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Smart Money Flows

Unusual changes in reported 13F ownership, weighted by manager skill. Quarter-end snapshots, newest first, not live trades.

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Biggest moves by top managers

Q2 2026Reported holdings 2026-03-31 → 2026-06-30

  • APLS

    Apellis Pharmaceuticals Inc

    Top managers cut. Led by Deep Track Capital, LP (top 14%) and Point72 Asset Management, L.P. (top 1%).

    Skill-weighted flow score -$520.6M

    Unusual

    Smart exodus
    9.2% of institutional value
    Why this signal?APLS

    What it means for you

    Connect one account free to see which of these you own and what it means for your holdings.

    What happened

    Comparing reported holdings at 2026-03-31 → 2026-06-30, the skill-weighted flow in APLS was -$520.6M, equal to 9.2% of the value institutions hold.

    Why it can matter

    Skill-weighted flow is unusually low relative to eligible securities this quarter. Check whether higher-ranked managers reduced exposure or lower-ranked managers added, and revisit what may have changed in the business.

    Ownership changes can reflect new listings, stock splits or reorganizations. An unusual reading alone does not prove a manager deliberately bought or sold.

    How we got this

    Each manager's change in portfolio weight is multiplied by a skill score from −1 to +1, then added up. Top-ranked buying and bottom-ranked selling both push the total up.

    Flagged because it sits 2.1 standard deviations from other stocks this quarter. The cutoff is 2.

    Where the data comes from

    Quarterly SEC 13F holdings, ranked by Midas holder-skill scores. Read the method

    13F reports are delayed quarter-end snapshots. They omit shorts and much of a fund's portfolio, and they do not show trade dates or a manager's reasons.

    Who moved?

    All available entries from the event's saved breakdown, up to five per group. These are selected contributors, not the full holder list. Manager links open their profile, which may describe a later quarter.

    The filing links open this manager’s stored reports for the current and prior comparison quarters. The event did not save its exact source accessions, so later amendments may differ from the original inputs.

    Higher-ranked managers adding

    No manager breakdown recorded for this group. This does not establish zero activity.

    Higher-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Lower-ranked managers adding

    No manager breakdown recorded for this group. This does not establish zero activity.

    Lower-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Full method notes

    Why it was flagged

    Check the context: Ownership changes can reflect new listings, stock splits or reorganizations. This event does not record whether those effects were excluded. An unusual reading alone does not prove a manager deliberately bought or sold.

    Reported holdings comparison: 2026-03-31 → 2026-06-30. These are quarter-end dates, not trade dates or the date the event was detected.

    Recorded flow z-score -2.051; this classification requires at most −2. The recorded score meets that cutoff.

    The z-score compares this security's skill-weighted flow intensity with eligible securities in the same quarter. It is a measure of how unusual the reading is, not a probability of profit.

    Skill-weighted flow score (USD)
    -$520,643,862.63
    Share of institutional value
    -9.25%
    Higher-ranked holders exiting (recorded count)
    7
    Lower-ranked holders entering (recorded count)
    0

    How to read the evidence

    Higher-ranked means the top skill quintile; lower-ranked means the bottom quintile among eligible hedge-fund managers. Skill is based on a simulated, factor-hedged 13F portfolio, with scale and breadth adjustments, not the fund's reported return.

    Each eligible manager's change in market-value portfolio weight is scaled by the larger of their two comparable portfolio values, then weighted by a score from −1 to +1 and added to the aggregate. Higher-ranked increases and lower-ranked decreases contribute positively; the opposite contributes negatively. Relative price changes can move this aggregate even when share counts are unchanged. It is not a measure of confirmed trades. The percentage uses the larger of current and prior quarter institutional value, not market cap.

    The saved manager dollar changes estimate changes in shares at a quarter price, with value changes as a fallback. They are not trade receipts or additive contributions to the aggregate. The aggregate can use portfolio-weight changes to reduce fund-inflow/redemption effects, so these samples do not reconcile to its total.

    A run of quarters describes the recorded flow direction, not repeated trigger breaches. This response does not include individual filing accessions or before/after share counts.

    Source: quarterly SEC 13F holdings and Midas holder-skill calculations · Quarter 2026Q2 · Security CUSIP 03753U10 · Score version v2-flow1. Confirm current fundamentals and subsequent filings before acting.

  • DFTX

    Definium Therapeutics, Inc.

    Top managers added. Led by DRIEHAUS CAPITAL MANAGEMENT LLC (top 5%) and Point72 Asset Management, L.P. (top 1%).

    Skill-weighted flow score +$465.7M

    Unusual

    Smart accumulation
    8.4% of institutional valueMarket cap $3.7B
    Why this signal?DFTX

    What it means for you

    Connect one account free to see which of these you own and what it means for your holdings.

    What happened

    Comparing reported holdings at 2026-03-31 → 2026-06-30, the skill-weighted flow in DFTX was +$465.7M, equal to 8.4% of the value institutions hold.

    Why it can matter

    Skill-weighted flow is unusually high relative to eligible securities this quarter. Look for higher-ranked managers adding and lower-ranked managers reducing before deciding whether it strengthens your thesis.

    Ownership changes can reflect new listings, stock splits or reorganizations. An unusual reading alone does not prove a manager deliberately bought or sold.

    How we got this

    Each manager's change in portfolio weight is multiplied by a skill score from −1 to +1, then added up. Top-ranked buying and bottom-ranked selling both push the total up.

    Flagged because it sits 2 standard deviations from other stocks this quarter. The cutoff is 2.

    Where the data comes from

    Quarterly SEC 13F holdings, ranked by Midas holder-skill scores. Read the method

    13F reports are delayed quarter-end snapshots. They omit shorts and much of a fund's portfolio, and they do not show trade dates or a manager's reasons.

    Who moved?

    All available entries from the event's saved breakdown, up to five per group. These are selected contributors, not the full holder list. Manager links open their profile, which may describe a later quarter.

    The filing links open this manager’s stored reports for the current and prior comparison quarters. The event did not save its exact source accessions, so later amendments may differ from the original inputs.

    Higher-ranked managers adding

    Higher-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Lower-ranked managers adding

    Lower-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Full method notes

    Why it was flagged

    Check the context: Ownership changes can reflect new listings, stock splits or reorganizations. This event does not record whether those effects were excluded. An unusual reading alone does not prove a manager deliberately bought or sold.

    Reported holdings comparison: 2026-03-31 → 2026-06-30. These are quarter-end dates, not trade dates or the date the event was detected.

    Recorded flow z-score +2.0346; this classification requires at least +2. The recorded score meets that cutoff.

    The z-score compares this security's skill-weighted flow intensity with eligible securities in the same quarter. It is a measure of how unusual the reading is, not a probability of profit.

    Skill-weighted flow score (USD)
    +$465,710,349.53
    Share of institutional value
    8.35%
    Higher-ranked holders exiting (recorded count)
    0
    Lower-ranked holders entering (recorded count)
    8

    How to read the evidence

    Higher-ranked means the top skill quintile; lower-ranked means the bottom quintile among eligible hedge-fund managers. Skill is based on a simulated, factor-hedged 13F portfolio, with scale and breadth adjustments, not the fund's reported return.

    Each eligible manager's change in market-value portfolio weight is scaled by the larger of their two comparable portfolio values, then weighted by a score from −1 to +1 and added to the aggregate. Higher-ranked increases and lower-ranked decreases contribute positively; the opposite contributes negatively. Relative price changes can move this aggregate even when share counts are unchanged. It is not a measure of confirmed trades. The percentage uses the larger of current and prior quarter institutional value, not market cap.

    The saved manager dollar changes estimate changes in shares at a quarter price, with value changes as a fallback. They are not trade receipts or additive contributions to the aggregate. The aggregate can use portfolio-weight changes to reduce fund-inflow/redemption effects, so these samples do not reconcile to its total.

    A run of quarters describes the recorded flow direction, not repeated trigger breaches. This response does not include individual filing accessions or before/after share counts.

