The divergence between active asset managers accumulating and mega-passive funds trimming suggests a potential catalyst-driven thesis among active managers that passive rebalancing is not capturing. Monitor upcoming earnings for evidence of the operational improvement that active buyers may be anticipating.
Executive Summary
Q2 2026 13F filings for Cadre Holdings (CDRE) reveal a mixed institutional cluster: 17 buyers added $13.3M in net new positions (led by Capital International Investors adding $7.6M), while 17 sellers reduced holdings by $46.9M (led by Fidelity trimming $31.3M). The net selling pressure of ~$33.6M suggests a divergence between active asset managers accumulating and mega-passive funds reducing exposure, with no clear consensus thesis.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$33.6M
▲ Buyers (17)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Capital International Investors | ADD | +28.7% | $46.3M | $7.6M |
| Russell Investments Group | ADD | +38.6% | $6.6M | $1.5M |
| Wells Fargo | ADD | +33.4% | $7.0M | $1.3M |
▼ Sellers (17)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Fidelity | TRIM | -25.4% | $101.8M | -$31.3M |
| First Trust Advisors | NEAR_EXIT | -78.6% | $6.9M | -$5.5M |
| UBS | TRIM | -34.8% | $10.8M | -$4.3M |
Key Facts
- 17 buyers added $13.3M in net new positions; 17 sellers reduced by $46.9M
- Capital International Investors was the largest buyer, adding $7.6M (+28.7% shares)
- Fidelity was the largest seller, trimming $31.3M (-25.4% shares)
- First Trust Advisors nearly exited, cutting 78.6% of its position ($5.5M reduction)
- Net aggregate change across all tracked institutions: -$33.6M
- Active asset managers (Capital International, Citigroup, Russell Investments) were net buyers; mega-passive funds (Fidelity, JPMorgan, UBS, Goldman Sachs) were net sellers
Financial Impact
Net institutional selling of approximately $33.6M in Q2 2026, with total buyer additions of $13.3M offset by seller reductions of $46.9M
Risk Factors
- 13F data is 45 days stale; positions may have been reversed since quarter-end
- Net selling pressure from large passive funds (Fidelity alone cut $31.3M) could indicate index rebalancing or a broader risk-off rotation
- No insider buying confluence to corroborate the active manager thesis
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-CDRE-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 30, 2026 27d ago | SC 13D/A | $25.01 $24.83 | ▲ +0.72% | ▲ +2.02% | — |
Sep 22, 2026 5w ago | Institutional Cluster | $26.88 $25.53 | ▼ −5.02% | ▼ −3.84% | — |
Aug 26, 2026 8w ago | Insider Cluster | $31.10 $29.88 | ▲ +3.92% | ▲ +4.19% | — |
Aug 10, 2026 11w ago | EFFECT | $32.76 $33.30 | ▲ +1.65% | ▲ +1.69% | — |
Jun 15, 2026 19w ago | 144 | $28.75 $27.53 | ▲ +4.24% | ▲ +2.01% | — |
Jun 2, 2026 21w ago | 3 | $29.19 $29.54 | ▲ +1.20% | ▲ +5.02% | — |
May 14, 2026 23w ago | DEFA14A | $29.78 $30.31 | ▲ +1.78% | ▲ +0.82% | — |
US Market Status
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