The divergence between passive buying and active/quant selling is stark — Coatue, Tiger Global, Millennium, and Susquehanna all reduced materially. Monitor next 13F for continued exodus; if Q3 shows further active-manager selling, the thesis may be broken. No insider buying was noted to corroborate the institutional cluster.
Executive Summary
A major institutional divergence emerged in CHYM during Q2 2026: 36 buyers (mostly mega-passive funds) accumulated $137.4M in new positions, while 19 sellers — led by Coatue (full exit of $188.6M), Tiger Global (trimmed $99.3M), and Nuveen (near-exit of $56.6M) — reduced holdings by $411.4M. The net $274M outflow from active quant and asset-manager sellers far outweighs passive index-driven buying, signaling a loss of conviction among informed capital.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$274.0M
▲ Buyers (36)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Geode | DOUBLED | +174.2% | $65.9M | $50.2M |
| Morgan Stanley | ADD | +76.7% | $24.4M | $11.8M |
| BofA | DOUBLED | +483.2% | $38.2M | $32.2M |
| T. Rowe Price | ADD | +95.8% | $13.8M | $7.4M |
| Goldman Sachs | DOUBLED | +170.4% | $28.6M | $18.9M |
| Northern Trust | DOUBLED | +779.7% | $13.3M | $11.9M |
| D.E. Shaw | ADD | +85.5% | $4.1M | $2.1M |
▼ Sellers (19)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Coatue | EXIT | -100% | $188.6M | -$188.6M |
| Tiger Global | TRIM | -52.3% | $207.6M | -$99.3M |
| Nuveen | NEAR_EXIT | -88% | $65.1M | -$56.6M |
| UBS | TRIM | -43.6% | $65.0M | -$24.9M |
| Millennium | TRIM | -31.9% | $67.1M | -$17.1M |
| Susquehanna International Group | TRIM | -56.9% | $27.7M | -$14.6M |
Key Facts
- 36 buyers added $137.4M in new positions; 19 sellers reduced by $411.4M — net outflow of ~$274M
- Coatue exited entirely, selling its entire $188.6M position (10.07M shares)
- Tiger Global trimmed 52.3% of its stake, selling $99.3M worth (5.80M shares)
- Nuveen near-exited, cutting 88% of its position ($56.6M sold)
- Buyers were dominated by mega-passive index funds (Geode, BofA, Goldman Sachs, Northern Trust) — not active managers
- Only two active/quant funds bought: D.E. Shaw (ADD, +$2.1M) and Truist Financial (ADD, +$134K)
Financial Impact
Net institutional outflow of approximately $274M in Q2 2026, with $411.4M in selling vs $137.4M in buying
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound further since quarter-end
- Passive buying may reflect index rebalancing or ETF inflows, not fundamental conviction
- No insider buying was present to offset the active-manager selling signal
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-CHYM-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 13d ago | 144 | $29.00 | awaiting T+20 | — | — |
Oct 9, 2026 17d ago | 144 | $30.45 | awaiting T+20 | — | — |
Sep 22, 2026 4w ago | Institutional Cluster | $28.62 $30.46 | ▼ −6.43% | ▼ −6.99% | — |
Sep 16, 2026 5w ago | Insider Cluster | $30.72 $29.96 | ▲ +2.47% | ▲ +3.68% | — |
Sep 15, 2026 5w ago | Insider Cluster | $31.25 $29.00 | ▼ −7.20% | ▼ −9.26% | — |
Sep 14, 2026 6w ago | Insider Cluster | $33.61 $29.90 | ▲ +11.04% | ▲ +14.02% | — |
Sep 14, 2026 6w ago | Insider Cluster | $33.61 $29.90 | ▲ +11.04% | ▲ +13.76% | — |
Sep 14, 2026 6w ago | Insider Cluster | $33.61 $29.90 | ▲ +11.04% | ▲ +13.76% | — |
Sep 14, 2026 6w ago | Insider Cluster | $33.61 $29.90 | ▲ +11.04% | ▲ +13.76% | — |
Sep 11, 2026 6w ago | Insider Cluster | $33.97 $30.45 | ▼ −10.36% | ▼ −12.63% | — |
US Market Status
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