Institutional Ownership

Institutional Ownership Analysis

⚠️ Data Verification — Do This Before Any Analysis

Before running any analysis, always retrieve the latest market data for the ticker:

1. Fetch current price — use web search or ask the user for the live price, 52-week range, and market cap. Never assume a price from training data.
2. Confirm key figures — recent earnings, revenue, key ratios (P/E, P/S, etc.) as applicable to this skill.
3. State your data source — fill in the Data & Sources header (next section) so the origin, as-of date, retrieval path, and confidence of every figure are explicit at the top of the output.
4. Flag stale data explicitly — if live data is unavailable, display this warning before proceeding:

⚠️ Live data unavailable. The following analysis uses training-data estimates which may be significantly out of date. Verify all prices and metrics before making any decisions.

Never silently substitute training-data estimates for current prices. When in doubt, ask the user to paste the latest quote.

📋 Data & Sources Header — Open Every Output With It

The first thing in the output is this provenance block, filled in — never left as placeholders. It is the standard documented on the Data & Accuracy page and the first thing result-validator looks for:

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Data & Sources
  As of:      <date the figures represent, e.g. 2026-06-30>
  Source:     <primary docs — SEC EDGAR 10-K/10-Q, company IR, FRED, exchange data …>
  Retrieval:  <pasted by user | web/tool retrieval | model memory>
  Confidence: <HIGH | MEDIUM | LOW>

• Retrieval: model memory must be paired with Confidence: LOW — memory is a placeholder until confirmed against a primary source.
• Mixed sources: list each with its own as-of date rather than blending them.
• Sources disagree on the same figure (a closing price, a deal term): prefer the primary source (SEC filing, company release, exchange data) over an aggregator, then the most recent dated one. Show both values with their sources and dates, say which you used and why, and never average them.
• Data the user pasted is reported as pasted by user; do not upgrade its confidence beyond what the user's own source supports.

Comprehensive analysis of institutional investor holdings to identify "smart money" trends, ownership concentration, and investment signals from SEC 13F filings.

Analysis Framework

1. Institutional Ownership Overview

Provide current snapshot of institutional holdings:

Aggregate Statistics

• Total institutional ownership: [%] of shares outstanding
• Number of institutional holders: [N]
• Total shares held by institutions: [Number] shares
• Total value held: $[Amount]
• Float ownership by institutions: [%] (excl. insider holdings)

Ownership Trend (4 Quarters)

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Quarter        Institutional %    # of Holders    Change from Prior
[Qn YYYY]          [%]                [N]              [±%]
[Qn-1 YYYY]        [%]                [N]              [±%]
[Qn-2 YYYY]        [%]                [N]              [±%]
[Qn-3 YYYY]        [%]                [N]              [±%]

Trend Interpretation

• Increasing ownership: Growing institutional interest = Bullish
• Stable ownership: Maintained confidence = Neutral to Bullish
• Decreasing ownership: Distribution or loss of confidence = Bearish

2. Top Institutional Holders

Identify and analyze largest institutional positions:

Top 10 Holders Table

Holder Categories

• Index Funds (Vanguard, BlackRock, State Street): Follow index weights, less signal
• Active Managers (Fidelity, T. Rowe Price, Wellington): Stock selection, more signal
• Hedge Funds (Bridgewater, Citadel, Renaissance): Tactical, high signal value
• Pension Funds (CalPERS, CalSTRS): Long-term, moderate signal
• Sovereign Wealth Funds: Very long-term, strategic positions

3. Quarter-over-Quarter Position Changes

Analyze recent changes in institutional holdings:

New Positions (Initiated)

• Institutions that added stock for first time in recent quarter
• Particularly meaningful if from notable investors
• Indicates new conviction or thesis development

Increased Positions (>25% increase)

• Institutions that significantly added to existing position
• Shows growing conviction
• More meaningful if they're "adding to winners"

Decreased Positions (>25% decrease)

• Institutions that significantly reduced holdings
• May indicate profit-taking, thesis change, or risk management
• Consider whether selling from highs or lows

Eliminated Positions (Sold Completely)

• Complete exits by institutional holders
• Most bearish signal, especially if from concentrated holders
• Check if stock was top holding previously

4. Smart Money Analysis

Track notable investors and their activities:

Super Investors / Gurus (Defined as legendary investors or top-performing fund managers)

