The divergence between large asset managers accumulating and sovereign/active value funds reducing creates uncertainty. Watch for any company-specific catalysts (e.g., earnings or M&A news) that could break the stalemate. Given the 45-day reporting lag, the cluster may already be partially unwound.
Executive Summary
Mixed institutional cluster for COHR: 5 buyers (net +$552.6M) led by Wellington and Morgan Stanley, but 7 sellers (net -$418.8M) including a full exit by Norges Bank and significant trims by active value manager Dodge & Cox and quant funds. The divergence suggests profit-taking by some while others accumulate, reflecting uncertainty about near-term direction despite net dollar buying.
Key Financial Metrics
Institutional Positions
Net institutional flow: $133.8M
▲ Buyers (5)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Wellington Management Group | ADD | +29% | $828.1M | $296.3M |
| Morgan Stanley | ADD | +54.8% | $244.4M | $113.6M |
| Ameriprise Financial | ADD | +33.8% | $336.1M | $128.1M |
| Legal & General Group | ADD | +35.3% | $37.4M | $14.5M |
| T. Rowe Price | DOUBLED | +159% | $52.0K | $35.0K |
▼ Sellers (7)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Norges Bank | EXIT | -100% | $196.3M | -$196.3M |
| Dodge & Cox | TRIM | -57% | $154.5M | -$74.2M |
| Dimensional Fund Advisors | TRIM | -40.1% | $248.6M | -$68.8M |
| Citadel Advisors | TRIM | -59.7% | $125.1M | -$64.2M |
| Wells Fargo | TRIM | -29.8% | $31.8M | -$4.8M |
| UBS Asset Management | TRIM | -34% | $47.1M | -$9.6M |
| D.E. Shaw | TRIM | -29.1% | $6.0M | -$857.5K |
Key Facts
- 5 buyers added $552.6M in new positions, led by Wellington Management (+$296.3M, 29% increase)
- 7 sellers reduced holdings by $418.8M, led by Norges Bank full exit ($196.3M) and Dodge & Cox trim ($74.2M)
- Net institutional inflow of approximately $133.8M
- Total buyer current value: $1.45B; total seller prior value: $809.4M
Financial Impact
Net institutional buying of $133.8M with $552.6M in buying volume and $418.8M in selling volume
Risk Factors
- Continued selling pressure from active managers and quants if they extend their bearish view
- Full exit by sovereign wealth fund may signal fundamental concerns not yet apparent
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-COHR-2025-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 16d ago | Insider Cluster | $289.93 $300.60 | ▲ +3.68% | ▲ +1.12% | — |
Sep 11, 2026 21d ago | Insider Cluster | $305.37 $317.36 | ▲ +3.93% | ▲ +4.15% | — |
Sep 4, 2026 28d ago | Insider Cluster | $281.86 $266.50 | ▼ −5.45% | ▼ −4.24% | — |
Sep 3, 2026 29d ago | Insider Cluster | $264.41 $305.37 | ▲ +15.49% | ▲ +16.64% | — |
Sep 3, 2026 29d ago | Insider Cluster | $264.41 $305.37 | ▼ −15.49% | ▼ −16.64% | — |
Aug 31, 2026 4w ago | 8-K | $277.83 $301.88 | ▲ +8.66% | ▲ +8.80% | — |
Jul 15, 2026 11w ago | Institutional Cluster | $299.38 $312.19 | ▲ +4.28% | ▲ +5.26% | — |
Jun 20, 2026 14w ago | Institutional Cluster | $425.48 $380.56 | ▼ −10.56% | ▼ −8.49% | — |
Jun 11, 2026 16w ago | Institutional Cluster | $363.58 $378.85 | ▲ +4.20% | ▲ +3.77% | — |
Apr 28, 2026 22w ago | 8-K | $304.93 $344.67 | ▲ +13.03% | ▲ +9.92% | — |
US Market Status
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