The heavy selling by Driehaus, State Street, and Millennium suggests a loss of conviction among large holders, while Citadel and Morgan Stanley's accumulation provides a counterweight. Monitor upcoming quarterly results for fundamental catalysts that could shift the balance.
Executive Summary
Institutional activity in IVVD during 2026-Q2 was mixed: 19 buyers added $1.9M in new holdings (led by Citadel, Morgan Stanley, and Schwab), while 10 sellers reduced positions by $22.8M (led by Driehaus Capital Management, State Street, and Millennium). The net selling pressure of ~$20.9M suggests large passive and quant funds trimmed exposure, partially offset by smaller active and passive accumulators.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$20.9M
▲ Buyers (19)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Morgan Stanley | ADD | +69.1% | $5.0M | $595.0K |
| Schwab | DOUBLED | +298% | $410.0K | $256.0K |
| Citadel | DOUBLED | +125.3% | $3.1M | $1.1M |
▼ Sellers (10)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Driehaus Capital Management | TRIM | -43% | $11.0M | -$6.8M |
| State Street | TRIM | -50.1% | $9.0M | -$6.0M |
| Millennium | TRIM | -65.7% | $4.6M | -$3.5M |
| Goldman Sachs | TRIM | -62.5% | $3.4M | -$2.5M |
| Susquehanna International Group | NEAR_EXIT | -76.1% | $2.5M | -$2.1M |
Key Facts
- 19 institutional buyers added $1.9M in new positions; 10 sellers reduced by $22.8M
- Largest buyer: Citadel doubled its stake (+125.3%, +$1.1M to $3.1M)
- Largest seller: Driehaus Capital Management trimmed 43% (-$6.8M, leaving $4.2M)
- State Street trimmed 50.1% (-$6.0M, leaving $3.0M)
- Millennium trimmed 65.7% (-$3.5M, leaving $1.1M)
- Goldman Sachs trimmed 62.5% (-$2.5M, leaving $854K)
- Susquehanna nearly exited (-76.1%, -$2.1M, leaving $397K)
- Morgan Stanley added 69.1% (+$595K to $5.0M)
- Schwab doubled (+298%, +$256K to $410K)
Financial Impact
Net institutional selling of ~$20.9M (buyers added $1.9M, sellers reduced $22.8M) in Q2 2026, representing a significant portion of the small market cap.
Risk Factors
- Continued institutional distribution could pressure the stock
- 13F data is 45 days stale; positions may have changed since quarter-end
- Small market cap makes the stock sensitive to large trades
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-IVVD-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 29, 2026 27d ago | 8-K | $0.8501 $0.8064 | ▼ −5.14% | ▼ −7.09% | — |
Sep 22, 2026 4w ago | Institutional Cluster | $0.9640 $0.8501 | ▼ −11.82% | ▼ −10.63% | — |
Sep 1, 2026 7w ago | 8-K | $0.8800 $0.7973 | ▼ −9.40% | ▼ −9.48% | — |
Aug 17, 2026 10w ago | 144 | $0.8680 $0.9387 | ▲ +8.15% | ▲ +8.35% | — |
Jul 6, 2026 16w ago | 8-K | $0.8340 $0.7834 | ▲ +6.07% | ▲ +6.56% | — |
Jun 16, 2026 18w ago | Press Release | $0.8918 $0.9346 | ▲ +4.80% | ▲ +7.03% | — |
Jun 11, 2026 19w ago | Institutional Cluster | $0.8125 $0.9312 | ▲ +14.61% | ▲ +14.18% | — |
Jun 9, 2026 19w ago | Press Release | $0.9900 $0.8686 | ▼ −12.26% | ▼ −14.67% | — |
Jun 1, 2026 21w ago | Press Release | $1.22 $1.03 | ▼ −15.57% | ▼ −12.82% | — |
May 14, 2026 23w ago | 8-K | $1.16 $1.11 | ▼ −4.31% | ▼ −3.59% | — |
US Market Status
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