Bullish Signals - Notable Buyers

Bearish Signals - Notable Sellers

Notable Investor Categories

1. Value Investors: Buffett, Klarman, Pabrai, Greenblatt
2. Growth Investors: T. Rowe Price, Baron, Baillie Gifford
3. Activist Investors: Icahn, Ackman, Loeb, ValueAct
4. Quant/Macro: Bridgewater, Renaissance, AQR, Two Sigma
5. Tech-Focused: ARK Invest, Tiger Global, Coatue

Why Smart Money Matters

• Superior research resources and information access
• Proven track records of alpha generation
• Often catalyst for stock re-rating
• Activist investors can drive corporate changes
• Attracts other institutional followers

5. Ownership Concentration Analysis

Assess how concentrated institutional ownership is:

Concentration Metrics

• Top 3 holders: [%] of shares outstanding
• Top 10 holders: [%] of shares outstanding
• Top 25 holders: [%] of shares outstanding
• HHI (Herfindahl-Hirschman Index): [Score] (concentration measure)

Interpretation

• High concentration (Top 10 > 50%):

  • Pro: Strong conviction from major holders
  • Con: Volatile if large holder exits
  • Common in: Small-caps, founder-led companies

• Medium concentration (Top 10 = 30-50%):

  • Balanced ownership structure
  • Most large-cap companies

• Low concentration (Top 10 < 30%):

  • Widely distributed ownership
  • More stable, less influenced by single holder
  • Common in: Mega-caps, index heavyweights

Turnover Analysis

• Holder retention rate: [%] of holders from 1 year ago still holding
• New entrants (last 12 months): [N] institutions
• Complete exits (last 12 months): [N] institutions
• Net holder change: [+/-N]

Stability Assessment

• High retention + new entrants = Strengthening conviction (Bullish)
• High retention + no new entrants = Stable (Neutral)
• Low retention + exits = Weakening conviction (Bearish)

6. Activist & Strategic Holders

Identify and analyze activist investors or strategic stakeholders:

Activist Investors (>5% ownership or known activist activity)

For each activist position:

• Investor Name & Fund
• Ownership %: Current stake
• Entry Date & Price: When position was initiated
• Current Value: Mark-to-market
• Activist Thesis: What changes they're pushing for
• Progress: Status of their initiatives
• Track Record: Success rate in similar situations

Types of Activist Campaigns

1. Operational Improvements: Cost cuts, margin expansion, divestitures
2. Capital Allocation: Increased buybacks, dividends, M&A
3. Strategic Alternatives: Sale of company, merger, spin-offs
4. Board Changes: New directors, CEO replacement
5. Governance: ESG initiatives, compensation reforms

Impact Assessment

• Historical success rate of this activist at peer companies
• Management's receptiveness to proposals
• Other shareholders' support
• Potential value unlock if successful
• Timeline to value realization

7. Portfolio Weight Analysis

Analyze how important the position is to each holder:

High-Conviction Holders (Position is >5% of their portfolio)

Interpretation

• High portfolio weight: Strong conviction, more research depth
• Top 10 holding: Likely actively managed and monitored
• Increases to high-conviction holding: Very bullish signal
• Decreases from high-conviction: Concerning if thesis change

Position Sizing Trends

• How many institutions have it as top 10 holding: [N]
• How many increased portfolio weight: [N] (bullish)
• How many decreased portfolio weight: [N] (bearish)
• Average portfolio weight: [%]

8. Stock Price Performance Correlation

Analyze relationship between ownership changes and stock performance:

Performance During Institutional Activity

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Period: [Qn YYYY]
Institutional Change: [±%] ownership (net buying / selling)
Stock Price Change: [±%]
S&P 500 Change: [±%]
Outperformance: [±%]

Historical Pattern Analysis

• Correlation between institutional buying and subsequent returns
• Lead/lag relationship (do institutions front-run or follow?)
• Performance after smart money buys vs. sells

Predictive Value

• High predictive value scenarios:

  • Multiple smart money managers buying
  • Activist initiating position
  • Institutions buying during weakness
  • First-time institutional coverage

• Low predictive value scenarios:

  • Index rebalancing flows
  • ETF creation/redemption
  • Tax-loss selling end-of-year
  • Merger arbitrage activity

9. Data Sources & Filing Requirements

Reference the following sources for institutional ownership data:

