The large trimming by Assenagon and Ninety One UK suggests institutional rotation out of COP, possibly into other energy names or sectors. The smaller buyers show conviction but lack the scale to offset the selling. Monitor for additional 13F filings and any insider buying to confirm or reverse this signal. The negative net flow combined with no insider buying warrants caution.
Executive Summary
Institutional 13F cluster for Q2 2026 shows mixed conviction in ConocoPhillips: three asset managers added or doubled positions totaling $39.2M in net buying, while two larger holders trimmed a combined $247.3M. The selling is dominated by two funds reducing large positions, while buying comes from smaller active managers. The net signal is moderately bearish given the magnitude of selling relative to buying, though the buying cluster shows conviction with a doubled position and two adds above 67%.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$208.1M
▲ Buyers (3)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Robeco Institutional Asset Management B.v. | DOUBLED | +140.3% | $34.5M | $16.3M |
| Exchange Traded Concepts | ADD | +85.6% | $31.4M | $9.9M |
| Wealth Enhancement Advisory Services | ADD | +67% | $39.7M | $13.0M |
▼ Sellers (2)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Assenagon Asset Management | TRIM | -62.7% | $225.6M | -$159.2M |
| Ninety One Uk | TRIM | -30.4% | $194.9M | -$88.0M |
Key Facts
- 3 institutional buyers added $39.2M in net new value (Wealth Enhancement +67%, Exchange Traded Concepts +85.6%, Robeco +140.3%)
- 2 institutional sellers trimmed $247.3M (Assenagon -62.7%, Ninety One UK -30.4%)
- Net institutional flow is negative by ~$208M, with selling concentrated in two large holders
- No insider open-market buying corroborates the institutional cluster (confluence score 8/100, divergent)
Financial Impact
Net institutional selling of approximately $208M in Q2 2026, with $247.3M in trimming by two funds partially offset by $39.2M in accumulation by three funds
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound or added to since quarter-end
- Selling by two large holders could reflect fund-level rebalancing rather than a negative thesis on COP
- Small buyer base (3 funds) limits signal strength; cluster may not be repeatable
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-COP-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 24, 2026 5w ago | Insider Cluster | $133.35 $125.27 | ▼ −6.06% | ▼ −7.37% | — |
Aug 6, 2026 8w ago | 8-K | $116.76 $135.72 | ▲ +16.24% | ▲ +15.64% | — |
Jul 23, 2026 10w ago | Institutional Cluster | $120.20 $134.73 | ▲ +12.08% | ▲ +8.78% | — |
Jun 30, 2026 13w ago | S-3ASR | $103.22 $118.06 | ▲ +14.38% | ▲ +16.56% | — |
Jun 23, 2026 14w ago | 8-K | $106.92 $118.79 | ▲ +11.10% | ▲ +9.17% | — |
Jun 10, 2026 16w ago | Court Ruling | $119.92 $108.02 | ▲ +9.92% | ▲ +13.55% | — |
May 27, 2026 18w ago | Court Ruling | $115.14 $106.92 | ▲ +7.14% | ▲ +4.84% | — |
Mar 30, 2026 26w ago | DEFA14A | $132.86 $124.27 | ▼ −6.47% | ▼ −19.06% | — |
Mar 20, 2026 28w ago | Insider Cluster | $126.70 $116.45 | ▲ +8.09% | ▲ +17.41% | — |
Mar 20, 2026 28w ago | Insider Cluster | $126.70 $116.45 | ▼ −8.09% | ▼ −17.41% | — |
US Market Status
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