The divergence between active manager accumulation and passive fund liquidation suggests no consensus catalyst. Monitor upcoming earnings for any fundamental inflection that could align institutional sentiment.
Executive Summary
Institutional activity in NRDY during Q2 2026 was mixed: 14 smaller active managers and quant funds added positions totaling $578K, while 17 sellers—dominated by mega-passive firms like BlackRock, Geode, and Northern Trust—reduced holdings by $3.7M. The net selling pressure from passive index rebalancing outweighs the selective accumulation by active managers, suggesting no strong shared catalyst.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$3.1M
▲ Buyers (14)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Goldman Sachs | ADD | +34.9% | $456.0K | $155.0K |
| RenTech | ADD | +31% | $85.0K | $27.0K |
| Jane Street Group | ADD | +99.5% | $462.0K | $256.0K |
| Wealth Enhancement Advisory Services | DOUBLED | +115.6% | $33.0K | $19.0K |
| Farther Finance Advisors | DOUBLED | +112.5% | $604.00 | $354.00 |
| Royal Bank Of Canada | ADD | +55.5% | $12.0K | $5.0K |
| Mariner | ADD | +95.4% | $42.0K | $23.0K |
| Cerity Partners | ADD | +48.3% | $41.0K | $16.0K |
| Allworth Financial | DOUBLED | +190.2% | $3.0K | $2.0K |
| Ieq Capital | DOUBLED | +117.1% | $127.0K | $75.0K |
▼ Sellers (17)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Geode | TRIM | -54.2% | $1.4M | -$663.0K |
| JPMorgan | TRIM | -27.7% | $21.0K | -$4.0K |
| Morgan Stanley | TRIM | -58.4% | $25.0K | -$13.0K |
| BofA | NEAR_EXIT | -75.9% | $50.0K | -$36.0K |
| UBS | NEAR_EXIT | -86.1% | $156.0K | -$131.0K |
| Northern Trust | TRIM | -69.7% | $410.0K | -$270.0K |
| Susquehanna International Group | TRIM | -61.3% | $52.0K | -$29.0K |
| Citigroup | TRIM | -63.7% | $20.0K | -$12.0K |
| Fifth Third Bancorp | NEAR_EXIT | -95.8% | $818.00 | -$780.00 |
| BlackRock | NEAR_EXIT | -76.2% | $3.5M | -$2.6M |
Key Facts
- 14 buyers added $578K in new holdings; 17 sellers reduced by $3.7M
- Largest seller: BlackRock trimmed 76.2% of its position, exiting $2.6M in value
- Largest buyer: Jane Street Group nearly doubled its stake, adding $256K
- Goldman Sachs added 34.9% to its position (+$155K)
- Geode Capital trimmed 54.2% of its stake, reducing by $663K
- Northern Trust cut 69.7% of its position, reducing by $270K
- Net institutional flow is negative by approximately $3.1M
Financial Impact
Net institutional selling of approximately $3.1M, with total buyer additions of $578K and total seller reductions of $3.7M
Risk Factors
- Passive selling may continue if NRDY is removed from or underweighted in indices
- Active manager buying is small in absolute dollar terms and may not signal conviction
- 13F data is 45 days stale; positions may have already been reversed
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-NRDY-2026-Q2 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 22, 2026 5w ago | Institutional Cluster | $8.71 | awaiting T+60 | — | — |
Aug 6, 2026 11w ago | 8-K | $11.34 | awaiting T+60 | — | — |
Jun 11, 2026 19w ago | Institutional Cluster | $0.9590 $0.5980 | ▲ +37.64% | ▲ +41.47% | — |
May 22, 2026 22w ago | 8-K | $12.47 $10.10 | ▼ −18.97% | ▼ −21.70% | — |
Apr 16, 2026 27w ago | Insider Cluster | $0.9510 $0.9044 | ▼ −4.90% | ▼ −11.95% | — |
Apr 6, 2026 29w ago | 8-K | $0.8230 $0.9644 | ▲ +17.18% | ▲ +3.71% | — |
US Market Status
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