    Source: quarterly SEC 13F holdings and Midas holder-skill calculations · Quarter 2026Q2 · Security CUSIP 24477V10 · Score version v2-flow1. Confirm current fundamentals and subsequent filings before acting.

  • BAND

    Bandwidth Inc

    Top managers added. Led by Hood River Capital Management LLC (top 6%) and DRIEHAUS CAPITAL MANAGEMENT LLC (top 5%).

    Skill-weighted flow score +$318.8M

    Very unusual, 2 quarters in a row

    Smart accumulation
    16.0% of institutional valueMarket cap $1.3B
    Why this signal?BAND

    What it means for you

    Connect one account free to see which of these you own and what it means for your holdings.

    What happened

    Comparing reported holdings at 2026-03-31 → 2026-06-30, the skill-weighted flow in BAND was +$318.8M, equal to 16.0% of the value institutions hold.

    The flow has run this way for 2 quarters.

    Why it can matter

    Skill-weighted flow is unusually high relative to eligible securities this quarter. Look for higher-ranked managers adding and lower-ranked managers reducing before deciding whether it strengthens your thesis.

    Ownership changes can reflect new listings, stock splits or reorganizations. An unusual reading alone does not prove a manager deliberately bought or sold.

    How we got this

    Each manager's change in portfolio weight is multiplied by a skill score from −1 to +1, then added up. Top-ranked buying and bottom-ranked selling both push the total up.

    Flagged because it sits 3.8 standard deviations from other stocks this quarter. The cutoff is 2.

    Where the data comes from

    Quarterly SEC 13F holdings, ranked by Midas holder-skill scores. Read the method

    13F reports are delayed quarter-end snapshots. They omit shorts and much of a fund's portfolio, and they do not show trade dates or a manager's reasons.

    Who moved?

    All available entries from the event's saved breakdown, up to five per group. These are selected contributors, not the full holder list. Manager links open their profile, which may describe a later quarter.

    The filing links open this manager’s stored reports for the current and prior comparison quarters. The event did not save its exact source accessions, so later amendments may differ from the original inputs.

    Higher-ranked managers adding

    Higher-ranked managers reducing

    Lower-ranked managers adding

    Lower-ranked managers reducing

    Full method notes

    Why it was flagged

    Check the context: Ownership changes can reflect new listings, stock splits or reorganizations. This event does not record whether those effects were excluded. An unusual reading alone does not prove a manager deliberately bought or sold.

    Reported holdings comparison: 2026-03-31 → 2026-06-30. These are quarter-end dates, not trade dates or the date the event was detected.

    Recorded flow z-score +3.8158; this classification requires at least +2. The recorded score meets that cutoff.

    The z-score compares this security's skill-weighted flow intensity with eligible securities in the same quarter. It is a measure of how unusual the reading is, not a probability of profit.

    Skill-weighted flow score (USD)
    +$318,750,131.21
    Share of institutional value
    16.03%
    Higher-ranked holders exiting (recorded count)
    0
    Lower-ranked holders entering (recorded count)
    3

    How to read the evidence

    Higher-ranked means the top skill quintile; lower-ranked means the bottom quintile among eligible hedge-fund managers. Skill is based on a simulated, factor-hedged 13F portfolio, with scale and breadth adjustments, not the fund's reported return.

    Each eligible manager's change in market-value portfolio weight is scaled by the larger of their two comparable portfolio values, then weighted by a score from −1 to +1 and added to the aggregate. Higher-ranked increases and lower-ranked decreases contribute positively; the opposite contributes negatively. Relative price changes can move this aggregate even when share counts are unchanged. It is not a measure of confirmed trades. The percentage uses the larger of current and prior quarter institutional value, not market cap.

    The saved manager dollar changes estimate changes in shares at a quarter price, with value changes as a fallback. They are not trade receipts or additive contributions to the aggregate. The aggregate can use portfolio-weight changes to reduce fund-inflow/redemption effects, so these samples do not reconcile to its total.

    A run of quarters describes the recorded flow direction, not repeated trigger breaches. This response does not include individual filing accessions or before/after share counts.

    Source: quarterly SEC 13F holdings and Midas holder-skill calculations · Quarter 2026Q2 · Security CUSIP 05988J10 · Score version v2-flow1. Confirm current fundamentals and subsequent filings before acting.

  • NIO

    Nio Inc Class A ADR

    Top managers cut. Led by D. E. Shaw & Co., Inc. (top 2%) and Point72 Asset Management, L.P. (top 1%).

    Skill-weighted flow score -$238.2M

    Unusual

    Smart exodus
    9.3% of institutional valueMarket cap $8.5B
    Why this signal?NIO

    What it means for you

    Connect one account free to see which of these you own and what it means for your holdings.

    What happened

    Comparing reported holdings at 2026-03-31 → 2026-06-30, the skill-weighted flow in NIO was -$238.2M, equal to 9.3% of the value institutions hold.

    Why it can matter

    Skill-weighted flow is unusually low relative to eligible securities this quarter. Check whether higher-ranked managers reduced exposure or lower-ranked managers added, and revisit what may have changed in the business.

    Ownership changes can reflect new listings, stock splits or reorganizations. An unusual reading alone does not prove a manager deliberately bought or sold.

    How we got this

    Each manager's change in portfolio weight is multiplied by a skill score from −1 to +1, then added up. Top-ranked buying and bottom-ranked selling both push the total up.

    Flagged because it sits 2.1 standard deviations from other stocks this quarter. The cutoff is 2.

    Where the data comes from

    Quarterly SEC 13F holdings, ranked by Midas holder-skill scores. Read the method

    13F reports are delayed quarter-end snapshots. They omit shorts and much of a fund's portfolio, and they do not show trade dates or a manager's reasons.

    Who moved?

    All available entries from the event's saved breakdown, up to five per group. These are selected contributors, not the full holder list. Manager links open their profile, which may describe a later quarter.

    The filing links open this manager’s stored reports for the current and prior comparison quarters. The event did not save its exact source accessions, so later amendments may differ from the original inputs.

    Higher-ranked managers adding

    Higher-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Lower-ranked managers adding

    Lower-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Full method notes

    Why it was flagged

    Check the context: Ownership changes can reflect new listings, stock splits or reorganizations. This event does not record whether those effects were excluded. An unusual reading alone does not prove a manager deliberately bought or sold.

    Reported holdings comparison: 2026-03-31 → 2026-06-30. These are quarter-end dates, not trade dates or the date the event was detected.

    Recorded flow z-score -2.0623; this classification requires at most −2. The recorded score meets that cutoff.

    The z-score compares this security's skill-weighted flow intensity with eligible securities in the same quarter. It is a measure of how unusual the reading is, not a probability of profit.

    Skill-weighted flow score (USD)
    -$238,217,563.77
    Share of institutional value
    -9.30%
    Higher-ranked holders exiting (recorded count)
    0
    Lower-ranked holders entering (recorded count)
    1

    How to read the evidence

    Higher-ranked means the top skill quintile; lower-ranked means the bottom quintile among eligible hedge-fund managers. Skill is based on a simulated, factor-hedged 13F portfolio, with scale and breadth adjustments, not the fund's reported return.

    Each eligible manager's change in market-value portfolio weight is scaled by the larger of their two comparable portfolio values, then weighted by a score from −1 to +1 and added to the aggregate. Higher-ranked increases and lower-ranked decreases contribute positively; the opposite contributes negatively. Relative price changes can move this aggregate even when share counts are unchanged. It is not a measure of confirmed trades. The percentage uses the larger of current and prior quarter institutional value, not market cap.

    The saved manager dollar changes estimate changes in shares at a quarter price, with value changes as a fallback. They are not trade receipts or additive contributions to the aggregate. The aggregate can use portfolio-weight changes to reduce fund-inflow/redemption effects, so these samples do not reconcile to its total.

    A run of quarters describes the recorded flow direction, not repeated trigger breaches. This response does not include individual filing accessions or before/after share counts.

