The heavy selling by large active managers (Assenagon, Balyasny, Marshall Wace) creates a potential overhang, while the buying is small and passive-driven. Without insider buying or a clear catalyst, the distribution pattern suggests continued weakness. Monitor for further 13F filings and any insider purchases to confirm a reversal.
Executive Summary
QNST institutional cluster for Q1 2026 reveals a sharp divergence: 23 small buyers added $5.6M in positions, while 7 large active managers reduced holdings by $31.9M, resulting in net institutional selling of $26.3M. The selling is concentrated in major hedge funds (Assenagon, Balyasny, Marshall Wace) trimming significant stakes, with no insider buying to corroborate the accumulation side. This distribution pattern, combined with a prior bullish call on QNST that lost -9.5% at T+20, suggests caution.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$26.3M
▲ Buyers (23)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Mackenzie Financial | DOUBLED | +120.5% | $4.1M | $1.9M |
| Federated Hermes | DOUBLED | +118040.8% | $1.7M | $1.7M |
| Victory Capital Management | DOUBLED | +101% | $1.8M | $714.0K |
| Mariner | DOUBLED | +105.3% | $806.0K | $336.0K |
| BofA | ADD | +58% | $2.2M | $523.0K |
▼ Sellers (7)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Assenagon Asset Management | TRIM | -64.7% | $23.5M | -$16.5M |
| Balyasny Asset Management | TRIM | -40.2% | $12.9M | -$6.5M |
| Marshall Wace | TRIM | -42.9% | $9.6M | -$5.0M |
| Russell Investments Group | TRIM | -56.7% | $2.8M | -$1.8M |
| Healthcare Of Ontario Pension | NEAR_EXIT | -78.3% | $1.1M | -$897.7K |
| Nomura Holdings | TRIM | -56.4% | $1.8M | -$1.2M |
Key Facts
- Net institutional selling of $26.3M: buyers added $5.6M (23 funds) while sellers reduced $31.9M (7 funds).
- Top sellers: Assenagon trimmed $16.5M (from $23.5M to $6.9M), Balyasny cut $6.5M (from $12.9M to $6.5M), Marshall Wace reduced $5.0M (from $9.6M to $4.6M).
- Top buyers: Mackenzie Financial doubled to $4.1M (+$1.9M), Federated Hermes surged from $2K to $1.7M, Victory Capital doubled to $1.8M (+$714K).
- Buyers include passive/index funds (Fidelity, BofA) while sellers are all active asset managers, weakening the bullish signal.
- Confluence score 20/100 (divergent): zero open-market insider buyers in the quarter.
- Prior bullish report on QNST (score 8) had T+20 return of -9.54% with 0% win rate.
Financial Impact
Net institutional selling of approximately $26.3M, representing ~3.6% of QNST's $734M market cap. Buyers added $5.6M in new positions; sellers reduced $31.9M.
Risk Factors
- Continued selling pressure from large holders trimming positions.
- 13F data is 45 days lagged; positions may have already been adjusted further.
- Lack of insider buying and poor historical performance of bullish calls on QNST.
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-QNST-2026-Q1 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 18, 2026 6w ago | Insider Cluster | $21.06 $17.67 | ▼ −16.10% | ▼ −14.15% | — |
Aug 13, 2026 7w ago | Insider Cluster | $20.50 $18.48 | ▲ +9.85% | ▲ +7.86% | — |
Aug 11, 2026 7w ago | Insider Cluster | $20.79 $18.03 | ▲ +13.28% | ▲ +11.38% | — |
Jun 18, 2026 15w ago | Institutional Cluster | $13.06 $17.31 | ▼ −32.54% | ▼ −32.01% | — |
May 7, 2026 21w ago | 8-K | $13.21 $11.95 | ▼ −9.54% | ▼ −9.56% | — |
US Market Status
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