The divergence between aggressive quant accumulation (Millennium, Susquehanna) and high-conviction exits by fundamental shops (Capital International, Cantillon, Egerton) creates a tug-of-war. Monitor upcoming Q3 earnings for any fundamental catalyst that could resolve this standoff — the selling bias from long-term holders is a cautionary signal, but the scale of new buying suggests some institutions see value at current levels.
Executive Summary
Q2 2026 13F filings reveal a deeply divided institutional landscape for Uber: 58 buyers added $769.8M in new positions (led by Susquehanna, Millennium, and Citigroup), while 58 sellers exited or trimmed $1.07B (led by Cantillon's near-exit, Capital International's full exit, and RenTech's exit). The net $300M+ selling bias and the presence of high-conviction exits from long-standing holders suggest a loss of confidence among certain allocators, partially offset by quant and asset-manager accumulation.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$300.0M
▲ Buyers (58)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Susquehanna International Group | DOUBLED | +257.4% | $312.7M | $225.5M |
| Millennium | DOUBLED | +1642.9% | $197.7M | $186.4M |
| Dimensional Fund Advisors | ADD | +34.9% | $568.1M | $148.5M |
| Citigroup | ADD | +35.3% | $325.0M | $85.5M |
| Meitav Investment House | ADD | +52% | $106.8M | $36.8M |
▼ Sellers (58)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Cantillon | NEAR_EXIT | -95.4% | $373.6M | -$356.4M |
| Capital International Investors | EXIT | -100% | $224.8M | -$224.8M |
| Egerton Capital (Uk) | TRIM | -50.1% | $334.6M | -$167.3M |
| RenTech | EXIT | -100% | $129.2M | -$129.2M |
| American Century Companies | TRIM | -32.7% | $265.0M | -$86.0M |
Key Facts
- 58 buyers added $769.8M in net new positions; 58 sellers reduced by $1.07B
- Top buyers: Susquehanna (+$225.5M, DOUBLED), Millennium (+$186.4M, DOUBLED), Dimensional (+$148.5M, ADD)
- Top sellers: Cantillon (-$356.4M, NEAR_EXIT), Capital International (-$224.8M, EXIT), Egerton Capital (-$167.3M, TRIM)
- RenTech fully exited a $129.2M position; Tremblant trimmed 69.4% of its stake
- 7G Capital and Jane Street also doubled their positions, albeit from smaller bases
- 13F data is 45+ days stale; positions reflect June 30, 2026 snapshot
Financial Impact
Aggregate institutional buying of $769.8M vs selling of $1.07B, resulting in net institutional outflow of ~$300M from disclosed 13F positions in Q2 2026
Risk Factors
- 13F data is stale by 45+ days; the cluster may have already been unwound or reversed
- High-conviction exits by Capital International and Cantillon suggest fundamental concerns not visible in stale data
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-UBER-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 2d ago | Court Ruling | $66.21 | awaiting T+1 | — | — |
Oct 16, 2026 11d ago | Institutional Cluster | $69.95 $68.89 | ▼ −1.52% | ▼ −1.85% | — |
Oct 13, 2026 15d ago | Court Ruling | $69.29 $71.27 | ▲ +2.86% | ▲ +2.57% | — |
Oct 12, 2026 15d ago | Institutional Cluster | $71.50 $71.32 | ▼ −0.25% | ▼ −0.24% | — |
Sep 25, 2026 4w ago | Court Ruling | $68.16 $69.36 | ▲ +1.76% | ▲ +1.94% | — |
Sep 24, 2026 4w ago | Court Ruling | $69.62 $68.16 | ▼ −2.10% | ▼ −1.35% | — |
Sep 24, 2026 4w ago | Court Ruling | $69.62 $68.16 | ▲ +2.10% | ▲ +1.35% | — |
Sep 15, 2026 6w ago | Insider Cluster | $70.97 $70.87 | ▼ −0.14% | ▼ −1.27% | — |
Sep 15, 2026 6w ago | Insider Cluster | $70.97 $70.87 | ▼ −0.14% | ▼ −1.27% | — |
Sep 11, 2026 6w ago | Court Ruling | $72.63 $71.43 | ▼ −1.65% | ▼ −1.19% | — |
US Market Status
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