The cluster is split: active managers are accumulating, but two large holders (Norges Bank, Point72) fully exited. The absence of insider buying and poor historical TXRH report performance suggest the accumulation may not be a strong near-term catalyst. Monitor for earnings or guidance catalysts that could resolve the divergence.
Executive Summary
In Q1 2026, 32 institutional buyers added $447M in TXRH positions while 21 sellers reduced $440M, resulting in a mixed net conviction. The buying was dominated by active asset managers (Capital World Investors, Victory Capital Management, Marshall Wace), but two major holders—Norges Bank and Point72—fully exited large positions totaling $342M. The cluster shows no insider buying corroboration, and historical TXRH reports have underperformed, suggesting caution.
Key Financial Metrics
Institutional Positions
Net institutional flow: $6.7M
▲ Buyers (32)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Capital World Investors | ADD | +72.7% | $723.7M | $302.5M |
| Victory Capital Management | ADD | +35% | $267.3M | $68.2M |
| Marshall Wace | DOUBLED | +1762.9% | $18.1M | $17.1M |
| Nuveen | ADD | +39.9% | $108.0M | $30.4M |
| Canada Pension Plan Investment | DOUBLED | +945.8% | $8.3M | $7.5M |
▼ Sellers (21)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Norges Bank | EXIT | -100% | $145.7M | -$145.7M |
| Point72 | EXIT | -100% | $196.1M | -$196.1M |
| Fil | TRIM | -56.2% | $86.9M | -$49.1M |
| Td Asset Management | TRIM | -50.6% | $26.7M | -$13.6M |
| Voya Investment Management | TRIM | -33.3% | $32.5M | -$11.0M |
Key Facts
- 32 institutional buyers added $447.1M in net new positions; 21 sellers reduced $440.4M
- Capital World Investors added 1.84M shares (+72.7%), now holding $723.7M
- Norges Bank fully exited 877.9K shares ($145.7M) and Point72 fully exited 1.18M shares ($196.1M)
- Marshall Wace nearly 18x'd its position to 109.5K shares ($18.1M)
- No open-market insider buying; 13F × Form 4 confluence score 24/100 (divergent)
- Historical TXRH reports show avg T+20 alpha of -5.48% and 20% win rate over last 10 reports
Financial Impact
32 buyers added $447.1M in TXRH positions, while 21 sellers reduced $440.4M; net institutional inflow of ~$6.7M
Risk Factors
- Two major holders (Norges Bank, Point72) fully exited, signaling potential fundamental concerns
- No insider buying corroboration weakens the accumulation signal
- Historical TXRH reports have underperformed, with avg T+20 alpha of -5.48%
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-TXRH-2026-Q1 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 28, 2026 5w ago | Insider Cluster | $198.99 $158.45 | ▼ −20.37% | ▼ −20.63% | — |
Aug 22, 2026 5w ago | Insider Cluster | $205.29 $166.12 | ▼ −19.08% | ▼ −20.39% | — |
Aug 20, 2026 6w ago | Insider Cluster | $201.19 $167.56 | ▼ −16.72% | ▼ −16.72% | — |
Jun 24, 2026 14w ago | Institutional Cluster | $187.02 $191.43 | ▲ +2.36% | ▲ +0.43% | — |
May 20, 2026 19w ago | Insider Cluster | $177.58 $177.75 | ▲ +0.10% | ▼ −0.64% | — |
May 16, 2026 19w ago | Insider Cluster | $176.38 $168.23 | ▼ −4.62% | ▼ −6.20% | — |
May 11, 2026 20w ago | 144 | $183.54 $164.00 | ▼ −10.65% | ▼ −10.34% | — |
May 11, 2026 20w ago | Insider Cluster | $183.54 $164.00 | ▼ −10.65% | ▼ −10.34% | — |
Apr 10, 2026 25w ago | DEFA14A | $163.69 $157.93 | ▼ −3.52% | ▼ −12.05% | — |
Apr 9, 2026 25w ago | Press Release | $164.58 $159.69 | ▼ −2.97% | ▼ −10.54% | — |
US Market Status
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