All institutions in this cluster are passive index fund managers — no active investor signal. The net buying is small relative to market cap and likely reflects index rebalancing. Traders should not read this cluster as a catalyst; monitor for any active 13D filing or earnings surprise instead.
Executive Summary
Six mega-passive institutional investors (State Street, BofA, Wells Fargo, Schwab, Fidelity, Morgan Stanley) filed 13F-HR positions in NBN for Q3 2025, with four increasing and two trimming. The net directional flow is slightly positive (~$16.6M net buying), but all participants are passive index fund managers, indicating routine rebalancing rather than an active investment thesis. The signal is weak due to the 45-day filing lag and lack of active manager participation.
Key Financial Metrics
Institutional Positions
Net institutional flow: $16.6M
▲ Buyers (4)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| State Street | ADD | +33.4% | $28.4M | $9.5M |
| BofA | DOUBLED | +128.7% | $3.1M | $1.9M |
| Wells Fargo | DOUBLED | +613.5% | $3.1M | $2.7M |
| Schwab | DOUBLED | +183% | $6.1M | $4.2M |
▼ Sellers (2)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Fidelity | TRIM | -66.6% | $186.0K | -$116.2K |
| Morgan Stanley | TRIM | -28.3% | $8.0M | -$1.5M |
Key Facts
- 4 mega-passive institutions added positions (State Street, BofA, Wells Fargo, Schwab), 2 trimmed (Fidelity, Morgan Stanley)
- Net buying of ~$16.6M (buyers added $18.3M, sellers reduced $1.66M)
- All institutions in the cluster are index fund / passive managers
- 13F data is as of 2025-Q3, subject to 45-day filing lag
Financial Impact
Passive rebalancing with net buying of approximately $16.6M
Risk Factors
- 13F data is stale (45-day lag); passive rebalancing may reverse
- Low observed P for impact scores 6-8 in this segment (net negative avg alpha)
Market Snapshot
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-NBN-2025-Q3 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | Press Release | $129.05 | awaiting T+60 | — | — |
Oct 20, 2026 7d ago | Press Release | $127.43 | awaiting T+60 | — | — |
Jul 27, 2026 13w ago | Press Release | $133.11 $124.75 | ▼ −6.28% | ▼ −9.99% | — |
Jul 16, 2026 14w ago | Press Release | $136.31 $125.99 | ▼ −7.57% | ▼ −11.28% | — |
Jun 11, 2026 19w ago | Institutional Cluster | $128.69 $132.86 | ▲ +3.24% | ▼ −1.16% | — |
Apr 21, 2026 27w ago | Press Release | $122.35 $136.31 | ▲ +11.41% | ▲ +4.51% | — |
Feb 28, 2026 34w ago | Institutional Cluster | $112.94 $126.64 | ▲ +12.13% | ▲ +2.80% | — |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers