Passive rebalancing dominates this cluster; no active-manager thesis emerges. Monitor for fundamental catalysts or activist involvement that could drive active conviction. The historical negative T+20 alpha (-2.27%) on this segment suggests limited edge from 13F copycat trading.
Executive Summary
Three mega-passive funds (Fidelity, T. Rowe Price, Wells Fargo) increased PL holdings by $22.1M, while two other mega-passive funds (Morgan Stanley, Bank of America) trimmed $5.5M in shares (though dollar values rose on price appreciation). The cluster is entirely passive/index-driven with no active-manager conviction, yielding a neutral outlook.
Key Financial Metrics
Institutional Positions
Net institutional flow: $27.6M
▲ Buyers (3)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Fidelity | DOUBLED | +410.5% | $23.0M | $20.9M |
| T. Rowe Price | DOUBLED | +1733.3% | $25.0K | $25.0K |
| Wells Fargo | ADD | +29.2% | $1.9M | $1.2M |
▼ Sellers (2)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Morgan Stanley | TRIM | -39.9% | $18.3M | $5.1M |
| BofA | TRIM | -50.8% | $8.2M | $387.0K |
Key Facts
- Fidelity DOUBLED its PL position (+410.5% shares) to $23.0M, adding $20.9M.
- T. Rowe Price DOUBLED from a de minimis base (+1733.3%) to $25K.
- Wells Fargo ADDED 29.2% to $1.9M.
- Morgan Stanley trimmed 39.9% of shares but position value rose to $23.4M (+$5.1M).
- Bank of America trimmed 50.8% of shares but position value rose to $8.6M (+$387K).
Financial Impact
Net of buyer adds ($22.1M) and seller trims (whose dollar values rose $5.5M on price appreciation), total position value increased ~$27.6M. All activity from passive/index funds.
Risk Factors
- Passive flows are mechanical and may reverse each quarter-end.
- No active manager participation reduces signal quality.
- Stock price appreciation may have attracted passive inflows, creating a self-reinforcing loop.
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-PL-2025-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 3, 2026 28d ago | 8-K | $18.12 $17.81 | ▼ −1.71% | ▼ −1.16% | — |
Jul 16, 2026 11w ago | Insider Cluster | $22.09 $22.47 | ▲ +1.72% | ▲ +2.71% | — |
Jul 14, 2026 11w ago | Insider Cluster | $25.56 $24.90 | ▼ −2.58% | ▼ −2.98% | — |
Jul 14, 2026 11w ago | Insider Cluster | $25.56 $24.90 | ▼ −2.58% | ▼ −2.98% | — |
Jun 11, 2026 16w ago | Institutional Cluster | $34.17 $31.15 | ▼ −8.84% | ▼ −9.38% | — |
Jun 5, 2026 17w ago | 8-K | $32.22 $32.74 | ▼ −1.61% | ▼ −1.39% | — |
Jun 5, 2026 17w ago | 424B5 | $32.22 $32.74 | ▼ −1.61% | ▼ −1.39% | — |
Jun 5, 2026 17w ago | S-3ASR | $32.22 $32.74 | ▲ +1.61% | ▲ +1.39% | — |
Jun 5, 2026 17w ago | 10-K/A | $32.22 $32.74 | ▲ +1.61% | ▲ +1.39% | — |
Jun 4, 2026 17w ago | 8-K | $32.22 $32.74 | ▲ +1.61% | ▲ +1.39% | — |
US Market Status
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