The cluster is overwhelmingly passive, suggesting index rebalancing or factor-based buying rather than a fundamental thesis. The Goldman Sachs trim of $3.9M is a notable counterweight. Monitor next 13F for continuation or reversal of this pattern, and watch for insider buying to corroborate the bullish signal.
Executive Summary
A strong institutional cluster formed in COSO during Q2 2026, with 20 buyers adding $5.4M in net new holdings versus 3 sellers trimming $4.3M. The buying was dominated by mega-passive managers (JPMorgan, Morgan Stanley, BofA, Fidelity) doubling or adding positions, alongside smaller active additions from Millennium and Citigroup. The net bullish signal is tempered by the fact that the largest seller, Goldman Sachs, trimmed $3.9M — nearly matching the total buying — and the cluster is overwhelmingly passive, reducing conviction.
Key Financial Metrics
Institutional Positions
Net institutional flow: $1.1M
▲ Buyers (20)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| JPMorgan | DOUBLED | +1502.1% | $1.6M | $1.5M |
| Morgan Stanley | DOUBLED | +289.8% | $2.9M | $2.2M |
| BofA | DOUBLED | +147.8% | $1.1M | $672.0K |
| Millennium | ADD | +50.3% | $860.0K | $336.0K |
| Russell Investments Group | DOUBLED | +3019.2% | $467.0K | $453.0K |
▼ Sellers (3)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Goldman Sachs | TRIM | -64.5% | $6.3M | -$3.9M |
| Sei Investments | TRIM | -46.2% | $533.0K | -$220.0K |
| Marshall Wace | TRIM | -42.3% | $603.0K | -$223.0K |
Key Facts
- 20 institutional buyers added $5.4M in net new holdings during Q2 2026
- 3 sellers trimmed $4.3M, led by Goldman Sachs (-$3.9M, -64.5% of its position)
- Top buyers: Morgan Stanley (+$2.2M, +289.8%), JPMorgan (+$1.5M, +1502.1%), BofA (+$672K, +147.8%)
- Passive/index funds dominate the buying side (JPMorgan, Morgan Stanley, BofA, Fidelity, Wells Fargo)
- Active managers: Millennium (+$336K, +50.3%), Citigroup (+$98K, +835.4%), Russell Investments (+$453K, +3019.2%)
- Goldman Sachs' trim of $3.9M is the single largest dollar move, partially offsetting the buying cluster
Financial Impact
20 institutions accumulated $5.4M in new positions while 3 reduced holdings by $4.3M, for a net institutional inflow of approximately $1.1M
Risk Factors
- Passive-dominated cluster may reflect index rebalancing, not conviction
- Goldman Sachs' $3.9M trim nearly offsets the entire buying cluster
- 13F data is 45 days stale; positions may have already been unwound
- Small absolute dollar amounts ($7.3M total holdings) limit signal significance
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-COSO-2026-Q2 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 8d ago | 8-K | $27.10 $27.75 | ▲ +2.40% | ▲ +2.32% | — |
Sep 22, 2026 5w ago | Institutional Cluster | $26.66 $26.33 | ▼ −1.24% | ▼ −0.05% | — |
May 1, 2026 25w ago | 8-K | $25.61 $25.83 | ▲ +0.86% | ▼ −1.49% | — |
Apr 20, 2026 27w ago | 8-K | $24.98 $25.66 | ▼ −2.72% | ▼ −1.64% | — |
Mar 13, 2026 32w ago | DEFA14A | $23.90 $23.67 | ▼ −0.96% | ▲ +1.16% | — |
Mar 4, 2026 33w ago | 8-K | $24.54 $23.91 | ▼ −2.57% | ▼ −0.33% | — |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers