The divergence between passive accumulation and active selling suggests the stock may be caught between index-driven inflows and fundamental profit-taking. Watch for next quarter's 13F to see if active selling persists or if passive buying accelerates. Given historical underperformance of bullish calls on COHR, avoid chasing the passive buying signal without a fundamental catalyst.
Executive Summary
In Q1 2026, 80 institutional buyers accumulated $2.44B in COHR (net) while 43 sellers reduced holdings by $1.26B, resulting in a net inflow of ~$1.18B. However, the buying is dominated by mega-passive/index funds (State Street, Morgan Stanley, BofA, Schwab), while notable active managers and a sovereign fund (Norges Bank, Point72, Wellington, Arrowstreet) exited or trimmed significantly, creating a mixed signal. Historical calibration on COHR shows prior bullish calls have underperformed, warranting caution.
Key Financial Metrics
Institutional Positions
Net institutional flow: $1.2B
▲ Buyers (80)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| State Street | ADD | +64.3% | $1.9B | $975.1M |
| Morgan Stanley | ADD | +46.8% | $656.0M | $309.8M |
| T. Rowe Price | DOUBLED | +194.2% | $367.0K | $271.0K |
| Deutsche Bank | DOUBLED | +582.8% | $378.6M | $335.7M |
▼ Sellers (43)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Norges Bank | EXIT | -100% | $408.6M | -$408.6M |
| Sachem Head | TRIM | -40.1% | $297.2M | -$67.3M |
| Point72 | NEAR_EXIT | -82.6% | $616.3M | -$478.0M |
| Wellington Management Group | TRIM | -44.7% | $455.1M | -$130.4M |
| Arrowstreet Capital, Limited P | EXIT | -100% | $112.8M | -$112.8M |
Key Facts
- 80 institutional buyers added $2.44B in net new holdings; 43 sellers reduced by $1.26B.
- Top buyers: State Street (+$975M, ADD), Morgan Stanley (+$310M, ADD), Deutsche Bank (+$336M, DOUBLED).
- Top sellers: Norges Bank (full exit -$409M), Point72 (near-exit -$478M), Wellington (trim -$130M), Arrowstreet (full exit -$113M).
- Passive/index funds dominate buying; active managers and sovereign fund lead selling.
- Confluence score 25/100 (divergent) — no insider open-market buying to corroborate institutional accumulation.
Financial Impact
Net institutional inflow of ~$1.18B, with $4.33B in total buyer holdings and $1.26B in seller reductions.
Risk Factors
- Active manager exits (Norges, Point72, Wellington) may signal deteriorating fundamentals or valuation concerns.
- Passive buying may be mechanical and not reflect conviction, leading to reversal if index rebalancing ends.
- Historical calibration shows low win rates for bullish calls on COHR at this impact level.
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-2026-Q1 |
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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