The cluster is dominated by mega-passive rebalancing (Fidelity, BofA) rather than high-conviction active managers, and the selling by Norges Bank and Point72 suggests some sophisticated capital is rotating out. Monitor next earnings for fundamental confirmation.
Executive Summary
A mixed institutional cluster in RELY for Q1 2026 shows 17 buyers accumulating $293.9M (led by Fidelity, BofA, and Prudential) while 11 sellers reduced holdings by $50.8M (including full exits by Norges Bank and Point72). The buying is dominated by mega-passive funds likely rebalancing, while active quant and sovereign sellers exited meaningfully, creating a divergent signal that tempers conviction.
Key Financial Metrics
Institutional Positions
Net institutional flow: $243.2M
▲ Buyers (17)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Fidelity | DOUBLED | +4819.2% | $168.2M | $165.2M |
| BofA | DOUBLED | +471.7% | $80.8M | $68.3M |
| Prudential Financial | DOUBLED | +2424.7% | $23.4M | $22.6M |
| Balyasny Asset Management | DOUBLED | +178.5% | $23.3M | $15.9M |
| Capital International Investor | ADD | +49.6% | $41.3M | $17.0M |
▼ Sellers (11)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Norges Bank | EXIT | -100% | $13.9M | -$13.9M |
| Point72 | EXIT | -100% | $16.4M | -$16.4M |
| Deutsche Bank | TRIM | -62.5% | $17.3M | -$9.9M |
| RenTech | NEAR_EXIT | -84.7% | $2.7M | -$2.2M |
| Trexquant Investment | TRIM | -35.1% | $22.0M | -$5.8M |
Key Facts
- 17 institutional buyers added $293.9M in new positions, led by Fidelity (+$165.2M, DOUBLED to 10.74M shares) and BofA (+$68.3M, DOUBLED to 5.15M shares)
- 11 institutional sellers reduced holdings by $50.8M, including full exits by Norges Bank (1.01M shares, $13.9M) and Point72 (1.19M shares, $16.4M)
- Prudential Financial DOUBLED its position by 2,424.7% (to 1.49M shares, $23.4M) and Balyasny DOUBLED by 178.5% (to 1.49M shares, $23.3M)
- RenTech executed a near-exit (-84.7%, leaving only 30K shares) and Deutsche Bank trimmed by 62.5% (to 470.5K shares)
- No open-market insider buying corroborates the institutional cluster; the 13F × Form 4 confluence score is 23/100 (divergent)
Financial Impact
17 buyers accumulated $293.9M in new positions while 11 sellers reduced holdings by $50.8M, for net institutional buying of ~$243.1M
Risk Factors
- Passive fund buying may reverse in the next rebalance period
- Selling by quant and sovereign funds (Point72, Norges, RenTech) signals potential thesis deterioration
- No insider buying corroboration weakens the cluster's conviction signal
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-RELY-2026-Q1 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 4d ago | Institutional Cluster | $25.32 | awaiting T+5 | — | — |
Oct 21, 2026 4d ago | Press Release | $25.32 | awaiting T+5 | — | — |
Oct 21, 2026 5d ago | SC 13G/A | $25.42 | awaiting T+5 | — | — |
Oct 7, 2026 18d ago | 144 | $23.52 $24.65 | ▲ +4.80% | ▲ +5.08% | — |
Oct 6, 2026 19d ago | 144 | $22.93 $23.49 | ▲ +2.44% | ▲ +3.42% | — |
Sep 10, 2026 6w ago | Insider Cluster | $21.99 $21.93 | ▼ −0.27% | ▼ −0.05% | — |
Sep 4, 2026 7w ago | Insider Cluster | $24.83 $21.83 | ▼ −12.08% | ▼ −10.96% | — |
Aug 31, 2026 7w ago | Insider Cluster | $25.71 $24.07 | ▼ −6.38% | ▼ −6.46% | — |
Aug 26, 2026 8w ago | Insider Cluster | $25.99 $26.92 | ▲ +3.60% | ▲ +3.33% | — |
Aug 19, 2026 9w ago | Insider Cluster | $24.69 $25.99 | ▲ +5.25% | ▲ +4.13% | — |
US Market Status
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