The cluster suggests strong conviction from activist and quant funds. Monitor for operational catalysts or activist proposals from Corvex. Historical win rate on QSR calls is high, but 13F lag means positions may already be adjusted.
Executive Summary
Seven institutional investors, including activist Corvex and quant funds Citadel and Point72, accumulated $837.9M in QSR during Q3 2025, while two sellers (Norges Bank and UBS AM) exited positions totaling $329.4M. The net $146.2M inflow and activist presence signal conviction in a turnaround or strategic catalyst.
Key Financial Metrics
Institutional Positions
Net institutional flow: $146.2M
▲ Buyers (7)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Citadel | NEW | +100% | $121.5M | $121.5M |
| Corvex | DOUBLED | +175.9% | $154.5M | $96.6M |
| Morgan Stanley | ADD | +64.9% | $435.3M | $162.5M |
| Point72 | NEW | +100% | $55.8M | $55.8M |
| UBS | DOUBLED | +113.4% | $63.4M | $32.7M |
| Bridgewater | DOUBLED | +775.6% | $7.3M | $6.4M |
| Duquesne | ADD | +50.6% | $73.0K | $23.0K |
▼ Sellers (2)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Norges Bank | EXIT | -100% | $254.9M | -$254.9M |
| Ubs Am, A Distinct Business Un | EXIT | -100% | $74.5M | -$74.5M |
Key Facts
- 7 buyers: Citadel (new $121.5M), Morgan Stanley (add $162.5M), Corvex (doubled to $154.5M), Point72 (new $55.8M), Bridgewater (doubled), UBS (doubled), Duquesne (add).
- 2 sellers: Norges Bank (exit $254.9M), UBS AM (exit $74.5M).
- Net aggregate change: buyers +$475.6M, sellers -$329.4M, net +$146.2M.
- Corvex is an activist investor, suggesting potential operational or strategic changes.
Financial Impact
Net institutional inflow of $146.2M; total buyer holdings $837.9M vs. seller exits $329.4M.
Risk Factors
- 13F data is 45 days stale; positions may have been exited.
- Historical segment calibration shows negative net alpha for score 6-8 calls.
- Sellers include a sovereign fund, which may signal long-term concerns.
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-QSR-2025-Q3 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 7w ago | 8-K | $73.33 $77.01 | ▲ +5.02% | ▲ +6.08% | — |
Jun 11, 2026 16w ago | Institutional Cluster | $73.90 $74.94 | ▲ +1.41% | ▼ −0.48% | — |
May 22, 2026 18w ago | DEFA14A | $75.42 $73.14 | ▼ −3.03% | ▼ −1.08% | — |
May 6, 2026 21w ago | 8-K | $77.20 $72.76 | ▼ −5.75% | ▼ −8.53% | — |
Apr 23, 2026 23w ago | DEFA14A | $81.23 $76.53 | ▼ −5.79% | ▼ −10.42% | — |
Mar 17, 2026 28w ago | Insider Cluster | $74.39 $78.72 | ▲ +5.82% | ▲ +1.52% | — |
US Market Status
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