    Source: quarterly SEC 13F holdings and Midas holder-skill calculations · Quarter 2026Q2 · Security CUSIP 62914V10 · Score version v2-flow1. Confirm current fundamentals and subsequent filings before acting.

  • NVRI

    Enviri Corporation

    Top managers cut. Led by D. E. Shaw & Co., Inc. (top 2%) and PARADIGM CAPITAL MANAGEMENT INC/NY (top 7%).

    Skill-weighted flow score -$210.2M

    Unusual

    Smart exodus
    11.7% of institutional valueMarket cap $659.6M
    Why this signal?NVRI

    What it means for you

    Connect one account free to see which of these you own and what it means for your holdings.

    What happened

    Comparing reported holdings at 2026-03-31 → 2026-06-30, the skill-weighted flow in NVRI was -$210.2M, equal to 11.7% of the value institutions hold.

    Why it can matter

    Skill-weighted flow is unusually low relative to eligible securities this quarter. Check whether higher-ranked managers reduced exposure or lower-ranked managers added, and revisit what may have changed in the business.

    Ownership changes can reflect new listings, stock splits or reorganizations. An unusual reading alone does not prove a manager deliberately bought or sold.

    How we got this

    Each manager's change in portfolio weight is multiplied by a skill score from −1 to +1, then added up. Top-ranked buying and bottom-ranked selling both push the total up.

    Flagged because it sits 2.6 standard deviations from other stocks this quarter. The cutoff is 2.

    Where the data comes from

    Quarterly SEC 13F holdings, ranked by Midas holder-skill scores. Read the method

    13F reports are delayed quarter-end snapshots. They omit shorts and much of a fund's portfolio, and they do not show trade dates or a manager's reasons.

    Who moved?

    All available entries from the event's saved breakdown, up to five per group. These are selected contributors, not the full holder list. Manager links open their profile, which may describe a later quarter.

    The filing links open this manager’s stored reports for the current and prior comparison quarters. The event did not save its exact source accessions, so later amendments may differ from the original inputs.

    Higher-ranked managers adding

    No manager breakdown recorded for this group. This does not establish zero activity.

    Higher-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Lower-ranked managers adding

    No manager breakdown recorded for this group. This does not establish zero activity.

    Lower-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Full method notes

    Why it was flagged

    Check the context: Ownership changes can reflect new listings, stock splits or reorganizations. This event does not record whether those effects were excluded. An unusual reading alone does not prove a manager deliberately bought or sold.

    Reported holdings comparison: 2026-03-31 → 2026-06-30. These are quarter-end dates, not trade dates or the date the event was detected.

    Recorded flow z-score -2.6136; this classification requires at most −2. The recorded score meets that cutoff.

    The z-score compares this security's skill-weighted flow intensity with eligible securities in the same quarter. It is a measure of how unusual the reading is, not a probability of profit.

    Skill-weighted flow score (USD)
    -$210,156,675.36
    Share of institutional value
    -11.67%
    Higher-ranked holders exiting (recorded count)
    3
    Lower-ranked holders entering (recorded count)
    0

    How to read the evidence

    Higher-ranked means the top skill quintile; lower-ranked means the bottom quintile among eligible hedge-fund managers. Skill is based on a simulated, factor-hedged 13F portfolio, with scale and breadth adjustments, not the fund's reported return.

    Each eligible manager's change in market-value portfolio weight is scaled by the larger of their two comparable portfolio values, then weighted by a score from −1 to +1 and added to the aggregate. Higher-ranked increases and lower-ranked decreases contribute positively; the opposite contributes negatively. Relative price changes can move this aggregate even when share counts are unchanged. It is not a measure of confirmed trades. The percentage uses the larger of current and prior quarter institutional value, not market cap.

    The saved manager dollar changes estimate changes in shares at a quarter price, with value changes as a fallback. They are not trade receipts or additive contributions to the aggregate. The aggregate can use portfolio-weight changes to reduce fund-inflow/redemption effects, so these samples do not reconcile to its total.

    A run of quarters describes the recorded flow direction, not repeated trigger breaches. This response does not include individual filing accessions or before/after share counts.

    Source: quarterly SEC 13F holdings and Midas holder-skill calculations · Quarter 2026Q2 · Security CUSIP 41586410 · Score version v2-flow1. Confirm current fundamentals and subsequent filings before acting.

  • KALV

    Kalvista Pharmaceuticals Inc

    Top managers cut. Led by Point72 Asset Management, L.P. (top 1%) and Kynam Capital Management, LP (top 5%).

    Skill-weighted flow score -$190.3M

    Unusual

    Smart exodus
    13.1% of institutional value
    Why this signal?KALV

    What it means for you

    Connect one account free to see which of these you own and what it means for your holdings.

    What happened

    Comparing reported holdings at 2026-03-31 → 2026-06-30, the skill-weighted flow in KALV was -$190.3M, equal to 13.1% of the value institutions hold.

    Why it can matter

    Skill-weighted flow is unusually low relative to eligible securities this quarter. Check whether higher-ranked managers reduced exposure or lower-ranked managers added, and revisit what may have changed in the business.

    Ownership changes can reflect new listings, stock splits or reorganizations. An unusual reading alone does not prove a manager deliberately bought or sold.

    How we got this

    Each manager's change in portfolio weight is multiplied by a skill score from −1 to +1, then added up. Top-ranked buying and bottom-ranked selling both push the total up.

    Flagged because it sits 2.9 standard deviations from other stocks this quarter. The cutoff is 2.

    Where the data comes from

    Quarterly SEC 13F holdings, ranked by Midas holder-skill scores. Read the method

    13F reports are delayed quarter-end snapshots. They omit shorts and much of a fund's portfolio, and they do not show trade dates or a manager's reasons.

    Who moved?

    All available entries from the event's saved breakdown, up to five per group. These are selected contributors, not the full holder list. Manager links open their profile, which may describe a later quarter.

    The filing links open this manager’s stored reports for the current and prior comparison quarters. The event did not save its exact source accessions, so later amendments may differ from the original inputs.

    Higher-ranked managers adding

    No manager breakdown recorded for this group. This does not establish zero activity.

    Higher-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Lower-ranked managers adding

    No manager breakdown recorded for this group. This does not establish zero activity.

    Lower-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Full method notes

    Why it was flagged

    Check the context: Ownership changes can reflect new listings, stock splits or reorganizations. This event does not record whether those effects were excluded. An unusual reading alone does not prove a manager deliberately bought or sold.

    Reported holdings comparison: 2026-03-31 → 2026-06-30. These are quarter-end dates, not trade dates or the date the event was detected.

    Recorded flow z-score -2.9423; this classification requires at most −2. The recorded score meets that cutoff.

    The z-score compares this security's skill-weighted flow intensity with eligible securities in the same quarter. It is a measure of how unusual the reading is, not a probability of profit.

    Skill-weighted flow score (USD)
    -$190,262,772.41
    Share of institutional value
    -13.09%
    Higher-ranked holders exiting (recorded count)
    7
    Lower-ranked holders entering (recorded count)
    0

    How to read the evidence

    Higher-ranked means the top skill quintile; lower-ranked means the bottom quintile among eligible hedge-fund managers. Skill is based on a simulated, factor-hedged 13F portfolio, with scale and breadth adjustments, not the fund's reported return.

    Each eligible manager's change in market-value portfolio weight is scaled by the larger of their two comparable portfolio values, then weighted by a score from −1 to +1 and added to the aggregate. Higher-ranked increases and lower-ranked decreases contribute positively; the opposite contributes negatively. Relative price changes can move this aggregate even when share counts are unchanged. It is not a measure of confirmed trades. The percentage uses the larger of current and prior quarter institutional value, not market cap.

    The saved manager dollar changes estimate changes in shares at a quarter price, with value changes as a fallback. They are not trade receipts or additive contributions to the aggregate. The aggregate can use portfolio-weight changes to reduce fund-inflow/redemption effects, so these samples do not reconcile to its total.

    A run of quarters describes the recorded flow direction, not repeated trigger breaches. This response does not include individual filing accessions or before/after share counts.

