CoStar Group (CSGP) saw a mixed institutional cluster in Q2 2026, with 27 buyers accumulating $274.5M in net new positions and 25 sellers reducing holdings by $329.6M. The most notable moves include a massive new $168.5M position by Norges Bank and a $227.7M trim by Goldman Sachs, alongside a full exit by activist Corvex. The cluster is dominated by active managers and sovereign wealth on the buy side, but the net dollar flow is negative, and the historical win rate on CSGP calls is poor (13% T+20), suggesting caution despite the high-conviction insider buying confluence.
Executive Summary
CoStar Group (CSGP) saw a mixed institutional cluster in Q2 2026, with 27 buyers accumulating $274.5M in net new positions and 25 sellers reducing holdings by $329.6M. The most notable moves include a massive new $168.5M position by Norges Bank and a $227.7M trim by Goldman Sachs, alongside a full exit by activist Corvex. The cluster is dominated by active managers and sovereign wealth on the buy side, but the net dollar flow is negative, and the historical win rate on CSGP calls is poor (13% T+20), suggesting caution despite the high-conviction insider buying confluence.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$55.1M
▲ Buyers (27)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Norges Bank | NEW | +100% | $168.5M | $168.5M |
| Meritage Group | ADD | +62% | $152.8M | $18.5M |
| JPMorgan Chase | DOUBLED | +167.1% | $145.4M | $69.8M |
▼ Sellers (25)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Goldman Sachs | TRIM | -44.5% | $373.0M | -$227.7M |
| Dimensional Fund Advisors | TRIM | -36.9% | $96.9M | -$54.0M |
| Corvex Management | EXIT | -100% | $34.4M | -$34.4M |
Key Facts
- 27 institutional buyers added $274.5M in net new positions
- 25 institutional sellers reduced holdings by $329.6M, resulting in net selling of ~$55.1M
- Norges Bank initiated a new $168.5M position, the largest single move
- Goldman Sachs trimmed $227.7M, reducing its stake by 44.5%
- Activist fund Corvex fully exited its $34.4M position
- Insider buying confluence score of 82/100 with $2.5M in open-market C-suite purchases
- Historical T+20 win rate on CSGP reports is only 13%, with avg alpha of -2.51% vs SPY
Financial Impact
Net institutional selling of approximately $55.1M, with $274.5M in buying vs $329.6M in selling. Largest single move: Norges Bank new $168.5M position. Largest single reduction: Goldman Sachs $227.7M trim.
Risk Factors
- Net selling by dollar value suggests institutional distribution outweighing accumulation
- Goldman Sachs and Dimensional Fund Advisors are large, informed sellers
- Activist Corvex's full exit removes a potential catalyst driver
- Historical CSGP reports have a 13% T+20 win rate, indicating poor timing signals
- 13F data is 45 days stale; positions may have already been reversed
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-CSGP-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 16, 2026 6w ago | Institutional Cluster | $31.35 $31.56 | ▲ +0.67% | ▲ +2.65% | — |
Aug 10, 2026 7w ago | Insider Cluster | $31.12 $29.58 | ▼ −4.95% | ▼ −3.89% | — |
Jul 13, 2026 11w ago | 8-K | $27.68 $31.12 | ▲ +12.43% | ▲ +9.94% | — |
May 29, 2026 18w ago | 8-K | $32.15 $30.25 | ▼ −5.90% | ▼ −2.27% | — |
May 18, 2026 19w ago | DEFA14A | $33.18 $32.04 | ▼ −3.43% | ▼ −5.62% | — |
Feb 27, 2026 31w ago | Insider Cluster | $44.60 $39.75 | ▼ −10.88% | ▼ −3.32% | — |
Feb 27, 2026 31w ago | Insider Cluster | $44.60 $39.75 | ▼ −10.88% | ▼ −3.32% | — |
Feb 24, 2026 31w ago | 8-K | $44.67 $41.37 | ▼ −7.39% | ▼ −2.15% | — |
US Market Status
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