The cluster is directionally mixed — heavy buying from Fidelity and several asset managers is a positive signal, but broad trimming by Dimensional, American Century, and others creates a counterweight.
Executive Summary
DCO saw a mixed institutional cluster in Q2 2026: 12 buyers added $165.8M in net new holdings (dominated by Fidelity's massive $124.8M increase), while 9 sellers trimmed $8.7M. The buying is concentrated in a few large active managers and a mega-passive fund, while selling is broad but shallow. The net signal is mixed — heavy accumulation by Fidelity and several asset managers is offset by trimming from Dimensional, American Century, and others, with no insider buying to corroborate the bullish side.
Key Financial Metrics
Institutional Positions
Net institutional flow: $165.8M
▲ Buyers (12)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Fidelity | DOUBLED | +399.6% | $143.8M | $124.8M |
| New York State Common Retirement Fund | DOUBLED | +480.9% | $21.5M | $19.1M |
| Massachusetts Financial Services | DOUBLED | +359.7% | $18.1M | $15.5M |
| Envestnet Asset Management | DOUBLED | +397.9% | $3.9M | $3.4M |
▼ Sellers (9)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| American Century Companies | TRIM | -66.7% | $27.5M | -$13.6M |
| JPMorgan | TRIM | -70.8% | $4.4M | -$2.4M |
| Mercer Global Advisors Inc /Adv | TRIM | -73.4% | $2.7M | -$1.6M |
| Nuveen | TRIM | -37.3% | $30.5M | -$1.5M |
Key Facts
- 12 institutional buyers added $165.8M in net new DCO holdings in Q2 2026, led by Fidelity doubling its position (+$124.8M to $143.8M)
- 9 institutional sellers trimmed a net $8.7M, with American Century (-$13.6M) and JPMorgan (-$2.4M) as the largest sellers
- No open-market insider buying corroborates the institutional accumulation (confluence score 23/100, divergent)
Financial Impact
12 buyers added $165.8M in net new holdings vs 9 sellers trimming $8.7M; Fidelity alone accounted for $124.8M of the buying
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound since quarter-end
- No insider buying to corroborate institutional accumulation
- Broad trimming by multiple asset managers suggests some institutions see limited upside
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-DCO-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | SC 13G | $165.38 | awaiting T+60 | awaiting T+60 | No price |
Aug 27, 2026 8w ago | Press Release | $183.93 | awaiting T+60 | awaiting T+60 | No price |
Aug 15, 2026 10w ago | Institutional Cluster | $205.23 | awaiting T+60 | awaiting T+60 | No price |
Jul 23, 2026 13w ago | Press Release | $175.51 $170.59 | ▼ −2.80% | ▼ −7.36% | No price |
Jun 11, 2026 19w ago | Institutional Cluster | $165.00 $168.32 | ▲ +2.01% | ▼ −2.38% | No price |
May 22, 2026 22w ago | Insider Cluster | $150.03 $200.16 | ▼ −33.41% | ▼ −30.69% | No price |
May 22, 2026 22w ago | Insider Cluster | $150.03 $200.16 | ▼ −33.41% | ▼ −30.69% | No price |
May 20, 2026 22w ago | Insider Cluster | $142.92 $205.23 | ▼ −43.60% | ▼ −39.30% | No price |
May 12, 2026 24w ago | Press Release | $145.03 $201.46 | ▲ +38.91% | ▲ +34.53% | No price |
May 8, 2026 24w ago | 10-K/A | $137.23 $191.86 | ▼ −39.81% | ▼ −34.97% | No price |
US Market Status
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