The cluster is dominated by passive rebalancing (Fidelity alone accounts for 75% of net buying), which limits the signal's conviction. The active manager additions from AllianceBernstein and Franklin Resources are notable but small relative to the passive flows. Given the 14% historical win rate on KYMR reports and negative alpha, traders should treat this as noise unless a specific pipeline catalyst (e.g., clinical data readout) emerges. Monitor upcoming 13F filings for unwinding of these positions.
Executive Summary
A mixed institutional cluster in Kymera Therapeutics for Q4 2025 shows 7 buyers adding $485.7M in net new positions, dominated by passive/index funds (Fidelity, BofA, Wells Fargo, Invesco) alongside two active managers (AllianceBernstein new at $74.1M, Franklin Resources doubling to $27.6M). Four sellers trimmed modestly, led by quant fund Two Sigma (-$3.7M) and Massachusetts Financial Services (-$2.1M). The heavy passive buying likely reflects index rebalancing rather than a fundamental catalyst, while the active manager additions suggest selective conviction in Kymera's protein degradation pipeline.
Key Financial Metrics
Institutional Positions
Net institutional flow: $478.7M
▲ Buyers (7)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Fidelity | ADD | +51.9% | $694.7M | $361.9M |
| Alliancebernstein | NEW | — | $74.1M | $74.1M |
| Franklin Resources | DOUBLED | +1019.9% | $27.6M | $25.8M |
| BofA | ADD | +82% | $26.4M | $15.8M |
| Invesco | ADD | +46.3% | $9.1M | $4.6M |
| Wells Fargo | DOUBLED | +107.4% | $5.2M | $3.4M |
| Mirae Asset Global Investments | ADD | +26.5% | $272.0K | $116.0K |
▼ Sellers (4)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Two Sigma | TRIM | -38.2% | $24.3M | -$3.7M |
| Massachusetts Financial Servic | TRIM | -33.5% | $24.6M | -$2.1M |
| Ameriprise Financial | NEAR_EXIT | -85.8% | $1.4M | -$1.1M |
| Morgan Stanley | TRIM | -27.5% | $21.4M | -$62.1K |
Key Facts
- 7 buyers added $485.7M in net new positions; 4 sellers reduced by $6.9M
- Fidelity added 3.05M shares (+51.9%), now holding $694.7M — the dominant buyer
- AllianceBernstein initiated a new $74.1M position, the largest active-manager entry
- Franklin Resources nearly 11x'd its stake (+1019.9%) to $27.6M
- Two Sigma trimmed 38.2% of its position (-$3.7M), the largest seller by dollar value
- Morgan Stanley trimmed only 27.5% (-$62K), a negligible reduction
- 5 of 7 buyers are mega-passive/index funds; only 2 are active asset managers
- Historical T+20 win rate on KYMR reports is 14% with avg alpha -9.46% vs SPY
Financial Impact
Net institutional buying of $478.7M ($485.7M bought vs $6.9M sold) across 11 filers
Risk Factors
- 45-day 13F reporting lag means positions may already be unwound
- Passive-dominated cluster provides weak directional signal
- Historical KYMR reports show negative alpha at T+20 (-9.46% avg vs SPY)
- Two Sigma's trim suggests quantitative models are reducing exposure
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-KYMR-2025-Q4 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 5, 2026 8w ago | 8-K | $105.48 $118.63 | ▲ +12.47% | ▲ +13.07% | — |
Jul 8, 2026 12w ago | Insider Cluster | $114.16 $105.48 | ▲ +7.60% | ▲ +10.88% | — |
Jul 2, 2026 13w ago | Insider Cluster | $113.51 $107.01 | ▲ +5.73% | ▲ +5.31% | — |
Jul 2, 2026 13w ago | Insider Cluster | $113.51 $107.01 | ▲ +5.73% | ▲ +5.31% | — |
Jun 30, 2026 13w ago | 144 | $114.20 $105.25 | ▲ +7.84% | ▲ +5.65% | — |
Jun 29, 2026 13w ago | 144 | $114.67 $110.05 | ▼ −4.03% | ▼ −3.00% | — |
Jun 26, 2026 13w ago | Insider Cluster | $109.32 $110.57 | ▼ −1.14% | ▼ −1.42% | — |
Jun 26, 2026 13w ago | 144 | $109.32 $110.57 | ▼ −1.14% | ▼ −1.42% | — |
Jun 26, 2026 13w ago | 144 | $109.32 $110.57 | ▼ −1.14% | ▼ −1.42% | — |
Jun 24, 2026 14w ago | 144 | $116.46 $110.38 | ▼ −5.22% | ▼ −5.75% | — |
US Market Status
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