The cluster reveals a sharp divergence: major passive/active buyers (Invesco, Fidelity, CalPERS) are accumulating while several sophisticated holders (Norges, Point72, Victory, Voya) are reducing. This suggests a thesis disagreement rather than a uniform catalyst. Monitor upcoming earnings or product announcements for resolution. The lack of insider buying weakens the bullish signal from the accumulation side.
Executive Summary
FormFactor (FORM) saw a mixed institutional cluster in Q1 2026: 27 buyers added $198M in positions while 17 sellers reduced by $120M, resulting in net buying of ~$78M. Notable accumulation by Invesco (doubled to $120.1M), Fidelity (doubled to $31.6M), and CalPERS (new $11.3M) was offset by significant exits/trims from Norges Bank (exit $31.5M), Point72 (near-exit $21.3M), Victory Capital (trim $34.6M), and Voya (near-exit $28.7M). The divergent signals suggest a rotation among institutions rather than a clear consensus, with no insider buying to corroborate the bullish side.
Key Financial Metrics
Institutional Positions
Net institutional flow: $78.0M
▲ Buyers (27)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Invesco | DOUBLED | +272% | $120.1M | $101.5M |
| Fidelity | DOUBLED | +1400.4% | $31.6M | $30.4M |
| Franklin Resources | ADD | +71.7% | $47.9M | $31.8M |
| California Public Employees Re | NEW | — | $11.3M | $11.3M |
| First Trust Advisors | DOUBLED | +410.9% | $9.7M | $8.6M |
| Marshall Wace | ADD | +45.3% | $9.7M | $5.8M |
| Russell Investments Group | DOUBLED | +107.1% | $8.9M | $6.4M |
▼ Sellers (17)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Norges Bank | EXIT | -100% | $31.5M | -$31.5M |
| Point72 | NEAR_EXIT | -93.5% | $24.0M | -$21.3M |
| Victory Capital Management | TRIM | -70.9% | $70.1M | -$34.6M |
| Voya Investment Management | NEAR_EXIT | -95% | $31.4M | -$28.7M |
| Massachusetts Financial Servic | TRIM | -46.4% | $76.4M | -$5.2M |
Key Facts
- Invesco doubled its stake to $120.1M (+$101.5M), the largest buyer by dollar amount.
- Fidelity doubled its position to $31.6M (+$30.4M), a 1,400% share increase.
- CalPERS initiated a new $11.3M position.
- Norges Bank fully exited its $31.5M stake.
- Point72 reduced by 93.5%, selling $21.3M of its $24.0M position.
- Victory Capital trimmed 70.9%, selling $34.6M of its $70.1M stake.
- Voya Investment Management cut 95%, selling $28.7M of its $31.4M position.
- Net institutional buying of ~$78M, but with significant selling from several large holders.
- Confluence score 24/100 (divergent) with zero open-market insider buyers.
Financial Impact
Net institutional buying of approximately $78M, with buyers adding $198M and sellers reducing $120M. Key moves: Invesco added $101.5M, Fidelity added $30.4M, CalPERS added $11.3M; while Victory Capital sold $34.6M, Norges Bank sold $31.5M, Voya sold $28.7M, and Point72 sold $21.3M.
Risk Factors
- 13F data is 45+ days old; positions may have already been unwound.
- Selling by Norges Bank (sovereign) and Point72 (quant) could indicate fundamental concerns.
- Divergent institutional signals create uncertainty; no clear consensus direction.
- No insider open-market buying to corroborate the accumulation thesis.
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-FORM-2026-Q1 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 22, 2026 5w ago | Institutional Cluster | $107.90 $126.01 | ▲ +16.78% | ▲ +15.47% | — |
Jul 8, 2026 12w ago | Press Release | $119.44 $115.21 | ▼ −3.54% | ▼ −5.78% | — |
Jun 26, 2026 14w ago | Institutional Cluster | $130.74 $112.75 | ▼ −13.76% | ▼ −15.02% | — |
Jun 17, 2026 15w ago | Insider Cluster | $139.95 $107.11 | ▼ −23.47% | ▼ −24.78% | — |
May 22, 2026 18w ago | Insider Cluster | $136.48 $139.89 | ▲ +2.49% | ▲ +4.44% | — |
May 21, 2026 19w ago | Insider Cluster | $128.99 $141.85 | ▲ +9.97% | ▲ +11.38% | — |
May 21, 2026 19w ago | Insider Cluster | $128.99 $141.85 | ▲ +9.97% | ▲ +11.38% | — |
May 15, 2026 19w ago | Insider Cluster | $117.42 $140.24 | ▲ +19.43% | ▲ +17.85% | — |
May 15, 2026 19w ago | Insider Cluster | $117.42 $140.24 | ▲ +19.43% | ▲ +17.85% | — |
May 15, 2026 20w ago | 144 | $126.27 $152.60 | ▲ +20.85% | ▲ +18.73% | — |
US Market Status
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