The divergence between mega-passive/active-value sellers (Dodge & Cox, Goldman Sachs, UBS) and quant/asset-manager buyers (Millennium, Citadel, WCM) suggests a battle over near-term vs. long-term thesis. Monitor upcoming earnings for fundamental catalyst that could resolve the direction. The 45-day lag means these positions may have already been adjusted.
Executive Summary
A mixed institutional cluster in NVS for Q2 2026 shows 23 buyers accumulating $427.4M (led by JPMorgan, WCM, and Millennium) but 21 sellers reducing $1.74B (led by Dodge & Cox exiting $945M and Goldman Sachs trimming $530M). The net selling pressure is substantial, with mega-passive and active value funds reducing exposure, while quant and asset manager funds initiated or added positions.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$1.3B
▲ Buyers (23)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| JPMorgan | ADD | +25.5% | $356.9M | $85.5M |
| Citadel | NEW | — | $50.3M | $50.3M |
| Millennium | NEW | — | $118.8M | $118.8M |
| Wcm Investment Management | ADD | +30.2% | $300.1M | $80.1M |
| Bnp Paribas Financial Markets | DOUBLED | +213.6% | $59.5M | $41.0M |
▼ Sellers (21)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Dodge & Cox | NEAR_EXIT | -89.1% | $1.1B | -$945.3M |
| Goldman Sachs | TRIM | -54.3% | $996.8M | -$529.8M |
| UBS | TRIM | -33.9% | $273.9M | -$88.3M |
| Jane Street Group | NEAR_EXIT | -97.2% | $56.0M | -$54.4M |
| Point72 | TRIM | -62.6% | $43.4M | -$26.7M |
Key Facts
- 23 buyers added $427.4M in new holdings (total $970.0M)
- 21 sellers reduced $1.74B in holdings
- Top buyer: JPMorgan added $85.5M (+25.5% shares)
- Top seller: Dodge & Cox exited $945.3M (-89.1% shares)
- Goldman Sachs trimmed $529.8M (-54.3% shares)
- Millennium Management initiated a $118.8M new position
- Citadel initiated a $50.3M new position
- Net institutional outflow of ~$1.31B
Financial Impact
Net institutional selling of approximately $1.31B in Q2 2026, with 21 sellers reducing $1.74B and 23 buyers adding $427.4M
Risk Factors
- 13F data is 45+ days stale; current positions may differ materially
- Net selling of $1.31B is a significant bearish signal from large institutions
- Dodge & Cox near-exit suggests a fundamental thesis break
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-NVS-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 12d ago | Court Ruling | $150.62 $150.20 | ▼ −0.28% | ▼ −0.70% | — |
Oct 13, 2026 14d ago | Court Ruling | $146.88 $150.38 | ▼ −2.38% | ▼ −2.10% | — |
Sep 22, 2026 4w ago | Institutional Cluster | $141.28 $142.71 | ▲ +1.01% | ▲ +1.73% | — |
Sep 4, 2026 7w ago | 6-K | $137.70 $137.48 | ▲ +0.16% | ▼ −0.30% | — |
Sep 1, 2026 7w ago | 6-K | $161.25 $162.46 | ▲ +0.75% | ▲ +0.31% | — |
Aug 4, 2026 12w ago | Court Ruling | $154.44 $154.21 | ▼ −0.15% | ▲ +0.01% | — |
Jul 28, 2026 13w ago | Court Ruling | $158.83 $158.44 | ▼ −0.25% | ▼ −1.92% | — |
Jul 21, 2026 13w ago | 6-K | $153.87 $153.08 | ▼ −0.51% | ▼ −0.40% | — |
Jul 1, 2026 16w ago | Court Ruling | $154.14 $159.90 | ▼ −3.74% | ▼ −3.87% | — |
Apr 30, 2026 25w ago | Court Ruling | $146.57 $144.62 | ▲ +1.33% | ▲ +0.96% | — |
US Market Status
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