The cluster is sharply split: high-conviction buying by active managers (Soros, Deutsche, Wellington) is offset by large exits from sovereign and asset managers. Monitor next earnings (2.02) for a catalyst that could resolve the divergence — if fundamentals align with the bull thesis, the buying side may prevail; a miss would validate the sellers. The 45-day reporting lag means some of these positions may already be unwound.
Executive Summary
A highly polarized institutional cluster in ITRI shows 47 buyers accumulating $124.2M (including Soros doubling to $69.7M and Deutsche Bank doubling to $38.8M) while 23 sellers reduced holdings by $190.0M (led by Norges Bank's full exit of $64.0M and Nomura's near-exit of $44.3M). The net dollar outflow of ~$65.8M and the divergence between active managers buying and sovereign/asset managers selling create a mixed signal with no clear direction near-term.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$65.8M
▲ Buyers (47)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Soros Fund Management | DOUBLED | +107.2% | $69.7M | $34.8M |
| Deutsche Bank AG | DOUBLED | +173.2% | $38.8M | $24.1M |
| Wellington Management Group | DOUBLED | +3225% | $17.1M | $16.6M |
| HSBC Holdings PLC | DOUBLED | +3377.3% | $20.7M | $20.0M |
| Nuveen Asset Management | ADD | +50.9% | $21.3M | $6.7M |
| Massachusetts Financial Services | ADD | +81.1% | $22.6M | $9.7M |
| Victory Capital Management | DOUBLED | +142.4% | $11.2M | $6.4M |
| Jennison Associates LLC | DOUBLED | +171.5% | $1.4M | $885.0K |
▼ Sellers (23)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Norges Bank | EXIT | -100% | $64.0M | -$64.0M |
| Franklin Resources Inc | NEAR_EXIT | -83.6% | $30.9M | -$26.0M |
| Nomura Asset Management International | NEAR_EXIT | -87.7% | $50.3M | -$44.3M |
| Fidelity Investments | TRIM | -47.4% | $38.8M | -$19.1M |
| Loomis, Sayles & Co. L.P. | TRIM | -31.4% | $39.0M | -$13.1M |
| Assenagon Asset Management | TRIM | -54.4% | $26.4M | -$14.8M |
| Bank of Montreal / Canada | NEAR_EXIT | -81.2% | $10.3M | -$8.4M |
Key Facts
- 47 institutions added $124.2M in ITRI positions; 23 institutions reduced by $190.0M, net -$65.8M.
- Soros Fund Management doubled its stake to $69.7M (107% share increase), and Deutsche Bank doubled to $38.8M (173% increase).
- Norges Bank fully exited a $64.0M position; Franklin Resources and Nomura each near-exited positions worth $25.9M and $44.3M respectively.
- The cluster is dominated by active managers (asset managers, family office, sovereign) — BofA and Fidelity are the only mega-passive participants.
- Confluence with insider activity is weak (score 24/100, divergent) — 0 open-market insider buyers.
Financial Impact
Institutional activity shows $124.2M in buying from 47 institutions versus $190.0M in selling from 23 institutions, net outflow of ~$65.8M (about 1.8% of ITRI's $3.7B market cap).
Risk Factors
- 13F reporting lag of up to 45 days means current positions may differ materially from the quarter-end snapshot.
- Net selling pressure from large holders (Norges, Franklin, Nomura) could indicate fundamental concerns not yet public.
- Weak insider convergence (no open-market buys) reduces conviction in the bull 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-ITRI-2026-Q1 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 26, 2026 5w ago | Insider Cluster | $98.86 $92.43 | ▼ −6.50% | ▼ −7.71% | — |
Aug 25, 2026 5w ago | Insider Cluster | $98.86 $92.43 | ▼ −6.50% | ▼ −7.71% | — |
Aug 25, 2026 5w ago | Insider Cluster | $98.86 $92.43 | ▼ −6.50% | ▼ −7.71% | — |
Aug 24, 2026 5w ago | Insider Cluster | $98.69 $92.43 | ▼ −6.34% | ▼ −6.36% | — |
Aug 24, 2026 5w ago | Insider Cluster | $98.69 $92.43 | ▼ −6.34% | ▼ −6.36% | — |
Aug 24, 2026 5w ago | Insider Cluster | $98.69 $92.43 | ▼ −6.34% | ▼ −6.36% | — |
Jul 28, 2026 9w ago | Press Release | $107.02 $98.73 | ▼ −7.75% | ▼ −11.13% | — |
Jul 9, 2026 12w ago | Institutional Cluster | $84.99 $102.82 | ▲ +20.98% | ▲ +18.74% | — |
Jun 16, 2026 15w ago | Press Release | $81.10 $83.46 | ▲ +2.91% | ▲ +2.71% | — |
Jun 4, 2026 17w ago | Insider Cluster | $81.05 $85.11 | ▲ +5.01% | ▲ +6.38% | — |
US Market Status
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