The cluster reveals a sharp divergence: large pension funds (Canada Pension, Healthcare of Ontario) are building new multi-million-dollar positions, while quant funds (Citadel, Bridgewater) and Swedbank are exiting or trimming aggressively. Monitor upcoming HSIC earnings for catalysts that could resolve this disagreement — the pension buying suggests a long-term value thesis, while the quant exits may reflect near-term headwinds in dental/medical distribution margins.
Executive Summary
A mixed institutional cluster in HSIC for Q3 2024 shows 13 buyers accumulating $296.2M in new positions (led by Canada Pension Plan, Healthcare of Ontario Pension, and multiple asset managers doubling or adding) while 12 sellers reduced holdings by $226.7M, including a full exit by Swedbank ($168.4M) and near-exits by Citadel and Mackenzie Financial. The net $69.5M inflow suggests divergent views on Henry Schein's dental/medical distribution outlook, with long-term pension funds building positions against quant and asset manager reductions.
Key Financial Metrics
Institutional Positions
Net institutional flow: $69.5M
▲ Buyers (13)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Canada Pension Plan Investment | NEW | +0% | $65.6M | $65.6M |
| Healthcare Of Ontario Pension | NEW | +0% | $43.7M | $43.7M |
| Schroder Investment Management | DOUBLED | +10408.3% | $47.2M | $46.8M |
| Allianz Asset Management | DOUBLED | +5182.7% | $44.3M | $43.6M |
| National Bank Of Canada | DOUBLED | +1124.5% | $39.1M | $36.2M |
▼ Sellers (12)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Swedbank Ab | EXIT | -100% | $168.4M | -$168.4M |
| Citadel | NEAR_EXIT | -94.5% | $26.0M | -$24.4M |
| Legal & General Group | TRIM | -41.6% | $65.0M | -$21.8M |
| Mackenzie Financial | NEAR_EXIT | -86% | $2.1M | -$1.7M |
| Bridgewater | TRIM | -61.2% | $9.8M | -$5.5M |
Key Facts
- 13 institutional buyers added $296.2M in HSIC positions during Q3 2024
- 12 institutional sellers reduced holdings by $226.7M, including a $168.4M full exit by Swedbank
- Canada Pension Plan Investment initiated a new $65.6M position (900K shares)
- Healthcare of Ontario Pension initiated a new $43.7M position (600K shares)
- Citadel reduced its stake by 94.5% to a near-exit position worth $1.6M
- Bridgewater trimmed 61.2% of its HSIC position
- Net aggregate inflow of approximately $69.5M across the cluster
Financial Impact
13 buyers accumulated $342.8M in holdings (net change +$296.2M) while 12 sellers reduced by $226.7M, resulting in a net inflow of ~$69.5M
Risk Factors
- 13F data has a 45-day reporting lag; positions may have been unwound since quarter-end
- Swedbank's $168.4M full exit represents a significant bearish signal from a large holder
- The cluster is dominated by asset managers rather than activist funds, reducing conviction signal
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-HSIC-2024-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 4, 2026 8w ago | 8-K | $89.11 $88.52 | ▼ −0.66% | ▲ +0.58% | — |
Aug 4, 2026 8w ago | Institutional Cluster | $89.11 $88.52 | ▼ −0.66% | ▲ +0.58% | — |
Jul 30, 2026 9w ago | 8-K | $85.17 $90.28 | ▲ +6.00% | ▲ +2.03% | — |
Jun 11, 2026 16w ago | Institutional Cluster | $81.25 $84.40 | ▲ +3.88% | ▲ +2.10% | — |
May 22, 2026 19w ago | 8-K | $74.21 $79.03 | ▲ +6.49% | ▲ +7.91% | — |
May 12, 2026 20w ago | DEFA14A | $69.35 $78.85 | ▲ +13.70% | ▲ +15.43% | — |
Apr 8, 2026 25w ago | DEFA14A | $75.53 $74.37 | ▼ −1.54% | ▼ −10.08% | — |
Mar 2, 2026 30w ago | Insider Cluster | $81.37 $72.70 | ▼ −10.65% | ▼ −2.72% | — |
Mar 2, 2026 30w ago | Insider Cluster | $81.37 $72.70 | ▼ −10.65% | ▼ −2.72% | — |
Mar 2, 2026 30w ago | Insider Cluster | $81.37 $72.70 | ▼ −10.65% | ▼ −2.72% | — |
US Market Status
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