The selling is concentrated in mega-passive funds (Fidelity, Goldman Sachs, Capital Group) which may reflect portfolio rebalancing or sector rotation rather than fundamental deterioration. Active buyers like Millennium and UBS adding at scale suggest a contrarian thesis. Monitor Q3 2026 13F filings to see if the selling persists or reverses.
Executive Summary
Institutional activity in Waste Connections during Q2 2026 was mixed: 51 buyers added $178.7M in positions, while 29 sellers reduced holdings by $1.30B. The selling was dominated by mega-passive funds (Fidelity, Goldman Sachs, Capital Group) trimming large positions, while active buyers included Millennium and UBS adding meaningful dollar amounts. The net $1.12B outflow suggests institutional de-risking rather than a thesis break, given the buyer count and conviction from active managers.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$1.1B
▲ Buyers (51)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| UBS | ADD | +38.4% | $201.7M | $59.7M |
| Millennium | ADD | +57.7% | $220.6M | $84.3M |
| Citigroup | ADD | +27.5% | $26.0M | $6.2M |
| Daiwa Securities Group | DOUBLED | +192% | $16.8M | $11.2M |
| Wealth Enhancement Advisory Services | DOUBLED | +468.1% | $11.1M | $9.0M |
▼ Sellers (29)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Fidelity | TRIM | -40.4% | $1.5B | -$566.2M |
| Goldman Sachs | TRIM | -48.6% | $765.7M | -$362.0M |
| Principal Financial Group | TRIM | -53.9% | $241.8M | -$127.4M |
| Capital Group | NEAR_EXIT | -81.4% | $107.8M | -$87.1M |
| Jane Street Group | NEAR_EXIT | -81.7% | $59.3M | -$48.2M |
Key Facts
- 51 institutional buyers added $178.7M in new/added positions during Q2 2026
- 29 institutional sellers reduced holdings by $1.30B, led by Fidelity (-$566.2M) and Goldman Sachs (-$362.0M)
- Millennium added $84.3M (+57.7% shares), UBS added $59.7M (+38.4% shares)
- Capital Group nearly exited (-81.4% shares, -$87.1M), Jane Street nearly exited (-81.7%, -$48.2M)
- Net institutional outflow of approximately $1.12B
Financial Impact
Institutions added $178.7M in new positions while reducing by $1.30B, for a net $1.12B outflow. Top sellers: Fidelity (-$566.2M), Goldman Sachs (-$362.0M), Principal Financial (-$127.4M). Top buyers: Millennium (+$84.3M), UBS (+$59.7M), Citigroup (+$6.2M).
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound since quarter-end
- Mega-passive selling could reflect index rebalancing, not active conviction
- Net outflow of $1.12B is large in absolute terms and may pressure the stock
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-WCN-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | 8-K | $184.88 $186.60 | ▲ +0.93% | ▲ +1.45% | — |
Oct 20, 2026 6d ago | Institutional Cluster | $168.28 $184.88 | ▲ +9.86% | ▲ +11.05% | — |
Oct 12, 2026 14d ago | Institutional Cluster | $153.71 $153.67 | ▼ −0.03% | ▼ −0.01% | — |
Aug 21, 2026 9w ago | Insider Cluster | $168.97 $166.15 | ▼ −1.67% | ▼ −1.99% | — |
Aug 20, 2026 9w ago | Insider Cluster | $169.40 $168.97 | ▼ −0.25% | ▲ +0.04% | — |
Jul 31, 2026 12w ago | Insider Cluster | $167.81 $165.57 | ▼ −1.33% | ▼ −3.14% | — |
Jul 27, 2026 13w ago | 424B5 | $169.35 $169.22 | ▼ −0.08% | ▼ −0.32% | — |
Jun 9, 2026 19w ago | Insider Cluster | $159.03 $155.47 | ▼ −2.24% | ▼ −3.94% | — |
May 15, 2026 23w ago | 8-K | $158.92 $157.37 | ▼ −0.98% | ▼ −0.33% | — |
May 12, 2026 24w ago | Insider Cluster | $156.61 $158.92 | ▲ +1.48% | ▲ +1.54% | — |
US Market Status
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