The cluster is entirely passive rebalancing, not active conviction. With 0% historical win rate and -14.82% avg alpha at T+20, this filing provides no actionable signal. Monitor for active manager 13F filings or company-specific catalysts (e.g., gold price moves, project milestones) for directional cues.
Executive Summary
Three mega-passive institutional investors (Vanguard, BlackRock, State Street) significantly increased their positions in Perpetua Resources during Q3 2025, adding a combined $98.9M in new holdings. The buying is dominated by index-fund rebalancing, not active manager conviction, and the cluster's historical win rate on this ticker is 0% at T+20, suggesting limited near-term alpha.
Key Financial Metrics
Institutional Positions
Net institutional flow: $98.9M
▲ Buyers (3)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Vanguard | DOUBLED | +165.8% | $38.7M | $30.0M |
| BlackRock | ADD | +40.7% | $90.0M | $51.6M |
| State Street | ADD | +73.5% | $26.6M | $17.4M |
▼ Sellers (1)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Fidelity | TRIM | -37.2% | $40.0K | $2.0K |
Key Facts
- 3 mega-passive funds (Vanguard, BlackRock, State Street) added $98.9M in net new holdings during Q3 2025
- Vanguard doubled its position (+165.8% shares), BlackRock added +40.7%, State Street added +73.5%
- Only 1 seller (Fidelity) trimmed a trivial position (-37.2% shares, net change +$2K)
- All buyers are passive/index fund managers — no active hedge fund or activist involvement
- Historical reports on PPTA show 0% win rate at T+20 across 8 settled reports, with avg alpha of -14.82% vs SPY
Financial Impact
3 passive institutions accumulated $98.9M in new positions; 1 passive seller reduced holdings by a negligible $2K
Risk Factors
- Passive buying may reverse in next quarter's rebalance
- Historical T+20 performance on PPTA has been strongly negative across all prior reports
- No active manager participation limits signal quality
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-PPTA-2025-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 17, 2026 6w ago | 8-K | $24.39 $22.55 | ▼ −7.54% | ▼ −6.02% | — |
Aug 17, 2026 6w ago | Press Release | $24.39 $22.55 | ▲ +7.54% | ▲ +6.02% | — |
Jun 11, 2026 16w ago | Institutional Cluster | $23.44 $19.80 | ▼ −15.53% | ▼ −17.42% | — |
Jun 10, 2026 16w ago | 8-K | $23.44 $19.80 | ▼ −15.53% | ▼ −17.42% | — |
Jun 1, 2026 17w ago | 8-K | $25.74 $20.76 | ▼ −19.35% | ▼ −18.05% | — |
May 21, 2026 19w ago | 8-K | $25.32 $22.80 | ▼ −9.95% | ▼ −8.54% | — |
Apr 24, 2026 23w ago | DEFA14A | $29.14 $26.72 | ▼ −8.30% | ▼ −12.33% | — |
Apr 9, 2026 25w ago | 8-K | $30.13 $29.90 | ▼ −0.76% | ▼ −8.33% | — |
Apr 2, 2026 26w ago | Insider Cluster | $29.43 $27.61 | ▼ −6.18% | ▼ −16.06% | — |
Mar 5, 2026 30w ago | 8-K | $32.18 $29.16 | ▼ −9.38% | ▼ −7.34% | — |
US Market Status
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