The cluster is dominated by mega-passive funds (Goldman, BlackRock, JPMorgan) and quant (Millennium), which may reflect index rebalancing or factor-based positioning rather than a fundamental thesis. The active-manager selling (Jane Street, Arrowstreet, BNP Paribas) suggests caution. Monitor next 13F for whether these passive adds were maintained or reversed.
Executive Summary
A mixed institutional cluster in CX for Q2 2026 shows 17 buyers adding $316.3M in new positions versus 18 sellers reducing by $107.8M. Mega-passive funds (Goldman Sachs, BlackRock, JPMorgan) and quant fund Millennium led the buying, while active managers (BofA, Jane Street, Arrowstreet, BNP Paribas) trimmed or exited. The net $208.5M inflow is dominated by passive/quant flows, weakening the directional signal.
Key Financial Metrics
Institutional Positions
Net institutional flow: $208.5M
▲ Buyers (17)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Goldman Sachs | DOUBLED | +406.6% | $176.5M | $143.3M |
| Millennium | ADD | +65.5% | $187.5M | $79.5M |
| BlackRock | DOUBLED | +259.7% | $74.3M | $54.6M |
| JPMorgan | ADD | +91.5% | $35.8M | $19.3M |
| New York State Common Retirement Fund | DOUBLED | +30886.2% | $10.0M | $9.9M |
▼ Sellers (18)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| BNP Paribas Financial Markets | TRIM | -48.9% | $63.2M | -$29.4M |
| Arrowstreet Capital, Limited Partnership | EXIT | -100% | $25.3M | -$25.3M |
| Jane Street Group | EXIT | -100% | $17.6M | -$17.6M |
| BofA | TRIM | -72.5% | $21.9M | -$15.6M |
| Russell Investments Group | TRIM | -47.7% | $21.1M | -$9.0M |
Key Facts
- 17 buyers added $316.3M in new CX positions; 18 sellers reduced by $107.8M
- Goldman Sachs doubled its stake (+406.6% to $176.5M) — the largest single buyer
- Millennium added 65.5% to $187.5M — the largest active/quant buyer
- Jane Street and Arrowstreet Capital fully exited their CX positions
- BNP Paribas trimmed 48.9% of its stake, reducing by $29.4M
- Net institutional inflow of ~$208.5M, but 13F data is 45+ days stale
Financial Impact
17 institutions accumulated $316.3M in new CX positions while 18 reduced holdings by $107.8M, for a net inflow of ~$208.5M
Risk Factors
- 13F data is 45+ days stale — positions may have been unwound since quarter-end
- Passive/quant buying may not reflect fundamental conviction; active manager selling is a contrarian signal
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-CX-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | 6-K | $10.66 | awaiting T+20 | — | — |
Oct 19, 2026 7d ago | 6-K | $10.27 | awaiting T+20 | — | — |
Oct 6, 2026 20d ago | 6-K | $9.59 | awaiting T+20 | — | — |
Sep 30, 2026 26d ago | Insider Cluster | $9.40 | awaiting T+20 | — | — |
Sep 25, 2026 4w ago | Insider Buy | $9.53 $10.19 | ▲ +6.93% | ▲ +6.96% | — |
Sep 22, 2026 4w ago | Institutional Cluster | $10.24 $10.27 | ▲ +0.29% | ▲ +0.85% | — |
Jul 23, 2026 13w ago | 6-K | $12.26 $10.60 | ▼ −13.54% | ▼ −16.85% | — |
Jul 1, 2026 16w ago | Court Ruling | $12.13 $11.70 | ▲ +3.54% | ▲ +1.36% | — |
Jun 26, 2026 17w ago | 6-K | $12.14 $12.06 | ▼ −0.66% | ▼ −0.38% | — |
Jun 16, 2026 18w ago | 6-K | $12.60 $13.10 | ▲ +3.97% | ▲ +2.65% | — |
US Market Status
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