The cluster is dominated by mega-passive funds on both sides, reducing signal quality. The heavy selling by quant funds (RenTech, D.E. Shaw, Point72, Millennium) and Appaloosa's full exit suggests a risk-off or thesis-breaking event. Monitor next 13F for whether the buying by JPMorgan and Wells Fargo was sustained or reversed.
Executive Summary
Institutional cluster in Sandisk Corp (SNDK) shows a mixed net conviction: 134 buyers accumulated $9.95B in new positions, while 75 sellers reduced holdings by $12.79B. The buying is concentrated among mega-passive funds (JPMorgan, Wells Fargo) and asset managers, while the selling is led by mega-passive and quant funds (Fidelity, RenTech, D.E. Shaw, Millennium). The net selling pressure of $2.84B suggests institutional rotation rather than a unified bullish thesis, and the 45-day reporting lag means positions may have already been unwound.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$2.8B
▲ Buyers (134)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| JPMorgan | DOUBLED | +175.8% | $8.1B | $7.3B |
| Wells Fargo | DOUBLED | +171.5% | $1.9B | $1.7B |
| Bank Of Montreal /Can | ADD | +83.9% | $435.8M | $369.6M |
| Mirae Asset Global Investments Co. | DOUBLED | +149% | $335.1M | $297.5M |
| Wealth Enhancement Advisory Services | DOUBLED | +175.1% | $158.7M | $138.5M |
▼ Sellers (134)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Fidelity | TRIM | -41.3% | $8.5B | — |
| RenTech | NEAR_EXIT | -99.4% | $508.0M | -$496.7M |
| D.E. Shaw | TRIM | -52.1% | $745.2M | — |
| Point72 | NEAR_EXIT | -86.8% | $239.3M | -$126.3M |
| Appaloosa | EXIT | -100% | $178.7M | -$178.7M |
Key Facts
- 134 buyers with aggregate current holdings of $11.13B and net change of +$9.95B
- 75 sellers with aggregate net change of -$12.79B
- JPMorgan doubled its position (+175.8% shares), adding $7.26B in value
- Wells Fargo doubled its position (+171.5% shares), adding $1.71B in value
- Fidelity trimmed 41.3% of shares, but its current value rose $9.37B due to price appreciation
- RenTech nearly exited (-99.4% shares), selling $496.7M in value
- Appaloosa fully exited its $178.7M position
- Net selling value ($12.79B) exceeds net buying value ($9.95B) by $2.84B
Financial Impact
134 institutions accumulated $9.95B in new positions while 75 institutions reduced holdings by $12.79B, resulting in net institutional selling of $2.84B
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound since quarter-end
- Mega-passive funds dominate both buyer and seller lists, diluting the active-manager signal
- Net selling value exceeds buying value by $2.84B, indicating net institutional outflow
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-SNDK-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | Institutional Cluster | $1,260.93 | awaiting T+20 | — | — |
Oct 12, 2026 15d ago | Institutional Cluster | $1,487.33 | awaiting T+20 | — | — |
Oct 6, 2026 20d ago | DEFA14A | $1,692.42 | awaiting T+20 | — | — |
Oct 6, 2026 20d ago | DEF 14A | $1,692.42 | awaiting T+20 | — | — |
Sep 16, 2026 5w ago | Insider Cluster | $1,614.39 $1,394.83 | ▲ +13.60% | ▲ +14.81% | — |
Sep 16, 2026 5w ago | Insider Cluster | $1,614.39 $1,394.83 | ▲ +13.60% | ▲ +14.81% | — |
Sep 8, 2026 6w ago | Insider Cluster | $1,764.17 $1,692.42 | ▼ −4.07% | ▼ −6.01% | — |
Jun 11, 2026 19w ago | Institutional Cluster | $1,881.51 $1,858.27 | ▼ −1.24% | ▼ −3.13% | — |
Jun 5, 2026 20w ago | Insider Cluster | $1,642.00 $1,744.43 | ▲ +6.24% | ▲ +4.61% | — |
Feb 28, 2026 34w ago | Institutional Cluster | $619.08 $572.50 | ▼ −7.52% | ▲ +0.41% | — |
US Market Status
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