The divergence between active quant buying and mega-passive selling suggests a tactical thesis (e.g., defense cycle rotation, contract catalyst) that active managers are betting on, while index funds rebalanced away. Monitor upcoming earnings and DoD contract announcements for confirmation of the active thesis; if the stock rallies, the passive selling overhang may have been absorbed.
Executive Summary
Institutional activity in KTOS during Q2 2026 was mixed: a small group of active quant and asset managers (Millennium, Susquehanna, Jane Street) more than doubled their positions, adding ~$91M in net buying, while a much larger wave of mega-passive funds (Geode, Fidelity, Northern Trust, T. Rowe Price) trimmed or nearly exited, collectively selling $377M. The net effect was heavy selling by passive index rebalancers, partially offset by conviction buying from active managers.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$279.8M
▲ Buyers (54)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Millennium | DOUBLED | +526.2% | $64.6M | $50.0M |
| Susquehanna International Group | DOUBLED | +153% | $70.4M | $31.0M |
| Jane Street Group | DOUBLED | +1059.4% | $11.9M | $10.4M |
| Rathbones Group | DOUBLED | +2239.3% | $4.0M | $3.8M |
| GATEWAY INVESTMENT ADVISERS LLC | DOUBLED | +507.2% | $2.8M | $2.2M |
▼ Sellers (53)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Geode | TRIM | -29.5% | $371.2M | -$186.1M |
| Northern Trust | TRIM | -32.2% | $149.9M | -$78.1M |
| Fidelity | TRIM | -27.3% | $103.1M | -$50.1M |
| JPMorgan | TRIM | -27.7% | $66.5M | -$31.6M |
| T. Rowe Price | NEAR_EXIT | -83% | $151.0K | -$132.0K |
Key Facts
- 54 buyers added $97.5M in new holdings; 53 sellers reduced by $377.3M
- Millennium doubled its stake to $64.6M (+$50M), Susquehanna doubled to $70.4M (+$31M), Jane Street increased 10x to $11.9M (+$10.4M)
- Geode trimmed 29.5% ($186M sold), Northern Trust trimmed 32.2% ($78M sold), Fidelity trimmed 27.3% ($50M sold), T. Rowe Price near-exited 83% ($132K remaining)
- Active quant/asset manager buying totaled ~$91M; mega-passive selling totaled ~$377M
- 13F data is 45+ days stale; positions reflect quarter-end 2026-Q2
Financial Impact
Active quant/asset managers accumulated ~$91M in new positions while mega-passive funds sold ~$377M, for a net institutional outflow of ~$280M
Risk Factors
- 13F data is stale (45+ day lag); positions may have been unwound since quarter-end
- Passive selling volume ($377M) dwarfs active buying ($91M), creating potential overhead supply
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-KTOS-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | Institutional Cluster | $38.27 | awaiting T+20 | — | — |
Oct 12, 2026 15d ago | Institutional Cluster | $41.62 | awaiting T+20 | — | — |
Sep 28, 2026 29d ago | Press Release | $44.07 $40.43 | ▼ −8.26% | ▼ −8.23% | — |
Sep 23, 2026 4w ago | Insider Cluster | $47.02 $38.27 | ▼ −18.61% | ▼ −18.19% | — |
Sep 17, 2026 5w ago | Insider Cluster | $47.46 $40.42 | ▼ −14.83% | ▼ −15.04% | — |
Aug 26, 2026 8w ago | Insider Cluster | $53.69 $47.02 | ▼ −12.42% | ▼ −11.91% | — |
Aug 20, 2026 9w ago | Insider Cluster | $57.17 $47.46 | ▲ +16.98% | ▲ +16.71% | — |
Aug 19, 2026 9w ago | Insider Cluster | $56.18 $47.46 | ▼ −15.52% | ▼ −15.52% | — |
Aug 17, 2026 10w ago | 144 | $61.99 $47.59 | ▼ −23.23% | ▼ −21.92% | — |
Aug 17, 2026 10w ago | Press Release | $63.29 $47.62 | ▼ −24.76% | ▼ −22.78% | — |
US Market Status
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