The cluster is a tug-of-war: high-conviction new buys from Norges Bank and Wellington suggest a bullish thesis (likely FSV's resilient property services model and growth in the U.S. market), but broad trimming by mega-passive and asset managers signals caution or rebalancing. Given the 45-day reporting lag, these positions may have already been adjusted. Monitor for any subsequent 13F filings or insider activity to confirm direction.
Executive Summary
Q4 2025 13F cluster for FirstService Corp (FSV) shows a mixed institutional picture: 4 buyers added $200.7M in new holdings (led by Wellington Management and Norges Bank), while 6 sellers reduced positions by $161.6M (led by Morgan Stanley and Franklin Resources). The buying is concentrated in high-conviction new/ doubled positions by active managers and a sovereign fund, but the selling is broad-based across mega-passive and asset manager firms, creating a net neutral signal.
Key Financial Metrics
Institutional Positions
Net institutional flow: $39.1M
▲ Buyers (4)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Norges Bank | NEW | +100% | $85.6M | $85.6M |
| Wellington Management Group | DOUBLED | +18366.1% | $112.0M | $111.2M |
| Point72 | DOUBLED | +211.2% | $6.4M | $3.9M |
| Fidelity | ADD | +28.6% | $708.0K | $34.0K |
▼ Sellers (6)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Morgan Stanley | TRIM | -27% | $171.6M | -$69.4M |
| Franklin Resources | TRIM | -39.6% | $114.3M | -$57.9M |
| Envestnet Asset Management | TRIM | -50.2% | $30.4M | -$18.0M |
| D.E. Shaw | TRIM | -51.3% | $17.3M | -$10.4M |
| BlackRock | TRIM | -26.1% | $14.5M | -$5.8M |
| T. Rowe Price | TRIM | -49.3% | $144.0K | -$84.2K |
Key Facts
- 4 institutional buyers added $200.7M in net new holdings; 6 sellers reduced by $161.6M
- Norges Bank initiated a new $85.6M position (550.4K shares)
- Wellington Management nearly doubled its stake by $111.2M (from $743K to $112.0M, +18,366% shares)
- Point72 doubled its position by $3.9M (+211.2% shares)
- Morgan Stanley trimmed $69.4M (-27% of shares), Franklin Resources trimmed $57.9M (-39.6%)
- D.E. Shaw trimmed $10.4M (-51.3%), BlackRock trimmed $5.8M (-26.1%)
- Fidelity added a small $34K position (+28.6% shares)
- T. Rowe Price trimmed $84K (-49.3% shares, very small absolute)
Financial Impact
Net institutional buying of $39.1M ($200.7M bought vs $161.6M sold) across 10 filers
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound
- Selling by 6 institutions (including Morgan Stanley and Franklin Resources) outweighs buying conviction in breadth
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-FSV-2025-Q4 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 6-K | $147.22 | awaiting T+60 | — | — |
Oct 22, 2026 4d ago | Press Release | $147.22 | awaiting T+60 | — | — |
Oct 21, 2026 5d ago | SC 13G | $136.59 | awaiting T+60 | — | — |
Oct 19, 2026 7d ago | Press Release | $138.51 | awaiting T+60 | — | — |
Sep 17, 2026 5w ago | 6-K | $132.55 | awaiting T+60 | — | — |
Sep 17, 2026 5w ago | Press Release | $132.24 | awaiting T+60 | — | — |
Aug 20, 2026 9w ago | 6-K / PRESS-RELEASE | $144.49 | awaiting T+60 | — | — |
Jul 31, 2026 12w ago | 6-K | $140.89 $144.16 | ▲ +2.32% | ▼ −0.13% | — |
Jul 23, 2026 13w ago | 6-K | $131.14 $135.07 | ▲ +3.00% | ▼ −1.56% | — |
Jun 11, 2026 19w ago | Institutional Cluster | $141.46 $144.11 | ▲ +1.87% | ▼ −2.52% | — |
US Market Status
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