    Source: quarterly SEC 13F holdings and Midas holder-skill calculations · Quarter 2026Q2 · Security CUSIP 48349710 · Score version v2-flow1. Confirm current fundamentals and subsequent filings before acting.

  • ZLAB

    Zai Lab Ltd

    Top managers arrived while lower-ranked managers sold. Led by TCG Crossover Management, LLC (top 6%) and D. E. Shaw & Co., Inc. (top 2%).

    Skill-weighted flow score +$143.4M

    Very unusual, 4 quarters in a row

    Brain gain
    17.4% of institutional valueMarket cap $2.8B
    Why this signal?ZLAB

    What it means for you

    Connect one account free to see which of these you own and what it means for your holdings.

    What happened

    Comparing reported holdings at 2026-03-31 → 2026-06-30, the skill-weighted flow in ZLAB was +$143.4M, equal to 17.4% of the value institutions hold.

    The flow has run this way for 4 quarters.

    Why it can matter

    The recorded classification points to higher-ranked managers arriving while the lower-ranked group reduced exposure. Investigate the new holders and their investment cases; this does not establish future outperformance.

    Ownership changes can reflect new listings, stock splits or reorganizations. An unusual reading alone does not prove a manager deliberately bought or sold.

    How we got this

    Each manager's change in portfolio weight is multiplied by a skill score from −1 to +1, then added up. Top-ranked buying and bottom-ranked selling both push the total up.

    Flagged because it sits 4.1 standard deviations from other stocks this quarter. The cutoff is 2.

    Where the data comes from

    Quarterly SEC 13F holdings, ranked by Midas holder-skill scores. Read the method

    13F reports are delayed quarter-end snapshots. They omit shorts and much of a fund's portfolio, and they do not show trade dates or a manager's reasons.

    Who moved?

    All available entries from the event's saved breakdown, up to five per group. These are selected contributors, not the full holder list. Manager links open their profile, which may describe a later quarter.

    The filing links open this manager’s stored reports for the current and prior comparison quarters. The event did not save its exact source accessions, so later amendments may differ from the original inputs.

    Higher-ranked managers adding

    Higher-ranked managers reducing

    Lower-ranked managers adding

    Lower-ranked managers reducing

    Full method notes

    Why it was flagged

    Check the context: Ownership changes can reflect new listings, stock splits or reorganizations. This event does not record whether those effects were excluded. An unusual reading alone does not prove a manager deliberately bought or sold.

    Reported holdings comparison: 2026-03-31 → 2026-06-30. These are quarter-end dates, not trade dates or the date the event was detected.

    Recorded flow z-score +4.1254; this classification requires at least +2. The recorded score meets that cutoff.

    The z-score compares this security's skill-weighted flow intensity with eligible securities in the same quarter. It is a measure of how unusual the reading is, not a probability of profit.

    The brain gain rule also requires at least 2 top-quintile managers entering and net selling by the bottom quintile. The event stores its classification, but this response does not contain every input needed to independently recompute those tests.

    Skill-weighted flow score (USD)
    +$143,381,392.62
    Share of institutional value
    17.36%
    Higher-ranked holders exiting (recorded count)
    1
    Lower-ranked holders entering (recorded count)
    1

    How to read the evidence

    Higher-ranked means the top skill quintile; lower-ranked means the bottom quintile among eligible hedge-fund managers. Skill is based on a simulated, factor-hedged 13F portfolio, with scale and breadth adjustments, not the fund's reported return.

    Each eligible manager's change in market-value portfolio weight is scaled by the larger of their two comparable portfolio values, then weighted by a score from −1 to +1 and added to the aggregate. Higher-ranked increases and lower-ranked decreases contribute positively; the opposite contributes negatively. Relative price changes can move this aggregate even when share counts are unchanged. It is not a measure of confirmed trades. The percentage uses the larger of current and prior quarter institutional value, not market cap.

    The saved manager dollar changes estimate changes in shares at a quarter price, with value changes as a fallback. They are not trade receipts or additive contributions to the aggregate. The aggregate can use portfolio-weight changes to reduce fund-inflow/redemption effects, so these samples do not reconcile to its total.

    A run of quarters describes the recorded flow direction, not repeated trigger breaches. This response does not include individual filing accessions or before/after share counts.

    Source: quarterly SEC 13F holdings and Midas holder-skill calculations · Quarter 2026Q2 · Security CUSIP 98887Q10 · Score version v2-flow1. Confirm current fundamentals and subsequent filings before acting.

  • AVTX

    Avalo Therapeutics Inc

    Top managers added. Led by Deep Track Capital, LP (top 14%) and TCG Crossover Management, LLC (top 6%).

    Skill-weighted flow score +$140.5M

    Unusual, 5 quarters in a row

    Smart accumulation
    10.6% of institutional valueMarket cap $302.2M
    Why this signal?AVTX

    What it means for you

    Connect one account free to see which of these you own and what it means for your holdings.

    What happened

    Comparing reported holdings at 2026-03-31 → 2026-06-30, the skill-weighted flow in AVTX was +$140.5M, equal to 10.6% of the value institutions hold.

    The flow has run this way for 5 quarters.

    Why it can matter

    Skill-weighted flow is unusually high relative to eligible securities this quarter. Look for higher-ranked managers adding and lower-ranked managers reducing before deciding whether it strengthens your thesis.

    Ownership changes can reflect new listings, stock splits or reorganizations. An unusual reading alone does not prove a manager deliberately bought or sold.

    How we got this

    Each manager's change in portfolio weight is multiplied by a skill score from −1 to +1, then added up. Top-ranked buying and bottom-ranked selling both push the total up.

    Flagged because it sits 2.6 standard deviations from other stocks this quarter. The cutoff is 2.

    Where the data comes from

    Quarterly SEC 13F holdings, ranked by Midas holder-skill scores. Read the method

    13F reports are delayed quarter-end snapshots. They omit shorts and much of a fund's portfolio, and they do not show trade dates or a manager's reasons.

    Who moved?

    All available entries from the event's saved breakdown, up to five per group. These are selected contributors, not the full holder list. Manager links open their profile, which may describe a later quarter.

    The filing links open this manager’s stored reports for the current and prior comparison quarters. The event did not save its exact source accessions, so later amendments may differ from the original inputs.

    Higher-ranked managers adding

    Higher-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Lower-ranked managers adding

    Lower-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Full method notes

    Why it was flagged

    Check the context: Ownership changes can reflect new listings, stock splits or reorganizations. This event does not record whether those effects were excluded. An unusual reading alone does not prove a manager deliberately bought or sold.

    Reported holdings comparison: 2026-03-31 → 2026-06-30. These are quarter-end dates, not trade dates or the date the event was detected.

    Recorded flow z-score +2.5577; this classification requires at least +2. The recorded score meets that cutoff.

    The z-score compares this security's skill-weighted flow intensity with eligible securities in the same quarter. It is a measure of how unusual the reading is, not a probability of profit.

    Skill-weighted flow score (USD)
    +$140,465,476.06
    Share of institutional value
    10.61%
    Higher-ranked holders exiting (recorded count)
    0
    Lower-ranked holders entering (recorded count)
    4

    How to read the evidence

    Higher-ranked means the top skill quintile; lower-ranked means the bottom quintile among eligible hedge-fund managers. Skill is based on a simulated, factor-hedged 13F portfolio, with scale and breadth adjustments, not the fund's reported return.

    Each eligible manager's change in market-value portfolio weight is scaled by the larger of their two comparable portfolio values, then weighted by a score from −1 to +1 and added to the aggregate. Higher-ranked increases and lower-ranked decreases contribute positively; the opposite contributes negatively. Relative price changes can move this aggregate even when share counts are unchanged. It is not a measure of confirmed trades. The percentage uses the larger of current and prior quarter institutional value, not market cap.

    The saved manager dollar changes estimate changes in shares at a quarter price, with value changes as a fallback. They are not trade receipts or additive contributions to the aggregate. The aggregate can use portfolio-weight changes to reduce fund-inflow/redemption effects, so these samples do not reconcile to its total.

