The cluster is dominated by mega-passive buyers and active managers trimming — the net signal is mildly bullish but stale (45-day lag). Watch for insider buying or a catalyst (e.g., resource update, permitting news) to confirm the thesis. The large Jane Street and Millennium trims suggest some smart money is de-risking, so any new positive catalyst would need to overcome that overhang.
Executive Summary
A strong institutional cluster emerged in NAK during Q2 2026, with 21 buyers (net +$5.0M) versus 9 sellers (net -$4.6M). The buying was dominated by mega-passive funds (JPMorgan, BofA, BlackRock) and active managers (Susquehanna, Zurcher Kantonalbank), while the largest sellers were Jane Street Group and Millennium, trimming sizable positions. The net institutional accumulation of ~$400K suggests modest conviction, but the 45-day reporting lag and small absolute dollar values limit the signal's immediacy.
Key Financial Metrics
Institutional Positions
Net institutional flow: $400.0K
▲ Buyers (21)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| JPMorgan | DOUBLED | +2121822% | $1.7M | $1.7M |
| Susquehanna International Group | ADD | +41.8% | $4.1M | $2.0M |
| Zurcher Kantonalbank (Zurich Cantonalbank) | DOUBLED | +135.5% | $705.0K | $487.0K |
| BlackRock | DOUBLED | +121.3% | $471.0K | $316.0K |
| BofA | ADD | +84.6% | $561.0K | $339.0K |
▼ Sellers (9)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Jane Street Group | TRIM | -62.3% | $7.7M | -$3.7M |
| Millennium | TRIM | -28.1% | $7.6M | -$106.0K |
| Sei Investments | TRIM | -44.3% | $2.2M | -$515.0K |
| Wells Fargo | NEAR_EXIT | -83.3% | $203.0K | -$157.0K |
Key Facts
- 21 institutional buyers added $5.0M in new holdings, while 9 sellers reduced by $4.6M, for a net increase of ~$400K
- JPMorgan doubled its stake from $52 to $1.7M (2.12M% increase), the largest dollar-value buyer
- Susquehanna International Group added $2.0M, bringing its position to $4.1M — the largest absolute holding among buyers
- Jane Street Group trimmed $3.7M (62.3% of shares), the largest seller by dollar value
- Millennium reduced its position by $106K (28.1% of shares), still holding $7.5M — the largest remaining holder among sellers
- Mega-passive funds (JPMorgan, BofA, BlackRock) were the most aggressive buyers, signaling index-driven accumulation
Financial Impact
Net institutional accumulation of approximately $400K across 30 funds, with total buying of $5.0M and total selling of $4.6M
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound since quarter-end
- Jane Street and Millennium, both sophisticated operators, trimmed significantly — their exits may signal thesis deterioration
- NAK is a micro-cap with low liquidity; institutional flows can have outsized impact but also reverse quickly
- No insider buying in the cluster to corroborate the bullish signal
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-NAK-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 22, 2026 5w ago | Institutional Cluster | $1.45 $0.8458 | ▼ −41.67% | ▼ −41.11% | — |
Sep 1, 2026 8w ago | 6-K | $1.56 $1.37 | ▼ −12.18% | ▼ −12.50% | — |
Jun 29, 2026 17w ago | 6-K | $2.00 $1.58 | ▼ −21.00% | ▼ −20.72% | — |
Jun 26, 2026 17w ago | 6-K | $1.88 $1.71 | ▼ −9.04% | ▼ −10.30% | — |
Jun 11, 2026 19w ago | Institutional Cluster | $1.95 $1.72 | ▼ −11.79% | ▼ −13.69% | — |
May 22, 2026 22w ago | 6-K | $2.18 $1.83 | ▼ −16.28% | ▼ −14.34% | — |
Apr 15, 2026 27w ago | 6-K | $1.91 $2.18 | ▲ +14.14% | ▲ +8.09% | — |
US Market Status
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