The cluster is sharply divided: large sovereign/hedge fund exits contrast with smaller active manager accumulation. The historical calibration shows score-6/7/8 filings in this segment have sub-36% observed up-move probability at T+20 with negative net alpha (-1.98%). Given the divergent signal and no insider buying, wait for a catalyst (earnings, guidance, or insider open-market purchases) before taking a directional position.
Executive Summary
A mixed institutional cluster in RS for 2026-Q1 shows 25 buyers accumulating $103.1M (net +$92.0M) while 14 sellers reduced holdings by $393.9M, dominated by two large full exits from Norges Bank ($207.7M) and Holocene Advisors ($115.1M). The buying is concentrated among smaller active asset managers doubling or initiating positions, while the selling is driven by sovereign and hedge fund exits, creating a divergent signal with no insider corroboration.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$290.8M
▲ Buyers (25)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| BNP Paribas Asset Management H | DOUBLED | +188.6% | $41.0M | $41.0M |
| Capstone Investment Advisors | NEW | +0% | $18.7M | $18.7M |
| Pictet Asset Management Holdin | DOUBLED | +135.4% | $15.2M | $9.1M |
| Captrust Financial Advisors | DOUBLED | +560% | $13.2M | $11.3M |
| Fifth Third Bancorp | DOUBLED | +3120.5% | $6.7M | $6.5M |
▼ Sellers (14)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Norges Bank | EXIT | -100% | $207.7M | -$207.7M |
| Holocene Advisors | EXIT | -100% | $115.1M | -$115.1M |
| Caisse De Depot Et Placement D | TRIM | -43.6% | $64.4M | -$26.2M |
| Victory Capital Management | TRIM | -25.5% | $70.0M | -$15.1M |
| Marshall Wace | EXIT | -100% | $17.0M | -$17.0M |
Key Facts
- 25 buyers added $92.0M net, 14 sellers reduced $393.9M
- Two full exits: Norges Bank ($207.7M) and Holocene Advisors ($115.1M)
- Top buyers: BNP Paribas AM (+$41.0M), Capstone Investment Advisors (new $18.7M), Pictet AM (+$9.1M)
- No open-market insider buying; 13F × Form 4 confluence score 23/100 (divergent)
- Historical RS reports show 100% win rate at T+20 with +10.76% avg return
Financial Impact
25 buyers accumulated $103.1M in current holdings (net change +$92.0M) while 14 sellers reduced holdings by $393.9M, resulting in net institutional outflow of ~$301.9M
Risk Factors
- Large exits by Norges Bank and Holocene Advisors may signal fundamental concerns not yet public
- 13F data is 45+ days stale; positions may have been unwound further
- No insider buying to corroborate the accumulation thesis
- Score calibration shows negative net alpha for this filing type at T+20
Market Snapshot
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-RS-2026-Q1 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 4, 2026 8w ago | Insider Cluster | $414.91 $390.11 | ▲ +5.98% | ▲ +4.74% | — |
Jun 23, 2026 14w ago | Institutional Cluster | $398.63 $383.17 | ▼ −3.88% | ▼ −5.04% | — |
Apr 22, 2026 23w ago | 8-K | $341.22 $362.26 | ▲ +6.17% | ▲ +1.53% | — |
Apr 22, 2026 23w ago | Press Release | $341.22 $362.26 | ▲ +6.17% | ▲ +1.53% | — |
Apr 8, 2026 25w ago | Press Release | $318.97 $372.04 | ▲ +16.64% | ▲ +8.09% | — |
Mar 10, 2026 29w ago | Press Release | $298.54 $318.97 | ▲ +6.84% | ▲ +7.00% | — |
US Market Status
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