    A run of quarters describes the recorded flow direction, not repeated trigger breaches. This response does not include individual filing accessions or before/after share counts.

    Source: quarterly SEC 13F holdings and Midas holder-skill calculations · Quarter 2026Q2 · Security CUSIP 05338F30 · Score version v2-flow1. Confirm current fundamentals and subsequent filings before acting.

  • INFQ

    Infleqtion, Inc.

    Top managers cut. Led by Alyeska Investment Group, L.P. (top 11%) and D. E. Shaw & Co., Inc. (top 2%).

    Skill-weighted flow score -$135.5M

    Unusual

    Smart exodus
    9.7% of institutional valueMarket cap $2B
    Why this signal?INFQ

    What it means for you

    Connect one account free to see which of these you own and what it means for your holdings.

    What happened

    Comparing reported holdings at 2026-03-31 → 2026-06-30, the skill-weighted flow in INFQ was -$135.5M, equal to 9.7% of the value institutions hold.

    Why it can matter

    Skill-weighted flow is unusually low relative to eligible securities this quarter. Check whether higher-ranked managers reduced exposure or lower-ranked managers added, and revisit what may have changed in the business.

    Ownership changes can reflect new listings, stock splits or reorganizations. An unusual reading alone does not prove a manager deliberately bought or sold.

    How we got this

    Each manager's change in portfolio weight is multiplied by a skill score from −1 to +1, then added up. Top-ranked buying and bottom-ranked selling both push the total up.

    Flagged because it sits 2.2 standard deviations from other stocks this quarter. The cutoff is 2.

    Where the data comes from

    Quarterly SEC 13F holdings, ranked by Midas holder-skill scores. Read the method

    13F reports are delayed quarter-end snapshots. They omit shorts and much of a fund's portfolio, and they do not show trade dates or a manager's reasons.

    Who moved?

    All available entries from the event's saved breakdown, up to five per group. These are selected contributors, not the full holder list. Manager links open their profile, which may describe a later quarter.

    The filing links open this manager’s stored reports for the current and prior comparison quarters. The event did not save its exact source accessions, so later amendments may differ from the original inputs.

    Higher-ranked managers adding

    No manager breakdown recorded for this group. This does not establish zero activity.

    Higher-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Lower-ranked managers adding

    Lower-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Full method notes

    Why it was flagged

    Check the context: Ownership changes can reflect new listings, stock splits or reorganizations. This event does not record whether those effects were excluded. An unusual reading alone does not prove a manager deliberately bought or sold.

    Reported holdings comparison: 2026-03-31 → 2026-06-30. These are quarter-end dates, not trade dates or the date the event was detected.

    Recorded flow z-score -2.16; this classification requires at most −2. The recorded score meets that cutoff.

    The z-score compares this security's skill-weighted flow intensity with eligible securities in the same quarter. It is a measure of how unusual the reading is, not a probability of profit.

    Skill-weighted flow score (USD)
    -$135,451,461.63
    Share of institutional value
    -9.72%
    Higher-ranked holders exiting (recorded count)
    2
    Lower-ranked holders entering (recorded count)
    3

    How to read the evidence

    Higher-ranked means the top skill quintile; lower-ranked means the bottom quintile among eligible hedge-fund managers. Skill is based on a simulated, factor-hedged 13F portfolio, with scale and breadth adjustments, not the fund's reported return.

    Each eligible manager's change in market-value portfolio weight is scaled by the larger of their two comparable portfolio values, then weighted by a score from −1 to +1 and added to the aggregate. Higher-ranked increases and lower-ranked decreases contribute positively; the opposite contributes negatively. Relative price changes can move this aggregate even when share counts are unchanged. It is not a measure of confirmed trades. The percentage uses the larger of current and prior quarter institutional value, not market cap.

    The saved manager dollar changes estimate changes in shares at a quarter price, with value changes as a fallback. They are not trade receipts or additive contributions to the aggregate. The aggregate can use portfolio-weight changes to reduce fund-inflow/redemption effects, so these samples do not reconcile to its total.

    A run of quarters describes the recorded flow direction, not repeated trigger breaches. This response does not include individual filing accessions or before/after share counts.

    Source: quarterly SEC 13F holdings and Midas holder-skill calculations · Quarter 2026Q2 · Security CUSIP 45676K10 · Score version v2-flow1. Confirm current fundamentals and subsequent filings before acting.

  • TH

    Target Hospitality Corp

    Top managers added. Led by DRIEHAUS CAPITAL MANAGEMENT LLC (top 5%) and Senator Investment Group LP (top 15%).

    Skill-weighted flow score +$133.7M

    Very unusual, 2 quarters in a row

    Smart accumulation
    12.5% of institutional valueMarket cap $1.1B
    Why this signal?TH

    What it means for you

    Connect one account free to see which of these you own and what it means for your holdings.

    What happened

    Comparing reported holdings at 2026-03-31 → 2026-06-30, the skill-weighted flow in TH was +$133.7M, equal to 12.5% of the value institutions hold.

    The flow has run this way for 2 quarters.

    Why it can matter

    Skill-weighted flow is unusually high relative to eligible securities this quarter. Look for higher-ranked managers adding and lower-ranked managers reducing before deciding whether it strengthens your thesis.

    Ownership changes can reflect new listings, stock splits or reorganizations. An unusual reading alone does not prove a manager deliberately bought or sold.

    How we got this

    Each manager's change in portfolio weight is multiplied by a skill score from −1 to +1, then added up. Top-ranked buying and bottom-ranked selling both push the total up.

    Flagged because it sits 3 standard deviations from other stocks this quarter. The cutoff is 2.

    Where the data comes from

    Quarterly SEC 13F holdings, ranked by Midas holder-skill scores. Read the method

    13F reports are delayed quarter-end snapshots. They omit shorts and much of a fund's portfolio, and they do not show trade dates or a manager's reasons.

    Who moved?

    All available entries from the event's saved breakdown, up to five per group. These are selected contributors, not the full holder list. Manager links open their profile, which may describe a later quarter.

    The filing links open this manager’s stored reports for the current and prior comparison quarters. The event did not save its exact source accessions, so later amendments may differ from the original inputs.

    Higher-ranked managers adding

    Higher-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Lower-ranked managers adding

    Lower-ranked managers reducing

    No manager breakdown recorded for this group. This does not establish zero activity.

    Full method notes

    Why it was flagged

    Check the context: Ownership changes can reflect new listings, stock splits or reorganizations. This event does not record whether those effects were excluded. An unusual reading alone does not prove a manager deliberately bought or sold.

    Reported holdings comparison: 2026-03-31 → 2026-06-30. These are quarter-end dates, not trade dates or the date the event was detected.

    Recorded flow z-score +3.0034; this classification requires at least +2. The recorded score meets that cutoff.

    The z-score compares this security's skill-weighted flow intensity with eligible securities in the same quarter. It is a measure of how unusual the reading is, not a probability of profit.

    Skill-weighted flow score (USD)
    +$133,672,682.61
    Share of institutional value
    12.53%
    Higher-ranked holders exiting (recorded count)
    1
    Lower-ranked holders entering (recorded count)
    3

    How to read the evidence

    Higher-ranked means the top skill quintile; lower-ranked means the bottom quintile among eligible hedge-fund managers. Skill is based on a simulated, factor-hedged 13F portfolio, with scale and breadth adjustments, not the fund's reported return.

    Each eligible manager's change in market-value portfolio weight is scaled by the larger of their two comparable portfolio values, then weighted by a score from −1 to +1 and added to the aggregate. Higher-ranked increases and lower-ranked decreases contribute positively; the opposite contributes negatively. Relative price changes can move this aggregate even when share counts are unchanged. It is not a measure of confirmed trades. The percentage uses the larger of current and prior quarter institutional value, not market cap.

