The divergence between mega-passive accumulation and active quant/activist selling suggests the Q2 2026 price move was driven by index flows rather than fundamental conviction. Monitor upcoming earnings for any fundamental catalyst that could resolve this tension — if active managers were right to trim, the stock may face headwinds once passive buying subsides.
Executive Summary
Institutional activity in LRCX during Q2 2026 was mixed: 69 buyers added $16.65B in holdings (led by JPMorgan, Swedbank, and Wells Fargo), while 53 sellers trimmed $288M (notable exits by Third Point and near-exit by D.E. Shaw). The massive net buying is concentrated in mega-passive funds, suggesting index rebalancing or sector rotation rather than a fundamental thesis, while quant and activist funds trimmed or exited, creating a divergence between passive accumulation and active manager caution.
Key Financial Metrics
Institutional Positions
Net institutional flow: $16.4B
▲ Buyers (69)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| JPMorgan | ADD | +38.5% | $18.6B | $12.1B |
| Capital World Investors | NEW | +0% | $112.5M | $112.5M |
| T. Rowe Price | ADD | +85.8% | $10.7M | $7.8M |
| Wells Fargo | ADD | +42.2% | $3.2B | $2.1B |
| RenTech | DOUBLED | +827.8% | $13.7M | $13.0M |
| Citadel | ADD | +27.5% | $615.8M | $377.6M |
| Susquehanna International Group | ADD | +46.2% | $582.2M | $385.9M |
| Jane Street Group | ADD | +59.9% | $484.7M | $335.3M |
| Swedbank Ab | ADD | +29.6% | $2.0B | $1.3B |
| Ninety One Uk | NEW | +0% | $17.4M | $17.4M |
▼ Sellers (53)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Capital Group | TRIM | -34.6% | $556.4M | -$181.4M |
| Third Point | EXIT | -100% | $16.0M | -$16.0M |
| Bridgewater | TRIM | -40.3% | $335.7M | -$70.9M |
| D.E. Shaw | NEAR_EXIT | -78.2% | $202.3M | -$112.8M |
| Millennium | TRIM | -56.2% | $339.4M | -$37.6M |
| Merit Financial Group | TRIM | -32.9% | $24.0M | -$8.7M |
| Benjamin Edwards | TRIM | -26.9% | $28.0M | -$13.5M |
| Erste Asset Management | TRIM | -26.3% | $179.8M | -$86.4M |
| Parnassus Investments | TRIM | -29.2% | $56.0M | -$24.4M |
| Eurizon Capital Sgr S.p.a. | TRIM | -36.2% | $228.6M | -$69.3M |
Key Facts
- 69 institutional buyers added $16.65B in aggregate LRCX holdings; 53 sellers reduced by $288M
- JPMorgan added 12.60M shares (+38.5%), increasing its position value by $12.08B to $18.62B
- T. Rowe Price added 11.36M shares (+85.8%), but value change was only $7.8M — likely data anomaly
- Third Point fully exited a 75K-share position worth $16.0M
- D.E. Shaw cut 78.2% of its position, reducing value by $112.8M
- Renaissance Technologies doubled its tiny position (+827.8%) from $728K to $13.7M
- Active quant funds (Bridgewater, Millennium, D.E. Shaw) were net sellers; mega-passive funds (JPMorgan, Wells Fargo) were net buyers
Financial Impact
69 buyers accumulated $16.65B in new LRCX holdings while 53 sellers reduced by $288M, for a net institutional inflow of approximately $16.36B
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound or adjusted since quarter-end
- Mega-passive buying (JPMorgan, Wells Fargo) may reflect index rebalancing, not stock-specific conviction
- Active quant selling (D.E. Shaw, Millennium, Bridgewater) suggests caution on valuation or fundamentals
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-LRCX-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | 8-K | $230.15 $230.10 | ▼ −0.02% | ▲ +0.50% | — |
Oct 16, 2026 10d ago | Institutional Cluster | $263.94 $272.20 | ▲ +3.13% | ▲ +2.71% | — |
Oct 15, 2026 12d ago | Court Ruling | $263.94 $272.20 | ▲ +3.13% | ▲ +2.71% | — |
Oct 12, 2026 15d ago | Institutional Cluster | $309.56 $301.11 | ▼ −2.73% | ▼ −2.72% | — |
Sep 30, 2026 26d ago | Press Release | $340.10 $347.49 | ▲ +2.17% | ▲ +1.43% | — |
Sep 24, 2026 4w ago | DEFA14A | $315.08 $314.39 | ▼ −0.22% | ▲ +0.52% | — |
Sep 10, 2026 6w ago | Insider Cluster | $298.01 $298.22 | ▲ +0.07% | ▼ −0.78% | — |
Sep 10, 2026 6w ago | Insider Cluster | $298.01 $298.22 | ▲ +0.07% | ▼ −0.78% | — |
Sep 3, 2026 7w ago | Insider Cluster | $292.66 $307.65 | ▲ +5.12% | ▲ +5.51% | — |
Apr 27, 2026 26w ago | Insider Cluster | $259.38 $251.00 | ▼ −3.23% | ▼ −2.75% | — |
US Market Status
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