The cluster is mildly bullish on balance but lacks a strong catalyst — the buying is from quant/asset managers, not activists. The large sell-off by Legal & General ($30M) and Caisse ($9.1M) offsets the buying. Monitor for a catalyst (earnings, capital return, or strategic update) to confirm the thesis. The 83% analyst bullish consensus suggests limited downside but also limited upside surprise potential.
Executive Summary
A mixed institutional cluster in SEIC for Q3 2024 shows 10 buyers adding $50.1M in net new positions (led by Citadel, Arrowstreet, and D.E. Shaw) while 6 sellers reduced holdings by $44.8M (led by Legal & General and Caisse de Depot). The buying is concentrated among quant and active asset managers, suggesting a thesis around valuation or near-term catalysts, while the selling by large long-only institutions may reflect portfolio rebalancing or risk reduction.
Key Financial Metrics
Institutional Positions
Net institutional flow: $5.3M
▲ Buyers (10)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Citadel | ADD | +33.2% | $84.1M | $25.1M |
| Arrowstreet Capital, Limited P | ADD | +31.5% | $18.9M | $18.9M |
| D.E. Shaw | ADD | +39.5% | $5.3M | $1.8M |
| Bridgewater | ADD | +80.1% | $3.7M | $1.8M |
| Mitsubishi Ufj Asset Managemen | ADD | +25.1% | $5.4M | $1.4M |
▼ Sellers (6)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Legal & General Group | TRIM | -56.1% | $56.7M | -$30.0M |
| Caisse De Depot Et Placement D | TRIM | -38.3% | $26.8M | -$9.1M |
| Balyasny Asset Management | TRIM | -32.2% | $14.2M | -$3.9M |
| Russell Investments Group | TRIM | -26.1% | $6.6M | -$1.4M |
| Aviva | TRIM | -27.9% | $858.0K | -$196.8K |
Key Facts
- 10 institutional buyers added $50.1M in net new positions; 6 sellers reduced by $44.8M
- Citadel added 33.2% to become the largest buyer at $84.1M position (+$25.1M)
- Arrowstreet Capital added 31.5% to a $18.9M position (from $13K, likely a prior rounding)
- Legal & General Group trimmed 56.1%, reducing by $30.0M to $26.6M
- Caisse de Depot trimmed 38.3%, reducing by $9.1M to $17.6M
- Quant funds (Citadel, Bridgewater, D.E. Shaw) were net buyers; no activist funds present
- 83% of analysts rate the stock as Buy or Strong Buy
Financial Impact
Net institutional buying of $5.3M ($50.1M bought vs $44.8M sold) across 16 filers; total disclosed holdings of $121.2M among buyers
Risk Factors
- 45-day 13F reporting lag means positions may have been unwound since September 30
- Large sellers (Legal & General, Caisse) may have non-fundamental reasons for reducing
- No activist or event-driven funds involved — thesis may be slow to materialize
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-SEIC-2024-Q3 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 1, 2026 1d ago | Insider Cluster | $102.66 awaiting T+5 | awaiting T+5 | — | — |
Sep 3, 2026 29d ago | Insider Cluster | $111.46 $106.93 | ▼ −4.06% | ▼ −2.92% | — |
Aug 14, 2026 6w ago | 13F-HR | $106.38 $109.22 | ▲ +2.67% | ▲ +4.03% | — |
Aug 6, 2026 8w ago | Insider Cluster | $104.68 $106.39 | ▲ +1.63% | ▲ +0.42% | — |
Aug 4, 2026 8w ago | Insider Cluster | $104.72 $104.63 | ▼ −0.09% | ▲ +0.01% | — |
Jul 30, 2026 9w ago | Insider Cluster | $103.04 $104.69 | ▲ +1.60% | ▼ −2.02% | — |
Jul 8, 2026 12w ago | Press Release | $94.51 $94.89 | ▲ +0.40% | ▼ −0.46% | — |
Jun 11, 2026 16w ago | Institutional Cluster | $89.40 $89.44 | ▲ +0.04% | ▼ −0.63% | — |
May 28, 2026 18w ago | 8-K | $88.57 $88.57 | · 0.00% | ▼ −0.32% | — |
Apr 28, 2026 22w ago | Insider Cluster | $91.24 $90.45 | ▼ −0.87% | ▼ −2.56% | — |
US Market Status
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