Primary Source - SEC 13F Filings

• What: Quarterly holdings reports required of institutional investment managers exercising investment discretion over ≥ $100 million in Section 13(f) securities (the test is 13(f) securities under management, not the firm's total AUM)
• Who: Institutional investment managers
• When: Filed within 45 days of quarter-end
• Where: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=13F

13F Filing Calendar

• Q1 (Mar 31) → Filed by May 15
• Q2 (Jun 30) → Filed by Aug 14
• Q3 (Sep 30) → Filed by Nov 14
• Q4 (Dec 31) → Filed by Feb 14

Important Limitations

• 45-day lag (data is stale)
• Only long positions reported (shorts not disclosed)
• Options and ADRs may not be reported
• Some holdings can be confidentially withheld
• $200K or 10,000 share threshold per position

Schedule 13D/G Filings (>5% ownership)

• 13D: Activist investors with intent to influence

  • Initial filing within 5 business days of crossing 5% (SEC rule effective 2024-02-05; previously 10 calendar days)
  • Amendments for material changes (≥ 1%) within 2 business days
  • Includes plans and intentions

• 13G: Passive investors, no control intent

  • Deadlines depend on filer type (revised schedule in force since 2024-09-30): qualified institutional investors — 45 days after the quarter-end in which they cross 5%, or 5 business days after month-end once above 10%; passive investors — 5 business days after crossing 5%; exempt investors — 45 days after quarter-end
  • Verify the current deadline on sec.gov before dating a filing as late
  • Simplified reporting for passive positions

Aggregator Services

• WhaleWisdom.com: Free 13F database with analytics
• Dataroma: Tracks super investor portfolios
• GuruFocus: Premium institutional tracking
• Whalewisdom: Advanced screening and alerts
• Bloomberg/FactSet: Comprehensive institutional data (paid)

10. Red Flags & Warning Signs

Identify concerning patterns in institutional ownership:

High-Severity Red Flags

• Multiple smart money managers exiting simultaneously
• Decreasing ownership despite rising stock price (selling into strength)
• Activist investor exiting after failed campaign
• Large holders selling >50% of position
• Net institutional selling for 3+ consecutive quarters

Medium-Severity Red Flags

• Increasing number of holder exits (even if small positions)
• Declining portfolio weights across multiple holders
• No new institutional buyers despite attractive valuation
• High turnover among holders (low retention)

Positive Signals

• Smart money buying during market selloff
• New positions from value-oriented long-term holders
• Activist entering with specific value-creation plan
• Increasing high-conviction holdings (>5% of portfolio)
• Multiple quarters of consistent net institutional buying

Input Formats

Format 1: Ticker Symbol

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User: /institutional-ownership AAPL

Claude retrieves latest 13F data and analyzes recent changes

Format 2: Specific Holder Tracking

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User: /institutional-ownership TSLA --track "Berkshire,ARK,Scion"

Claude focuses on specific institutional holders' activity

Format 3: Custom Data Analysis

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User: /institutional-ownership --data

[Paste 13F data table from WhaleWisdom or SEC]

Claude analyzes provided institutional holdings data

Output

Provide comprehensive institutional ownership analysis report with:

1. Executive Summary

• Overall Institutional Sentiment: Bullish / Neutral / Bearish
• Confidence Level: High / Medium / Low
• Key Findings: 3-5 most important insights
• Investment Signal: Buy / Hold / Sell indication
• Smart Money Direction: Net buying / selling

2. Ownership Overview

• Current institutional ownership %
• Trend over last 4 quarters
• Number of holders and change
• Total value held

3. Top 10 Holders

Detailed table with position sizes, changes, and portfolio weights

4. Recent Activity Summary

• New positions count and notable investors
• Increased positions (>25% increases)
• Decreased positions (>25% decreases)
• Eliminated positions

5. Smart Money Tracker

Notable investors' activity with signal strength assessment

6. Ownership Concentration

• Top 3/10/25 holder concentration
• Turnover and stability metrics
• Assessment of ownership structure

7. Activist & Strategic Holdings

Any activist investors or strategic stakeholders (>5% ownership)

8. High-Conviction Holders

Institutions with >5% portfolio weight in this stock

9. Performance Correlation

Stock performance during periods of institutional buying/selling

10. Red Flags & Positive Signals

• Warning signs identified
• Bullish indicators present
• Severity assessment

11. Investment Implications

• Overall assessment and confidence
• Key bullish factors from institutional data
• Key bearish factors or concerns
• Recommended action
• Key levels/catalysts to monitor

