The cluster is mixed with net selling, and historical MLI reports have been poor predictors. Monitor for further insider or institutional moves before taking a directional stance. The large Vaughan Nelson trim may signal profit-taking or rotation.
Executive Summary
Three small asset managers (Davenport & Co, Qrg Capital Management, Wealth Enhancement Advisory Services) added MLI positions totaling ~$2.5M in Q2 2026, while Vaughan Nelson Investment Management trimmed its stake by $13.5M (25.5% reduction). The cluster is net selling of ~$11M, and the lack of insider buying (confluence score 4/100) weakens conviction. Historical reports on MLI have underperformed (avg T+20 -0.32%, 17% win rate), suggesting caution.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$11.0M
▲ Buyers (3)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Wealth Enhancement Advisory Services | DOUBLED | +114.3% | $13.0M | $1.2M |
| Davenport & Co | ADD | +78.2% | $4.5M | -$52.3K |
| Qrg Capital Management | ADD | +36.9% | $3.9M | $1.3M |
▼ Sellers (1)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Vaughan Nelson Investment Management | TRIM | -25.5% | $77.8M | -$13.5M |
Key Facts
- 3 buyers added $2.5M in aggregate; 1 seller reduced by $13.5M
- Vaughan Nelson (largest holder at $64.3M) trimmed 178.8K shares
- Wealth Enhancement Advisory Services doubled its position to 248.1K shares ($13.0M)
- No open-market insider buying detected (confluence score 4/100, divergent)
Financial Impact
Net institutional selling of approximately $11M in Q2 2026, with buyers adding $2.5M and the sole seller reducing by $13.5M
Risk Factors
- 13F data is 45+ days old; positions may have been unwound
- Historical MLI reports show negative average alpha at T+20
- Lack of insider buying reduces conviction in the bullish 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-MLI-2026-Q2 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 17, 2026 6w ago | Insider Cluster | $66.63 $60.53 | ▼ −9.15% | ▼ −7.18% | — |
Aug 12, 2026 7w ago | Insider Cluster | $68.28 $60.16 | ▲ +11.89% | ▲ +9.99% | — |
Aug 10, 2026 7w ago | 8-K | $68.90 $63.58 | ▼ −7.72% | ▼ −6.81% | — |
Jul 17, 2026 11w ago | Institutional Cluster | $59.13 $65.90 | ▲ +11.45% | ▲ +7.00% | — |
Jun 2, 2026 17w ago | 8-K | $65.11 $57.42 | ▼ −11.81% | ▼ −10.25% | — |
May 11, 2026 20w ago | 8-K | $70.17 $67.83 | ▼ −3.33% | ▼ −3.03% | — |
May 11, 2026 20w ago | 3 | $70.17 $67.83 | ▼ −3.33% | ▼ −3.03% | — |
Apr 21, 2026 23w ago | 8-K | $67.18 $65.75 | ▼ −2.14% | ▼ −6.35% | — |
Mar 5, 2026 30w ago | Court Ruling | $116.59 $110.72 | ▼ −5.04% | ▼ −1.25% | — |
US Market Status
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