The active vs. passive divergence is notable but the 45-day reporting lag means positions may have been unwound. Monitor upcoming 13F filings for Q3 to see if the active buying persisted or reversed. No insider buying was reported to corroborate the thesis.
Executive Summary
Institutional activity in CLAR during Q2 2026 was mixed: 12 active managers (including D.E. Shaw, Millennium, Jane Street, and Marshall Wace) accumulated $3.7M in new positions, while 18 sellers—dominated by mega-passive index funds (Geode, Morgan Stanley, Northern Trust, Goldman Sachs)—reduced holdings by $2.1M. The divergence between active buying and passive selling suggests active managers see value or a catalyst, but the overall net is modest and the data is stale.
Key Financial Metrics
Institutional Positions
Net institutional flow: $1.6M
▲ Buyers (12)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| D.E. Shaw | ADD | +54.7% | $1.2M | $524.0K |
| Susquehanna International Group | DOUBLED | +104.9% | $532.0K | $308.0K |
| Millennium | DOUBLED | +1010.5% | $430.0K | $397.0K |
| Jane Street Group | DOUBLED | +301.4% | $1.3M | $985.0K |
| Marshall Wace | ADD | +95.4% | $2.2M | $1.2M |
▼ Sellers (18)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Geode | TRIM | -53.6% | $2.1M | -$970.0K |
| Morgan Stanley | TRIM | -50.3% | $273.0K | -$116.0K |
| Goldman Sachs | TRIM | -32.2% | $678.0K | -$146.0K |
| Northern Trust | TRIM | -67.5% | $645.0K | -$402.0K |
| Boston Partners | TRIM | -49.4% | $610.0K | -$253.0K |
Key Facts
- 12 institutional buyers added $3.7M in net new positions; 18 sellers reduced by $2.1M.
- Top active buyers: Jane Street (DOUBLED to $1.3M), Marshall Wace (ADD to $2.2M), D.E. Shaw (ADD to $1.2M), Millennium (DOUBLED to $430K).
- Top sellers were all mega-passive/index funds: Geode (TRIM -$970K), Northern Trust (TRIM -$402K), Boston Partners (TRIM -$253K), Schwab (NEAR_EXIT -$153K).
- No insider buying or selling was noted in the provided data to corroborate the institutional cluster.
Financial Impact
Active managers accumulated $3.7M while passive/index funds reduced by $2.1M, for a net institutional inflow of approximately $1.6M.
Risk Factors
- 13F data is 45+ days stale; the cluster may have already been unwound.
- Passive selling dominated by mega-index funds could reflect index rebalancing, not a fundamental view.
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-CLAR-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | Press Release | $3.83 | awaiting T+60 | — | — |
Oct 1, 2026 25d ago | SC 13D/A | $3.45 | awaiting T+60 | — | — |
Sep 22, 2026 4w ago | Institutional Cluster | $3.57 | awaiting T+60 | — | — |
Jun 19, 2026 18w ago | Institutional Cluster | $3.02 $3.51 | ▼ −16.23% | ▼ −14.48% | — |
Jun 12, 2026 19w ago | Institutional Cluster | $3.10 $3.72 | ▲ +20.00% | ▲ +16.74% | — |
Apr 23, 2026 26w ago | Press Release | $2.73 $3.36 | ▲ +23.08% | ▲ +18.00% | — |
Mar 5, 2026 33w ago | 8-K | $2.96 $2.91 | ▲ +1.79% | ▲ +14.57% | — |
Mar 5, 2026 33w ago | Press Release | $2.96 $2.91 | ▲ +1.79% | ▲ +14.57% | — |
Mar 4, 2026 33w ago | Press Release | $3.07 $2.91 | ▼ −5.28% | ▼ −16.58% | — |
US Market Status
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