The strong active-manager buying (especially Balyasny, Tudor, Allspring doubling) is a positive signal that should be weighed against the sovereign/quant exits (Norges, RenTech) and the poor historical track record of prior RPM institutional clusters. Watch for upcoming earnings or guidance to see if the buying thesis (likely operational improvement or spin-off catalyst) materializes — if it does, the institutional accumulation could act as a tailwind.
Executive Summary
During Q1 2026, RPM saw a high-conviction institutional cluster with 20 buyers adding $315.1M in new holdings vs 19 sellers reducing $194.0M, resulting in net accumulation of $121.1M. However, the buying is concentrated among asset managers and one multi-manager platform (Balyasny, Tudor, Allspring), while the largest seller by far is Norges Bank's full exit of its $116.7M position, a sovereign wealth fund often viewed as a long-term macro investor. The absence of any insider open-market buying alongside the institutions-only signal weakens conviction in a bullish read.
Key Financial Metrics
Institutional Positions
Net institutional flow: $120.5M
▲ Buyers (20)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Allspring Global Investments | DOUBLED | +102% | $387.7M | $189.8M |
| Sei Investments | ADD | +29.6% | $84.6M | $16.3M |
| Balyasny Asset Management | DOUBLED | +124.6% | $62.6M | $33.5M |
| Ameriprise Financial | ADD | +59.5% | $54.2M | $18.6M |
| Adage Capital Partners | DOUBLED | +146.2% | $31.8M | $18.3M |
| Tudor Investment Corp | DOUBLED | +803.3% | $24.1M | $21.3M |
| Franklin Resources | DOUBLED | +213.5% | $14.4M | $9.6M |
| Fifth Third Bancorp | DOUBLED | +389.7% | $8.0M | $6.3M |
| Captrust Financial Advisors | ADD | +67.2% | $3.6M | $1.4M |
| Empower Advisory Group | ADD | +28.2% | $277.0K | $51.0K |
▼ Sellers (19)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Norges Bank | EXIT | -100% | $116.7M | -$116.7M |
| RenTech | EXIT | -100% | $25.9M | -$25.9M |
| Point72 | TRIM | -29.6% | $57.7M | -$18.9M |
| Assenagon Asset Management | NEAR_EXIT | -96% | $16.7M | -$16.1M |
| Hsbc Holdings | TRIM | -49.6% | $8.9M | -$4.6M |
| Pictet Asset Management | TRIM | -36.1% | $9.0M | -$3.5M |
| Korea Investment | TRIM | -63.5% | $5.8M | -$3.8M |
| 1832 Asset Management | TRIM | -38.7% | $7.3M | -$3.0M |
| Mariner | TRIM | -25.2% | $5.4M | -$1.5M |
| Hrt Financial | TRIM | -56% | $12.0K | -$6.8K |
Key Facts
- 20 buyers vs 19 sellers, net accumulated ~$121M in Q1 2026
- Largest buy: Allspring Global doubled to $387.7M (Δ+$189.8M)
- Largest sell: Norges Bank fully exited $116.7M position
- RenTech also fully exited its $25.9M position
- Balyasny (+$33.5M) and Tudor (+$21.3M) both doubled their stakes
- No open-market insider buying confirmed in the same window
- Historical reports on RPM have a 25% T+20 win rate with average -3.25% P&L
Financial Impact
Net institutional accumulation of approximately $121M, with top buyers adding $315M and top sellers reducing $194M. Allspring alone added $190M.
Risk Factors
- Norges Bank's full exit suggests a macro or thesis-level concern that active managers may be ignoring
- No insider buying alongside institutions means the signal is purely external
- Historical institutional cluster reads on RPM have underperformed with a 25% win rate at T+20
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-RPM-2026-Q1 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 22, 2026 10w ago | 8-K | $107.43 $111.66 | ▲ +3.94% | ▲ +1.04% | — |
Jun 17, 2026 15w ago | Institutional Cluster | $107.02 $106.31 | ▼ −0.66% | ▼ −1.98% | — |
Jun 2, 2026 17w ago | 8-K | $103.41 $110.68 | ▲ +7.03% | ▲ +8.15% | — |
Apr 8, 2026 25w ago | 8-K | $108.74 $99.41 | ▼ −8.58% | ▼ −17.13% | — |
Mar 5, 2026 30w ago | 8-K | $101.67 $96.96 | ▼ −4.63% | ▼ −2.59% | — |
US Market Status
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