12. Data Sources & Timing

• 13F filing quarter analyzed
• Number of 13F filings reviewed
• Any data limitations or gaps

Interpretation Guidelines

When Institutional Buying is STRONGLY Bullish

1. Smart money managers initiating or significantly increasing (>50%)
2. Multiple value investors buying same stock
3. Activist investor initiating with specific value-creation plan
4. Net institutional buying for 3+ consecutive quarters
5. Buying during market weakness (contrarian signal)

When Institutional Buying is MODERATELY Bullish

1. Increasing ownership trend (1-2 quarters)
2. Growing number of institutional holders
3. New positions from credible active managers
4. Increasing portfolio weights across multiple holders

When Institutional Selling is LESS Concerning

1. Index fund rebalancing (mechanical selling)
2. Profit-taking after significant appreciation
3. Small position eliminations (<1% of portfolio)
4. Single quarter of selling after long accumulation
5. Sector rotation or style drift

When Institutional Selling is CONCERNING

1. Smart money managers exiting completely
2. Activist investors giving up and selling
3. Selling during stock decline (lack of confidence)
4. Multiple quarters of net institutional selling
5. Decreasing number of holders

Signal Reliability Factors

• Quality of holders: Smart money > Index funds
• Conviction level: High portfolio weights = stronger signal
• Consistency: Multiple quarters of buying/selling = stronger
• Context: Buying weakness or selling strength = stronger signal
• Magnitude: Large position changes = stronger signal

Usage Examples

Example 1: Basic Analysis

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User: /institutional-ownership NVDA

Claude: Reads the latest quarter's 13F filings and reports the change in
institutional ownership, new and exited holders, and the largest adds and
trims by named manager, then closes with the signal block.

Example 2: Smart Money Tracking

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User: /institutional-ownership META --smart-money

Claude: Restricts the holder analysis to the smart-money list above and
reports each manager's position change for the quarter.

Example 3: Comparative Analysis

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User: /institutional-ownership AAPL MSFT GOOGL --compare

Claude: Runs the same ownership-trend and smart-money checks on each ticker
and ranks them by net institutional accumulation.

Integration Notes

• Combine with /insider-trading for complete ownership analysis
• Use with /stock-eval for comprehensive due diligence
• Feed to /report-generator for visual ownership trend charts
• Best used quarterly after 13F filing deadlines (May, Aug, Nov, Feb)
• Particularly valuable for small-mid cap stocks where institutional buying can be catalyst
• Less meaningful for mega-caps where ownership changes are primarily index-driven

Standard Signal Output

All analysis concludes with this standardized block:

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## Thesis Invalidation

After delivering the analysis signal, specify what would reverse it:

**If signal is BULLISH — thesis breaks if:**
- top 3 holders reduce positions by >20% in a single quarter
- [One or two more triggers drawn from this analysis's own drivers, each with a threshold]

**If signal is BEARISH — thesis breaks if:**
- 2+ top-tier institutions (BlackRock, Vanguard, Fidelity) initiate new positions
- [One or two more triggers drawn from this analysis's own drivers, each with a threshold]

**Re-run this analysis when:**
- [ ] Next earnings release
- [ ] Price moves ±15% from current level
- [ ] 60 days have elapsed
- [ ] Material news event (acquisition, leadership change, regulatory decision)

╔══════════════════════════════════════════════╗
║              INVESTMENT SIGNAL               ║
╠══════════════════════════════════════════════╣
║ Signal:      BULLISH / NEUTRAL / BEARISH     ║
║ Confidence:  HIGH / MEDIUM / LOW             ║
║ Horizon:     SHORT / MEDIUM / LONG-TERM      ║
║ Score:       X.X / 10                        ║
╠══════════════════════════════════════════════╣
║ Action:      BUY / HOLD / SELL               ║
║ Conviction:  STRONG / MODERATE / WEAK        ║
╚══════════════════════════════════════════════╝

Score Guide: 8.0–10.0 Strongly Bullish | 6.0–7.9 Moderately Bullish | 4.0–5.9 Neutral | 2.0–3.9 Moderately Bearish | 0.0–1.9 Strongly Bearish Confidence: HIGH (strong data, clear signals) | MEDIUM (mixed signals) | LOW (limited data, conflicting signals) Horizon: SHORT-TERM (1 week–3 months) | MEDIUM-TERM (3 months–1 year) | LONG-TERM (1+ years)

Disclaimer: Educational analysis only. Not financial advice.