The cluster is dominated by passive rebalancing (Vanguard, Geode, Northern Trust) and a single quant doubling (Citadel), while two active funds (Susquehanna, Millennium) nearly exited. This is not a strong active-thesis signal. Monitor next 13F for continuation or reversal of the passive buying trend.
Executive Summary
In Q2 2026, 16 institutional buyers accumulated $14.3M in RILY while 8 sellers reduced $5.2M, yielding a net inflow of $9.1M. The buying is dominated by mega-passive funds (Vanguard, Geode, Northern Trust, UBS) and quant fund Citadel, while notable near-exits by Susquehanna and Millennium signal mixed conviction. The cluster suggests passive rebalancing and opportunistic quant buying rather than a strong active thesis.
Key Financial Metrics
Institutional Positions
Net institutional flow: $9.1M
▲ Buyers (16)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Vanguard | ADD | +54.7% | $11.7M | $4.8M |
| Citadel | DOUBLED | +1171.4% | $3.2M | $3.0M |
| Geode | DOUBLED | +197.7% | $5.0M | $3.5M |
| Northern Trust | DOUBLED | +297.9% | $1.5M | $1.2M |
| UBS | DOUBLED | +656.1% | $1.1M | $956.0K |
▼ Sellers (8)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Susquehanna International Group | NEAR_EXIT | -96.4% | $2.3M | -$2.2M |
| Millennium | NEAR_EXIT | -96.4% | $2.2M | -$2.1M |
| National Bank Of Canada | TRIM | -29.7% | $883.0K | -$200.0K |
| Goldman Sachs | TRIM | -25.7% | $795.0K | -$146.0K |
Key Facts
- 16 buyers added $14.3M in new holdings; 8 sellers reduced $5.2M
- Vanguard added $4.8M (54.7% increase) to become the largest holder at $11.7M
- Citadel doubled its position by 1,171% to $3.2M
- Susquehanna and Millennium each near-exited, reducing ~$4.3M combined
- Passive/index funds account for ~80% of buying volume; active managers are mixed
Financial Impact
Net institutional inflow of $9.1M in Q2 2026, with total buyer holdings at $24.0M and seller reductions of $5.2M
Risk Factors
- 13F data is 45 days stale; positions may have been unwound since quarter-end
- Passive buying may reflect index rebalancing, not fundamental conviction
- Near-exits by Susquehanna and Millennium suggest some informed selling
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-RILY-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | Press Release | $4.20 | awaiting T+5 | — | — |
Oct 1, 2026 25d ago | 8-K | $4.86 $5.11 | ▲ +5.14% | ▲ +3.98% | — |
Sep 22, 2026 4w ago | Institutional Cluster | $6.13 $4.92 | ▼ −19.74% | ▼ −18.55% | — |
Aug 6, 2026 11w ago | Press Release | $7.18 $7.45 | ▲ +3.76% | ▲ +3.36% | — |
Jun 16, 2026 18w ago | 144 | $8.79 $7.51 | ▲ +14.62% | ▲ +13.58% | — |
Jun 15, 2026 19w ago | 8-K | $9.16 $9.33 | ▲ +1.86% | ▲ +3.24% | — |
Jun 12, 2026 19w ago | Institutional Cluster | $8.72 $9.00 | ▼ −3.21% | ▼ −2.54% | — |
US Market Status
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