    The saved manager dollar changes estimate changes in shares at a quarter price, with value changes as a fallback. They are not trade receipts or additive contributions to the aggregate. The aggregate can use portfolio-weight changes to reduce fund-inflow/redemption effects, so these samples do not reconcile to its total.

    A run of quarters describes the recorded flow direction, not repeated trigger breaches. This response does not include individual filing accessions or before/after share counts.

    Source: quarterly SEC 13F holdings and Midas holder-skill calculations · Quarter 2026Q2 · Security CUSIP 87615L10 · Score version v2-flow1. Confirm current fundamentals and subsequent filings before acting.

  • CMPS

    Compass Pathways Plc

    Top managers arrived while lower-ranked managers sold. Led by Point72 Asset Management, L.P. (top 1%) and Logos Global Management LP (top 17%).

    Skill-weighted flow score +$121.8M

    Unusual, 2 quarters in a row

    Brain gain
    8.9% of institutional valueMarket cap $1.2B
    Why this signal?CMPS

    What it means for you

    Connect one account free to see which of these you own and what it means for your holdings.

    What happened

    Comparing reported holdings at 2026-03-31 → 2026-06-30, the skill-weighted flow in CMPS was +$121.8M, equal to 8.9% of the value institutions hold.

    The flow has run this way for 2 quarters.

    Why it can matter

    The recorded classification points to higher-ranked managers arriving while the lower-ranked group reduced exposure. Investigate the new holders and their investment cases; this does not establish future outperformance.

    Ownership changes can reflect new listings, stock splits or reorganizations. An unusual reading alone does not prove a manager deliberately bought or sold.

    How we got this

    Each manager's change in portfolio weight is multiplied by a skill score from −1 to +1, then added up. Top-ranked buying and bottom-ranked selling both push the total up.

    Flagged because it sits 2.2 standard deviations from other stocks this quarter. The cutoff is 2.

    Where the data comes from

    Quarterly SEC 13F holdings, ranked by Midas holder-skill scores. Read the method

    13F reports are delayed quarter-end snapshots. They omit shorts and much of a fund's portfolio, and they do not show trade dates or a manager's reasons.

    Who moved?

    All available entries from the event's saved breakdown, up to five per group. These are selected contributors, not the full holder list. Manager links open their profile, which may describe a later quarter.

    The filing links open this manager’s stored reports for the current and prior comparison quarters. The event did not save its exact source accessions, so later amendments may differ from the original inputs.

    Higher-ranked managers adding

    Higher-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Lower-ranked managers adding

    Lower-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Full method notes

    Why it was flagged

    Check the context: Ownership changes can reflect new listings, stock splits or reorganizations. This event does not record whether those effects were excluded. An unusual reading alone does not prove a manager deliberately bought or sold.

    Reported holdings comparison: 2026-03-31 → 2026-06-30. These are quarter-end dates, not trade dates or the date the event was detected.

    Recorded flow z-score +2.1652; this classification requires at least +2. The recorded score meets that cutoff.

    The z-score compares this security's skill-weighted flow intensity with eligible securities in the same quarter. It is a measure of how unusual the reading is, not a probability of profit.

    The brain gain rule also requires at least 2 top-quintile managers entering and net selling by the bottom quintile. The event stores its classification, but this response does not contain every input needed to independently recompute those tests.

    Skill-weighted flow score (USD)
    +$121,813,831.64
    Share of institutional value
    8.92%
    Higher-ranked holders exiting (recorded count)
    1
    Lower-ranked holders entering (recorded count)
    1

    How to read the evidence

    Higher-ranked means the top skill quintile; lower-ranked means the bottom quintile among eligible hedge-fund managers. Skill is based on a simulated, factor-hedged 13F portfolio, with scale and breadth adjustments, not the fund's reported return.

    Each eligible manager's change in market-value portfolio weight is scaled by the larger of their two comparable portfolio values, then weighted by a score from −1 to +1 and added to the aggregate. Higher-ranked increases and lower-ranked decreases contribute positively; the opposite contributes negatively. Relative price changes can move this aggregate even when share counts are unchanged. It is not a measure of confirmed trades. The percentage uses the larger of current and prior quarter institutional value, not market cap.

    The saved manager dollar changes estimate changes in shares at a quarter price, with value changes as a fallback. They are not trade receipts or additive contributions to the aggregate. The aggregate can use portfolio-weight changes to reduce fund-inflow/redemption effects, so these samples do not reconcile to its total.

    A run of quarters describes the recorded flow direction, not repeated trigger breaches. This response does not include individual filing accessions or before/after share counts.

    Source: quarterly SEC 13F holdings and Midas holder-skill calculations · Quarter 2026Q2 · Security CUSIP 20451W10 · Score version v2-flow1. Confirm current fundamentals and subsequent filings before acting.

  • USM

    United States Cellular Corporation

    Top managers left while lower-ranked managers bought. Led by D. E. Shaw & Co., Inc. (top 2%) and Graham Capital Management, L.P. (top 12%). Whether either manager sold out entirely was not recorded, so a reduction is not necessarily a full exit.

    Skill-weighted flow score -$116.5M

    Unusual, 2 quarters in a row

    Brain drain
    12.9% of institutional value
    Why this signal?USM

    What it means for you

    Connect one account free to see which of these you own and what it means for your holdings.

    What happened

    Comparing reported holdings at 2026-03-31 → 2026-06-30, the skill-weighted flow in USM was -$116.5M, equal to 12.9% of the value institutions hold.

    The flow has run this way for 2 quarters.

    Why it can matter

    The recorded classification points to higher-ranked managers leaving while the lower-ranked group added exposure. Investigate those departures and challenge your thesis; this does not establish future underperformance.

    Ownership changes can reflect new listings, stock splits or reorganizations. An unusual reading alone does not prove a manager deliberately bought or sold.

    How we got this

    Each manager's change in portfolio weight is multiplied by a skill score from −1 to +1, then added up. Top-ranked buying and bottom-ranked selling both push the total up.

    Flagged because it sits 2.9 standard deviations from other stocks this quarter. The cutoff is 2.

    Where the data comes from

    Quarterly SEC 13F holdings, ranked by Midas holder-skill scores. Read the method

    13F reports are delayed quarter-end snapshots. They omit shorts and much of a fund's portfolio, and they do not show trade dates or a manager's reasons.

    Who moved?

    All available entries from the event's saved breakdown, up to five per group. These are selected contributors, not the full holder list. Manager links open their profile, which may describe a later quarter.

    The filing links open this manager’s stored reports for the current and prior comparison quarters. The event did not save its exact source accessions, so later amendments may differ from the original inputs.

    Higher-ranked managers adding

    Higher-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Lower-ranked managers adding

    Lower-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Full method notes

    Why it was flagged

    Check the context: Ownership changes can reflect new listings, stock splits or reorganizations. This event does not record whether those effects were excluded. An unusual reading alone does not prove a manager deliberately bought or sold.

    Reported holdings comparison: 2026-03-31 → 2026-06-30. These are quarter-end dates, not trade dates or the date the event was detected.

    Recorded flow z-score -2.8879; this classification requires at most −2. The recorded score meets that cutoff.

    The z-score compares this security's skill-weighted flow intensity with eligible securities in the same quarter. It is a measure of how unusual the reading is, not a probability of profit.

    The brain drain rule also requires at least 2 top-quintile managers exiting and net buying by the bottom quintile. The event stores its classification, but this response does not contain every input needed to independently recompute those tests.

    Skill-weighted flow score (USD)
    -$116,509,174.78
    Share of institutional value
    -12.85%
    Higher-ranked holders exiting (recorded count)
    2
    Lower-ranked holders entering (recorded count)
    1

    How to read the evidence

    Higher-ranked means the top skill quintile; lower-ranked means the bottom quintile among eligible hedge-fund managers. Skill is based on a simulated, factor-hedged 13F portfolio, with scale and breadth adjustments, not the fund's reported return.

