The cluster is dominated by mega-passive managers (Goldman, JPMorgan, BofA, Morgan Stanley) rather than active hedge funds, which may reflect index rebalancing or passive inflows rather than a fundamental catalyst. The simultaneous near-exits by Qube, Alyeska, Susquehanna, Marshall Wace, and Jane Street—all active/quant managers—creates a tension: passive money is piling in while sophisticated active managers are bailing. Monitor next earnings for fundamental confirmation or deterioration.
Executive Summary
A strong institutional cluster emerged in EBC during Q2 2026, with 34 buyers adding $248.2M in net new holdings (dominated by mega-passive managers like Goldman Sachs, JPMorgan, and BofA) while 13 sellers reduced positions by $129.2M, led by full exits from Qube Research and Alyeska Investment Group. The net buying of $119M signals broad institutional conviction, though the 45-day reporting lag means positions may have shifted since quarter-end.
Key Financial Metrics
Institutional Positions
Net institutional flow: $119.0M
▲ Buyers (34)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Goldman Sachs | DOUBLED | +402.1% | $167.0M | $137.7M |
| JPMorgan | DOUBLED | +115% | $57.5M | $34.4M |
| BofA | DOUBLED | +123.4% | $38.2M | $23.2M |
| Morgan Stanley | ADD | +48.4% | $43.4M | $17.7M |
| Northern Trust | ADD | +27.3% | $55.0M | $17.0M |
▼ Sellers (13)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Qube Research & Technologies | EXIT | -100% | $42.2M | -$42.2M |
| Alyeska Investment Group | EXIT | -100% | $23.5M | -$23.5M |
| Susquehanna International Group | NEAR_EXIT | -98% | $23.9M | -$23.3M |
| Jane Street Group | NEAR_EXIT | -98.9% | $20.0M | -$19.8M |
| Marshall Wace | NEAR_EXIT | -98.5% | $16.6M | -$16.3M |
Key Facts
- 34 institutional buyers added $248.2M in net new holdings vs 13 sellers reducing $129.2M, for net buying of ~$119M
- Goldman Sachs more than quadrupled its stake (+402.1% to $167.0M), the largest single buyer by value
- JPMorgan doubled its position (+115% to $57.5M), BofA doubled (+123.4% to $38.2M), and Morgan Stanley added 48.4% to $43.4M
- Three hedge funds/quant firms exited or nearly exited: Qube Research (sold $42.2M), Alyeska Investment Group (sold $23.5M), and Susquehanna (sold $23.3M, leaving 2% of prior stake)
- Marshall Wace and Jane Street Group also nearly exited, selling $16.3M and $19.8M respectively
Financial Impact
Net institutional buying of approximately $119M (34 buyers added $248.2M, 13 sellers reduced $129.2M)
Risk Factors
- 13F data is 45+ days stale; the cluster may have been partially or fully unwound since quarter-end
- Dominance of mega-passive buyers (Goldman, JPMorgan, BofA) suggests the buying may be index-driven rather than thesis-driven
- Active/quant sellers (Qube, Alyeska, Susquehanna, Marshall Wace, Jane Street) exited large positions, signaling potential fundamental concerns
- No insider buying confluence reported to corroborate the institutional 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-EBC-2026-Q2 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 8-K | $22.40 | awaiting T+20 | — | — |
Sep 22, 2026 4w ago | Institutional Cluster | $21.37 $21.47 | ▲ +0.47% | ▲ +1.03% | — |
Sep 3, 2026 7w ago | Insider Cluster | $22.09 $21.24 | ▼ −3.85% | ▼ −4.70% | — |
Sep 3, 2026 7w ago | Insider Cluster | $22.09 $21.24 | ▼ −3.85% | ▼ −4.70% | — |
Sep 2, 2026 7w ago | Insider Cluster | $21.93 $21.47 | ▼ −2.13% | ▼ −1.92% | — |
Aug 25, 2026 8w ago | 144 | $22.36 $21.14 | ▼ −5.46% | ▼ −6.43% | — |
Aug 21, 2026 9w ago | 144 | $22.74 $21.48 | ▼ −5.54% | ▼ −5.01% | — |
Aug 20, 2026 9w ago | 144 | $22.74 $21.60 | ▼ −5.01% | ▼ −5.01% | — |
Aug 19, 2026 9w ago | 144 | $23.01 $21.55 | ▼ −6.35% | ▼ −4.39% | — |
Jun 29, 2026 17w ago | 144 | $22.24 $23.10 | ▲ +3.87% | ▲ +4.90% | — |
US Market Status
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