The cluster is small and lacks a clear catalyst — monitor for a 13D filing or earnings beat to confirm the thesis. The 60% win rate on past FNKO reports suggests some predictive power, but the -2.84% average net alpha in this segment warrants caution. Consider waiting for a more material event before taking a position.
Executive Summary
Four institutional investors (Fidelity, Wells Fargo, D.E. Shaw, and Nuveen) added to their Funko positions in Q4 2025, while Morgan Stanley trimmed significantly. The net buying conviction is bullish, with aggregate buying of $789K versus selling of $758K, suggesting a shared thesis around a potential turnaround or undervaluation. However, the cluster is small in absolute dollar terms ($2.7M total holdings) and dominated by passive/quant funds, limiting signal strength.
Key Financial Metrics
Institutional Positions
Net institutional flow: $31.2K
▲ Buyers (4)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| D.E. Shaw | ADD | +46.5% | $1.2M | $385.0K |
| Fidelity | ADD | +26.3% | $891.0K | $177.0K |
| Nuveen | ADD | +80% | $371.0K | $162.0K |
| Wells Fargo | ADD | +68.9% | $160.0K | $64.0K |
▼ Sellers (1)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Morgan Stanley | TRIM | -69.2% | $1.1M | -$757.8K |
Key Facts
- 4 buyers added $789K in aggregate; 1 seller reduced by $758K
- D.E. Shaw (quant) added the most in dollar terms (+$385K, +46.5% shares)
- Morgan Stanley trimmed 69.2% of its position, exiting $758K
- Total institutional holdings in cluster: ~$2.7M, representing a small fraction of $291M market cap
- Cluster dominated by passive (Fidelity, Wells Fargo) and quant (D.E. Shaw) funds, not active value or activist managers
Financial Impact
Net institutional buying of $31K ($789K bought - $758K sold) across the cluster, with total disclosed holdings of $2.7M — less than 1% of market cap
Risk Factors
- Cluster is tiny relative to market cap — unlikely to move the stock on its own
- Passive/quant funds dominate; signal may reflect index rebalancing or systematic factors, not fundamental conviction
- Historical calibration shows negative average alpha (-2.84%) for this filing-report segment at T+20
- Morgan Stanley's large trim could indicate informed selling or risk reduction
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-FNKO-2025-Q4 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 4, 2026 27d ago | Insider Cluster | $5.68 $5.34 | ▲ +5.99% | ▲ +4.87% | — |
Sep 3, 2026 28d ago | Insider Cluster | $5.68 $5.44 | ▼ −4.23% | ▼ −3.02% | — |
Aug 28, 2026 5w ago | Insider Cluster | $6.72 $5.68 | ▼ −15.48% | ▼ −15.33% | — |
Aug 26, 2026 5w ago | Insider Buy | $6.74 $5.69 | ▼ −15.58% | ▼ −15.85% | — |
Jun 11, 2026 16w ago | Institutional Cluster | $5.42 $5.09 | ▼ −6.09% | ▼ −6.52% | — |
Jun 11, 2026 16w ago | Institutional Cluster | $5.42 $5.09 | ▼ −6.09% | ▼ −6.52% | — |
May 7, 2026 21w ago | 8-K | $5.26 $5.11 | ▼ −2.85% | ▼ −4.32% | — |
Feb 28, 2026 30w ago | Institutional Cluster | $4.69 $4.51 | ▼ −3.84% | ▼ −2.63% | — |
US Market Status
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