    Each eligible manager's change in market-value portfolio weight is scaled by the larger of their two comparable portfolio values, then weighted by a score from −1 to +1 and added to the aggregate. Higher-ranked increases and lower-ranked decreases contribute positively; the opposite contributes negatively. Relative price changes can move this aggregate even when share counts are unchanged. It is not a measure of confirmed trades. The percentage uses the larger of current and prior quarter institutional value, not market cap.

    The saved manager dollar changes estimate changes in shares at a quarter price, with value changes as a fallback. They are not trade receipts or additive contributions to the aggregate. The aggregate can use portfolio-weight changes to reduce fund-inflow/redemption effects, so these samples do not reconcile to its total.

    A run of quarters describes the recorded flow direction, not repeated trigger breaches. This response does not include individual filing accessions or before/after share counts.

    Source: quarterly SEC 13F holdings and Midas holder-skill calculations · Quarter 2026Q2 · Security CUSIP 91168410 · Score version v2-flow1. Confirm current fundamentals and subsequent filings before acting.

  • GRPN

    Groupon Inc

    Top managers added. Led by D. E. Shaw & Co., Inc. (top 2%) and Quadrature Capital Ltd (top 9%).

    Skill-weighted flow score +$102.1M

    Unusual

    Smart accumulation
    10.0% of institutional valueMarket cap $588.4M
    Why this signal?GRPN

    What it means for you

    Connect one account free to see which of these you own and what it means for your holdings.

    What happened

    Comparing reported holdings at 2026-03-31 → 2026-06-30, the skill-weighted flow in GRPN was +$102.1M, equal to 10.0% of the value institutions hold.

    Why it can matter

    Skill-weighted flow is unusually high relative to eligible securities this quarter. Look for higher-ranked managers adding and lower-ranked managers reducing before deciding whether it strengthens your thesis.

    Ownership changes can reflect new listings, stock splits or reorganizations. An unusual reading alone does not prove a manager deliberately bought or sold.

    How we got this

    Each manager's change in portfolio weight is multiplied by a skill score from −1 to +1, then added up. Top-ranked buying and bottom-ranked selling both push the total up.

    Flagged because it sits 2.4 standard deviations from other stocks this quarter. The cutoff is 2.

    Where the data comes from

    Quarterly SEC 13F holdings, ranked by Midas holder-skill scores. Read the method

    13F reports are delayed quarter-end snapshots. They omit shorts and much of a fund's portfolio, and they do not show trade dates or a manager's reasons.

    Who moved?

    All available entries from the event's saved breakdown, up to five per group. These are selected contributors, not the full holder list. Manager links open their profile, which may describe a later quarter.

    The filing links open this manager’s stored reports for the current and prior comparison quarters. The event did not save its exact source accessions, so later amendments may differ from the original inputs.

    Higher-ranked managers adding

    Higher-ranked managers reducing

    Lower-ranked managers adding

    Lower-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Full method notes

    Why it was flagged

    Check the context: Ownership changes can reflect new listings, stock splits or reorganizations. This event does not record whether those effects were excluded. An unusual reading alone does not prove a manager deliberately bought or sold.

    Reported holdings comparison: 2026-03-31 → 2026-06-30. These are quarter-end dates, not trade dates or the date the event was detected.

    Recorded flow z-score +2.4243; this classification requires at least +2. The recorded score meets that cutoff.

    The z-score compares this security's skill-weighted flow intensity with eligible securities in the same quarter. It is a measure of how unusual the reading is, not a probability of profit.

    Skill-weighted flow score (USD)
    +$102,067,291.18
    Share of institutional value
    10.03%
    Higher-ranked holders exiting (recorded count)
    0
    Lower-ranked holders entering (recorded count)
    0

    How to read the evidence

    Higher-ranked means the top skill quintile; lower-ranked means the bottom quintile among eligible hedge-fund managers. Skill is based on a simulated, factor-hedged 13F portfolio, with scale and breadth adjustments, not the fund's reported return.

    Each eligible manager's change in market-value portfolio weight is scaled by the larger of their two comparable portfolio values, then weighted by a score from −1 to +1 and added to the aggregate. Higher-ranked increases and lower-ranked decreases contribute positively; the opposite contributes negatively. Relative price changes can move this aggregate even when share counts are unchanged. It is not a measure of confirmed trades. The percentage uses the larger of current and prior quarter institutional value, not market cap.

    The saved manager dollar changes estimate changes in shares at a quarter price, with value changes as a fallback. They are not trade receipts or additive contributions to the aggregate. The aggregate can use portfolio-weight changes to reduce fund-inflow/redemption effects, so these samples do not reconcile to its total.

    A run of quarters describes the recorded flow direction, not repeated trigger breaches. This response does not include individual filing accessions or before/after share counts.

    Source: quarterly SEC 13F holdings and Midas holder-skill calculations · Quarter 2026Q2 · Security CUSIP 39947320 · Score version v2-flow1. Confirm current fundamentals and subsequent filings before acting.

  • MMED

    MiniMed Group, Inc. Common Stock

    Top managers left while lower-ranked managers bought. Led by Alyeska Investment Group, L.P. (top 11%) and Hood River Capital Management LLC (top 6%). Whether either manager sold out entirely was not recorded, so a reduction is not necessarily a full exit.

    Skill-weighted flow score -$98.2M

    Very unusual

    Brain drain
    17.5% of institutional valueMarket cap $4.7B
    Why this signal?MMED

    What it means for you

    Connect one account free to see which of these you own and what it means for your holdings.

    What happened

    Comparing reported holdings at 2026-03-31 → 2026-06-30, the skill-weighted flow in MMED was -$98.2M, equal to 17.5% of the value institutions hold.

    Why it can matter

    The recorded classification points to higher-ranked managers leaving while the lower-ranked group added exposure. Investigate those departures and challenge your thesis; this does not establish future underperformance.

    Ownership changes can reflect new listings, stock splits or reorganizations. An unusual reading alone does not prove a manager deliberately bought or sold.

    How we got this

    Each manager's change in portfolio weight is multiplied by a skill score from −1 to +1, then added up. Top-ranked buying and bottom-ranked selling both push the total up.

    Flagged because it sits 4 standard deviations from other stocks this quarter. The cutoff is 2.

    Where the data comes from

    Quarterly SEC 13F holdings, ranked by Midas holder-skill scores. Read the method

    13F reports are delayed quarter-end snapshots. They omit shorts and much of a fund's portfolio, and they do not show trade dates or a manager's reasons.

    Who moved?

    All available entries from the event's saved breakdown, up to five per group. These are selected contributors, not the full holder list. Manager links open their profile, which may describe a later quarter.

    The filing links open this manager’s stored reports for the current and prior comparison quarters. The event did not save its exact source accessions, so later amendments may differ from the original inputs.

    Higher-ranked managers adding

    Higher-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Lower-ranked managers adding

    Lower-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Full method notes

    Why it was flagged

    Check the context: Ownership changes can reflect new listings, stock splits or reorganizations. This event does not record whether those effects were excluded. An unusual reading alone does not prove a manager deliberately bought or sold.

    Reported holdings comparison: 2026-03-31 → 2026-06-30. These are quarter-end dates, not trade dates or the date the event was detected.

    Recorded flow z-score -3.9665; this classification requires at most −2. The recorded score meets that cutoff.

    The z-score compares this security's skill-weighted flow intensity with eligible securities in the same quarter. It is a measure of how unusual the reading is, not a probability of profit.

    The brain drain rule also requires at least 2 top-quintile managers exiting and net buying by the bottom quintile. The event stores its classification, but this response does not contain every input needed to independently recompute those tests.

    Skill-weighted flow score (USD)
    -$98,171,735.03
    Share of institutional value
    -17.50%
    Higher-ranked holders exiting (recorded count)
    5
    Lower-ranked holders entering (recorded count)
    1

    How to read the evidence

    Higher-ranked means the top skill quintile; lower-ranked means the bottom quintile among eligible hedge-fund managers. Skill is based on a simulated, factor-hedged 13F portfolio, with scale and breadth adjustments, not the fund's reported return.

