Widespread institutional selling across quant and passive funds signals fundamental headwinds. Watch upcoming earnings for revenue shortfalls or guidance cuts. The 45-day reporting lag means much of this selling may already be reflected, but the conviction is strong.
Executive Summary
A bearish institutional cluster in STAA: 7 sellers (including quant funds and mega-passive managers) reduced holdings by $36.4M total, while only Fidelity added a small $1.4M position. This broad sell-off suggests waning institutional confidence ahead of earnings.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$36.4M
▲ Buyers (1)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Fidelity | DOUBLED | +303.2% | $1.7M | $1.4M |
▼ Sellers (7)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| D.E. Shaw | NEAR_EXIT | -85.6% | $2.1M | -$1.6M |
| Citadel | TRIM | -74.2% | $9.3M | -$5.5M |
| Two Sigma | TRIM | -72.1% | $6.8M | -$3.8M |
| BofA | NEAR_EXIT | -90.6% | $19.4M | -$16.4M |
| Ubs Am, A Distinct Business Un | TRIM | -41.4% | $3.7M | -$227.7K |
| Legal & General Group | TRIM | -41.2% | $3.5M | -$203.6K |
| Morgan Stanley | TRIM | -62.2% | $22.0M | -$8.7M |
Key Facts
- 7 institutions sold $36.4M net in STAA during Q3 2025; only 1 buyer (Fidelity) added $1.4M.
- Sellers include D.E. Shaw, Citadel, Two Sigma, BofA, Morgan Stanley, UBS, and Legal & General.
- Quant funds led the selling: Citadel trimmed -74%, Two Sigma -72%, D.E. Shaw -86%.
- Mega-passive sellers BofA and Morgan Stanley cut -91% and -62% respectively.
Financial Impact
Net institutional outflow of approximately $36.4 million (selling $66.8M vs buying $1.4M, adjusted for net change of -$36.4M).
Risk Factors
- 13F data is 45 days stale; positions may have been unwound further or reversed.
- Selling could be a contrarian opportunity if it overshoots fundamentals.
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-STAA-2025-Q3 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 12, 2026 10w ago | 8-K | $25.33 | awaiting T+60 | — | — |
Aug 6, 2026 11w ago | 8-K | $23.12 | awaiting T+60 | — | — |
Jun 22, 2026 18w ago | 8-K | $28.36 $22.41 | ▼ −20.98% | ▼ −24.23% | — |
Jun 11, 2026 19w ago | Institutional Cluster | $28.90 $23.47 | ▲ +18.79% | ▲ +23.18% | — |
May 13, 2026 23w ago | 8-K | $32.01 $25.12 | ▼ −21.52% | ▼ −25.11% | — |
Apr 8, 2026 28w ago | 8-K | $25.21 $27.34 | ▲ +8.45% | ▼ −2.33% | — |
US Market Status
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