The divergence between aggressive active buying (Janus, Citadel, D.E. Shaw) and the massive Pacer exit suggests a potential catalyst-driven thesis that may not be fully priced. Monitor for any upcoming earnings or M&A announcements that could explain the cluster. The 45-day 13F lag means positions may have already been adjusted — watch for insider trading patterns or 8-K filings for confirmation.
Executive Summary
A significant institutional cluster formed in NX during 2024-Q3, with 31 buyers accumulating $14.7M net versus 8 sellers reducing by $44.9M. The buyer side is dominated by active asset managers and quant funds (Citadel, D.E. Shaw, Janus Henderson) doubling or adding large positions, while the seller side is heavily skewed by a single full exit from Pacer Advisors ($35.8M) and a large trim by Invesco ($6.4M). The net conviction is bullish, driven by conviction from active managers, but the massive Pacer exit creates a notable divergence.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$30.2M
▲ Buyers (31)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Janus Henderson Group | DOUBLED | +318.9% | $6.4M | $4.9M |
| Citadel | DOUBLED | +129% | $5.1M | $2.9M |
| D.E. Shaw | DOUBLED | +342.8% | $2.1M | $1.6M |
| Walleye Capital | DOUBLED | +129.4% | $1.1M | $633.0K |
| Schwab | ADD | +26.3% | $18.6M | $3.9M |
▼ Sellers (8)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Pacer Advisors | EXIT | -100% | $35.8M | -$35.8M |
| Invesco | TRIM | -41.1% | $15.6M | -$6.4M |
| Macquarie Group | TRIM | -38.5% | $1.5M | -$582.0K |
| Prudential Financial | TRIM | -30.1% | $3.0M | -$906.8K |
| Voloridge Investment Management | TRIM | -47.9% | $1.3M | -$621.4K |
Key Facts
- 31 institutional buyers added $14.7M net in new positions during Q3 2024
- 8 institutional sellers reduced holdings by $44.9M, led by Pacer Advisors' full exit of $35.8M
- Janus Henderson Group more than quadrupled its position (+318.9%, +$4.9M)
- Citadel doubled its stake (+129%, +$2.9M) and D.E. Shaw more than tripled (+342.8%, +$1.6M)
- Invesco trimmed 41.1% of its position (-$6.4M) and Macquarie Group trimmed 38.5% (-$582K)
- The cluster is dominated by active managers and quant funds, not passive rebalancing
Financial Impact
31 buyers accumulated $36.1M in current holdings (net change +$14.7M), while 8 sellers reduced by $44.9M, resulting in a net institutional outflow of approximately $30.2M for the quarter
Risk Factors
- Pacer Advisors' full $35.8M exit could signal a fundamental concern not shared by other sellers
- 13F data is 45+ days stale; the cluster may have been unwound
- Net institutional outflow of $30.2M suggests overall selling pressure despite active buying
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-NX-2024-Q3 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | SC 13D/A | $19.36 | awaiting T+20 | — | — |
Oct 7, 2026 20d ago | SC 13G/A | $18.39 | awaiting T+20 | — | — |
Sep 3, 2026 7w ago | Press Release | $22.93 $18.91 | ▼ −17.53% | ▼ −18.13% | — |
Jun 12, 2026 19w ago | Institutional Cluster | $17.02 $17.40 | ▲ +2.23% | ▲ +0.45% | — |
Jun 4, 2026 20w ago | 8-K | $15.42 $17.18 | ▼ −11.41% | ▼ −9.55% | — |
Mar 5, 2026 33w ago | 8-K | $17.27 $17.75 | ▲ +2.78% | ▲ +4.83% | — |
Mar 5, 2026 33w ago | Press Release | $17.27 $17.75 | ▲ +2.78% | ▲ +4.83% | — |
US Market Status
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