The cluster is net bearish by dollar value, but the doubling by Morgan Stanley (a mega-passive with active overlay) and Tweedy Browne (a respected value shop) is a notable bullish signal. Monitor next 13F for follow-through: if Morgan Stanley continues accumulating, it could signal a re-rating catalyst. The Norges Bank exit is a headwind but may reflect sovereign portfolio rebalancing rather than a fundamental call.
Executive Summary
A mixed institutional cluster in CROX for Q3 2025 shows Morgan Stanley and Tweedy Browne roughly doubling their positions (net buying $47.3M), while Norges Bank fully exited and UBS/Wells Fargo trimmed (net selling $110.1M). The net selling pressure from sovereign and mega-passive sellers outweighs the buying, but the doubling by two active/passive managers suggests a selective conviction trade against broader institutional de-risking.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$2.6M
▲ Buyers (2)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Morgan Stanley | DOUBLED | +116.6% | $106.9M | $47.1M |
| Tweedy Browne | DOUBLED | +105.3% | $647.0K | $265.0K |
▼ Sellers (3)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Norges Bank | EXIT | -100% | $56.7M | -$56.7M |
| UBS | TRIM | -53.1% | $85.1M | -$52.2M |
| Wells Fargo | TRIM | -32.5% | $2.9M | -$1.3M |
Key Facts
- 2 buyers added $47.3M in new holdings; 3 sellers reduced by $110.1M
- Morgan Stanley doubled its stake to 1.28M shares ($106.9M), the largest buyer
- Norges Bank fully exited a $56.7M position (559.9K shares)
- UBS trimmed 53.1% of its position, selling $52.2M worth
- Wells Fargo trimmed 32.5%, selling $1.3M
- Tweedy Browne doubled a small position from $382K to $647K
Financial Impact
Net institutional selling of ~$62.8M (buyers added $47.3M, sellers removed $110.1M)
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound since quarter-end
- Net selling by sovereign and mega-passive funds suggests broad institutional caution
- UBS's large trim could indicate a negative fundamental view not yet priced
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-CROX-2025-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 16, 2026 5w ago | Insider Cluster | $123.00 $123.44 | ▲ +0.36% | ▼ −0.49% | — |
Sep 16, 2026 5w ago | Insider Cluster | $123.00 $123.44 | ▲ +0.36% | ▼ −0.49% | — |
Aug 10, 2026 11w ago | Institutional Cluster | $138.19 $129.97 | ▼ −5.95% | ▼ −5.90% | — |
Jul 30, 2026 12w ago | 8-K | $123.66 $134.18 | ▲ +8.51% | ▲ +4.88% | — |
Jul 9, 2026 15w ago | Press Release | $127.13 | awaiting T+5 | — | — |
Jun 11, 2026 19w ago | Institutional Cluster | $125.87 $124.53 | ▼ −1.06% | ▼ −1.50% | — |
Jun 10, 2026 19w ago | 8-K | $121.94 $127.08 | ▲ +4.22% | ▲ +0.78% | — |
Apr 30, 2026 25w ago | 8-K | $101.98 $105.75 | ▲ +3.70% | ▲ +1.97% | — |
Feb 20, 2026 35w ago | Insider Cluster | $100.04 $90.71 | ▲ +9.33% | ▲ +8.87% | — |
Feb 20, 2026 35w ago | Insider Cluster | $100.04 $90.71 | ▲ +9.33% | ▲ +8.87% | — |
US Market Status
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