The cluster shows moderate net buying but is tempered by significant selling from Fidelity and Marshall Wace. The lack of insider buying weakens the signal. Traders should monitor for further institutional accumulation or a catalyst (e.g., earnings, guidance) to confirm the thesis. Given the 45-day 13F lag, positions may have already been adjusted.
Executive Summary
In Q1 2026, 9 institutional investors added $13.1M in PXED positions while 2 reduced by $8.1M, resulting in net buying of ~$5M (0.45% of market cap). The buying is led by passive index funds (BlackRock, State Street) and asset managers (Wellington, First Eagle), but significant trimming by Fidelity and Marshall Wace tempers the bullish signal. No insider buying corroboration weakens conviction.
Key Financial Metrics
Institutional Positions
Net institutional flow: $5.0M
▲ Buyers (9)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| BlackRock | ADD | +25.8% | $10.4M | $2.5M |
| State Street | ADD | +41.7% | $3.1M | $988.0K |
| Morgan Stanley | ADD | +88.2% | $1.2M | $604.0K |
| Wellington Management Group | ADD | +43.8% | $15.8M | $5.2M |
| Deutsche Bank | DOUBLED | +266.8% | $341.0K | $251.0K |
| Balyasny Asset Management | DOUBLED | +398.8% | $88.0K | $71.0K |
| Cwm | DOUBLED | +273.5% | $43.0K | $43.0K |
| State Of Tennessee, Department | ADD | +94.7% | $543.0K | $273.0K |
| First Eagle Investment Managem | ADD | +53.1% | $8.7M | $3.2M |
▼ Sellers (2)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Fidelity | TRIM | -67.9% | $8.7M | -$5.8M |
| Marshall Wace | TRIM | -40.3% | $6.1M | -$2.3M |
Key Facts
- 9 institutions added positions totaling $13.1M (BlackRock +$2.5M, Wellington +$5.2M, First Eagle +$3.2M, State Street +$988K, Morgan Stanley +$604K, plus smaller adds/doubles from Deutsche Bank, Balyasny, Cwm, State of Tennessee)
- 2 institutions reduced holdings by $8.1M (Fidelity -$5.8M, Marshall Wace -$2.3M)
- Net institutional buying of approximately $5M, representing ~0.45% of PXED's $1.1B market cap
- Confluence score 34/100 — no open-market insider buying in the window, signal is institutions-only
- Passive funds (BlackRock, State Street, Morgan Stanley, Fidelity) account for a large share of the dollar activity, potentially reflecting index rebalancing
Financial Impact
Net institutional buying of approximately $5M (0.45% of market cap) with 9 buyers adding $13.1M and 2 sellers reducing $8.1M
Risk Factors
- 13F data is as of quarter-end (45-day lag); current positions may differ materially
- Passive fund buying may be mechanical index rebalancing, not active conviction
- No insider buying corroboration — the signal is institutions-only with low confluence score
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-PXED-2026-Q1 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 13d ago | 3 | $23.79 $23.66 | ▼ −0.55% | ▼ −1.00% | — |
Oct 9, 2026 17d ago | 144 | $24.35 $23.68 | ▲ +2.75% | ▲ +1.26% | — |
Oct 9, 2026 17d ago | 8-K | $24.35 $23.68 | ▼ −2.75% | ▼ −1.26% | — |
Jun 18, 2026 18w ago | Institutional Cluster | $30.54 $30.58 | ▲ +0.13% | ▲ +1.80% | — |
Apr 7, 2026 28w ago | 8-K | $30.56 $28.25 | ▼ −7.55% | ▼ −11.07% | — |
US Market Status
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