The cluster is mixed but the buying is larger in dollar terms. Tudor's near-exit is a cautionary signal from event-driven capital, while Legal & General's large add suggests long-term value conviction. Monitor next 13F for follow-through or reversal of these positions. The 45-day reporting lag means these positions may already be unwound.
Executive Summary
A mixed institutional cluster in GRC for Q3 2024 shows 5 buyers accumulating $6.6M net (led by Legal & General Group adding $5.1M) against 3 sellers reducing by $909K (led by Tudor Investment Corp exiting 79.4% of its position). The buying is concentrated in asset managers adding modestly, while the selling includes a near-exit by a hedge fund, creating a net neutral signal with slightly more conviction on the buy side by dollar volume.
Key Financial Metrics
Institutional Positions
Net institutional flow: $5.7M
▲ Buyers (5)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Legal & General Group | ADD | +77.4% | $10.9M | $5.1M |
| Assenagon Asset Management | ADD | +44.8% | $3.1M | $1.1M |
| Arrowstreet Capital, Limited P | ADD | +42.6% | $400.0K | $400.0K |
▼ Sellers (3)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Tudor Investment Corp Et Al | NEAR_EXIT | -79.4% | $988.0K | -$771.8K |
| Nisa Investment Advisors | TRIM | -34.4% | $449.0K | -$136.2K |
| Exoduspoint Capital Management | TRIM | -70.7% | $883.0K | -$609.0K |
Key Facts
- 5 institutional buyers added $6.6M in net new value, led by Legal & General Group (+$5.1M, +77.4% shares) and Assenagon Asset Management (+$1.1M, +44.8% shares)
- 3 institutional sellers reduced holdings by $909K, led by Tudor Investment Corp near-exit (-$772K, -79.4% shares) and Nisa Investment Advisors trim (-$136K, -34.4% shares)
- All buyers are asset managers; the largest seller is a hedge fund (Tudor), suggesting potential divergence in thesis between long-term allocators and event-driven capital
- Net aggregate buying of $5.7M (buyers $14.5M vs sellers $3.6M) but small relative to GRC's market cap (~$1.1B), representing <1% of float
Financial Impact
5 buyers accumulated $14.5M in positions (net +$6.6M) while 3 sellers reduced holdings by $909K; net institutional inflow of approximately $5.7M
Risk Factors
- 13F data is 45+ days stale; positions may have been reversed since quarter-end
- Tudor's near-exit could indicate a catalyst thesis that failed to materialize
- All buyers are asset managers (not activists or hedge funds), limiting signal intensity
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-GRC-2024-Q3 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 8-K | $70.99 | awaiting T+60 | — | — |
Oct 2, 2026 24d ago | 8-K | $77.26 | awaiting T+60 | — | — |
Jul 24, 2026 13w ago | 8-K | $81.73 $72.42 | ▼ −11.39% | ▼ −14.68% | — |
Jul 24, 2026 13w ago | 8-K | $81.73 $72.42 | ▼ −11.39% | ▼ −14.68% | — |
Jun 12, 2026 19w ago | Institutional Cluster | $84.59 $75.49 | ▼ −10.76% | ▼ −14.02% | — |
Apr 27, 2026 25w ago | 8-K | $75.96 $80.09 | ▲ +5.44% | ▲ +0.66% | — |
US Market Status
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