-CDE-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 20, 2026 6w ago | Insider Cluster | $20.97 $19.52 | ▼ −6.91% | ▼ −6.39% | — |
Aug 9, 2026 7w ago | Institutional Cluster | $18.15 $20.66 | ▲ +13.83% | ▲ +14.74% | — |
Jun 21, 2026 14w ago | Institutional Cluster | $17.47 $14.35 | ▼ −17.86% | ▼ −17.71% | — |
May 6, 2026 21w ago | 8-K | $18.12 $18.15 | ▲ +0.17% | ▼ −2.97% | — |
May 5, 2026 21w ago | DEFA14A | $18.75 $18.15 | ▼ −3.20% | ▼ −5.98% | — |
Apr 1, 2026 26w ago | DEFA14A | $19.11 $17.33 | ▼ −9.31% | ▼ −19.04% | — |
Feb 28, 2026 30w ago | Institutional Cluster | $26.94 $16.50 | ▼ −38.75% | ▼ −30.81% | — |
US Market Status
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