The mixed cluster with divergent active manager conviction — quants buy aggressively while value managers sell — suggests no consensus signal on ICE. With the cross-filing amplifier inst-earnings-context + inst-offering-context indicating these moves may have been around earnings/offering events, monitor whether the selling accelerates into Q4 13F data as a potential overhang. For traders, the lack of clear institutional direction warrants a neutral stance until conviction coalesces.
Executive Summary
A mixed institutional cluster in ICE's Q3 2024 13Fs shows $372.5M in buying (net +$194.9M from $177.6M prior) against $378.4M in selling, creating net selling pressure. Aggressive active buying by Citadel ($113.8M add), Point72 ($16.2M doubler), and Nisa ($21.7M add) is countered by major trims from Mawer ($117.8M cut), Balyasny ($111.6M cut), and Prudential ($29.6M cut). The divergence between quant-driven accumulators and value-oriented divestors suggests a thesis split on ICE's growth trajectory and valuation.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$183.5M
▲ Buyers (39)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Citadel | ADD | +69.5% | $229.0M | $113.8M |
| Nisa Investment Advisors | ADD | +57.5% | $47.3M | $21.7M |
| Nissay Asset Management Corp | ADD | +51.9% | $37.5M | $16.4M |
| Point72 | DOUBLED | +298% | $20.6M | $16.2M |
| King Luther Capital Management | DOUBLED | +135.2% | $19.7M | $12.6M |
| M&G | NEW | +0% | $10.7M | $10.7M |
| &Partners | DOUBLED | +119.3% | $3.2M | $1.9M |
| Neos Investment Management | ADD | +26.6% | $4.6M | $1.5M |
▼ Sellers (21)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Mawer | TRIM | -30.7% | $632.0M | -$117.8M |
| Balyasny Asset Management | TRIM | -61.1% | $205.2M | -$111.6M |
| Verition Fund Management | NEAR_EXIT | -96.2% | $45.5M | -$43.5M |
| First Trust Advisors | NEAR_EXIT | -95.5% | $46.8M | -$44.3M |
| Prudential Financial | TRIM | -37.4% | $111.4M | -$29.6M |
| Swedbank Ab | EXIT | -100% | $11.6M | -$11.6M |
| Glenmede Trust Co Na | TRIM | -40.8% | $46.2M | -$14.1M |
Key Facts
- 39 buyers accumulated $372.5M in positions (net change +$194.9M)
- 21 sellers reduced $378.4M in positions (net change of -$378.4M)
- Citadel added 584.4K shares, increasing its stake by $113.8M
- Mawer trimmed 1.42M shares, reducing its position by $117.8M
- 2 new positions (M&G) and 3 near-exits/single exit among sellers
- Net aggregate value change across all tracked funds: -$183.5M (selling $378.4M vs buying $194.9M)
- Active quant funds (Citadel, Point72) are net buyers; value-oriented funds (Mawer, Balyasny) are net sellers
Financial Impact
Active quant funds added $175M+ while top value funds cut $351M+, resulting in aggregate institutional net selling of ~$183.5M based on the tracked 60-fund sample.
Risk Factors
- 13F data carries a 45-day reporting lag; positions may have already been adjusted after quarter end
- Mawer's large trim alongside Balyasny's sell suggests fundamental concerns among value-driven allocators
- Active quant buying could be hedging-related rather than directional conviction
- Historical P&L on prior ICE calls shows consistent negative drift (average T+20 -3.5%) suggesting persistent headwinds
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-ICE-2024-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 3, 2026 29d ago | Insider Cluster | $164.59 $157.40 | ▼ −4.37% | ▼ −3.22% | — |
Aug 28, 2026 5w ago | Insider Cluster | $162.33 $161.26 | ▼ −0.66% | ▼ −0.77% | — |
Aug 24, 2026 5w ago | Insider Cluster | $162.99 $160.70 | ▼ −1.41% | ▼ −1.87% | — |
Aug 21, 2026 6w ago | 8-K | $161.25 $162.33 | ▲ +0.67% | ▲ +0.20% | — |
Aug 21, 2026 6w ago | Insider Cluster | $161.25 $162.33 | ▲ +0.67% | ▲ +0.20% | — |
Aug 20, 2026 6w ago | 8-K | $161.25 $162.33 | ▲ +0.67% | ▲ +0.20% | — |
Aug 17, 2026 6w ago | Insider Cluster | $154.31 $162.49 | ▲ +5.30% | ▲ +6.49% | — |
Aug 14, 2026 7w ago | Insider Cluster | $154.73 $161.22 | ▲ +4.20% | ▲ +5.56% | — |
Aug 11, 2026 7w ago | 424B5 | $151.25 $156.18 | ▲ +3.26% | ▲ +3.66% | — |
Jul 30, 2026 9w ago | DEFA14A | $156.27 $149.75 | ▼ −4.17% | ▼ −7.80% | — |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access