    Each eligible manager's change in market-value portfolio weight is scaled by the larger of their two comparable portfolio values, then weighted by a score from −1 to +1 and added to the aggregate. Higher-ranked increases and lower-ranked decreases contribute positively; the opposite contributes negatively. Relative price changes can move this aggregate even when share counts are unchanged. It is not a measure of confirmed trades. The percentage uses the larger of current and prior quarter institutional value, not market cap.

    The saved manager dollar changes estimate changes in shares at a quarter price, with value changes as a fallback. They are not trade receipts or additive contributions to the aggregate. The aggregate can use portfolio-weight changes to reduce fund-inflow/redemption effects, so these samples do not reconcile to its total.

    A run of quarters describes the recorded flow direction, not repeated trigger breaches. This response does not include individual filing accessions or before/after share counts.

    Source: quarterly SEC 13F holdings and Midas holder-skill calculations · Quarter 2026Q2 · Security CUSIP 60365F10 · Score version v2-flow1. Confirm current fundamentals and subsequent filings before acting.

  • CMPX

    Compass Therapeutics Inc.

    Top managers cut. Led by ADAGE CAPITAL PARTNERS GP, L.L.C. (top 1%) and DEERFIELD MANAGEMENT COMPANY, L.P. (top 7%).

    Skill-weighted flow score -$97.5M

    Unusual

    Smart exodus
    10.4% of institutional valueMarket cap $136.7M
    Why this signal?CMPX

    What it means for you

    Connect one account free to see which of these you own and what it means for your holdings.

    What happened

    Comparing reported holdings at 2026-03-31 → 2026-06-30, the skill-weighted flow in CMPX was -$97.5M, equal to 10.4% of the value institutions hold.

    Why it can matter

    Skill-weighted flow is unusually low relative to eligible securities this quarter. Check whether higher-ranked managers reduced exposure or lower-ranked managers added, and revisit what may have changed in the business.

    Ownership changes can reflect new listings, stock splits or reorganizations. An unusual reading alone does not prove a manager deliberately bought or sold.

    How we got this

    Each manager's change in portfolio weight is multiplied by a skill score from −1 to +1, then added up. Top-ranked buying and bottom-ranked selling both push the total up.

    Flagged because it sits 2.3 standard deviations from other stocks this quarter. The cutoff is 2.

    Where the data comes from

    Quarterly SEC 13F holdings, ranked by Midas holder-skill scores. Read the method

    13F reports are delayed quarter-end snapshots. They omit shorts and much of a fund's portfolio, and they do not show trade dates or a manager's reasons.

    Who moved?

    All available entries from the event's saved breakdown, up to five per group. These are selected contributors, not the full holder list. Manager links open their profile, which may describe a later quarter.

    The filing links open this manager’s stored reports for the current and prior comparison quarters. The event did not save its exact source accessions, so later amendments may differ from the original inputs.

    Higher-ranked managers adding

    Higher-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Lower-ranked managers adding

    Lower-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Full method notes

    Why it was flagged

    Check the context: Ownership changes can reflect new listings, stock splits or reorganizations. This event does not record whether those effects were excluded. An unusual reading alone does not prove a manager deliberately bought or sold.

    Reported holdings comparison: 2026-03-31 → 2026-06-30. These are quarter-end dates, not trade dates or the date the event was detected.

    Recorded flow z-score -2.3117; this classification requires at most −2. The recorded score meets that cutoff.

    The z-score compares this security's skill-weighted flow intensity with eligible securities in the same quarter. It is a measure of how unusual the reading is, not a probability of profit.

    Skill-weighted flow score (USD)
    -$97,483,308.83
    Share of institutional value
    -10.37%
    Higher-ranked holders exiting (recorded count)
    3
    Lower-ranked holders entering (recorded count)
    1

    How to read the evidence

    Higher-ranked means the top skill quintile; lower-ranked means the bottom quintile among eligible hedge-fund managers. Skill is based on a simulated, factor-hedged 13F portfolio, with scale and breadth adjustments, not the fund's reported return.

    Each eligible manager's change in market-value portfolio weight is scaled by the larger of their two comparable portfolio values, then weighted by a score from −1 to +1 and added to the aggregate. Higher-ranked increases and lower-ranked decreases contribute positively; the opposite contributes negatively. Relative price changes can move this aggregate even when share counts are unchanged. It is not a measure of confirmed trades. The percentage uses the larger of current and prior quarter institutional value, not market cap.

    The saved manager dollar changes estimate changes in shares at a quarter price, with value changes as a fallback. They are not trade receipts or additive contributions to the aggregate. The aggregate can use portfolio-weight changes to reduce fund-inflow/redemption effects, so these samples do not reconcile to its total.

    A run of quarters describes the recorded flow direction, not repeated trigger breaches. This response does not include individual filing accessions or before/after share counts.

    Source: quarterly SEC 13F holdings and Midas holder-skill calculations · Quarter 2026Q2 · Security CUSIP 20454B10 · Score version v2-flow1. Confirm current fundamentals and subsequent filings before acting.

  • GERN

    Geron Corporation

    Top managers cut. Led by Deep Track Capital, LP (top 14%) and Point72 Asset Management, L.P. (top 1%).

    Skill-weighted flow score -$90.5M

    Unusual

    Smart exodus
    12.2% of institutional valueMarket cap $635M
    Why this signal?GERN

    What it means for you

    Connect one account free to see which of these you own and what it means for your holdings.

    What happened

    Comparing reported holdings at 2026-03-31 → 2026-06-30, the skill-weighted flow in GERN was -$90.5M, equal to 12.2% of the value institutions hold.

    Why it can matter

    Skill-weighted flow is unusually low relative to eligible securities this quarter. Check whether higher-ranked managers reduced exposure or lower-ranked managers added, and revisit what may have changed in the business.

    Ownership changes can reflect new listings, stock splits or reorganizations. An unusual reading alone does not prove a manager deliberately bought or sold.

    How we got this

    Each manager's change in portfolio weight is multiplied by a skill score from −1 to +1, then added up. Top-ranked buying and bottom-ranked selling both push the total up.

    Flagged because it sits 2.7 standard deviations from other stocks this quarter. The cutoff is 2.

    Where the data comes from

    Quarterly SEC 13F holdings, ranked by Midas holder-skill scores. Read the method

    13F reports are delayed quarter-end snapshots. They omit shorts and much of a fund's portfolio, and they do not show trade dates or a manager's reasons.

    Who moved?

    All available entries from the event's saved breakdown, up to five per group. These are selected contributors, not the full holder list. Manager links open their profile, which may describe a later quarter.

    The filing links open this manager’s stored reports for the current and prior comparison quarters. The event did not save its exact source accessions, so later amendments may differ from the original inputs.

    Higher-ranked managers adding

    Higher-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Lower-ranked managers adding

    Lower-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Full method notes

    Why it was flagged

    Check the context: Ownership changes can reflect new listings, stock splits or reorganizations. This event does not record whether those effects were excluded. An unusual reading alone does not prove a manager deliberately bought or sold.

    Reported holdings comparison: 2026-03-31 → 2026-06-30. These are quarter-end dates, not trade dates or the date the event was detected.

    Recorded flow z-score -2.7303; this classification requires at most −2. The recorded score meets that cutoff.

    The z-score compares this security's skill-weighted flow intensity with eligible securities in the same quarter. It is a measure of how unusual the reading is, not a probability of profit.

    Skill-weighted flow score (USD)
    -$90,549,117.12
    Share of institutional value
    -12.18%
    Higher-ranked holders exiting (recorded count)
    1
    Lower-ranked holders entering (recorded count)
    2

    How to read the evidence

    Higher-ranked means the top skill quintile; lower-ranked means the bottom quintile among eligible hedge-fund managers. Skill is based on a simulated, factor-hedged 13F portfolio, with scale and breadth adjustments, not the fund's reported return.

    Each eligible manager's change in market-value portfolio weight is scaled by the larger of their two comparable portfolio values, then weighted by a score from −1 to +1 and added to the aggregate. Higher-ranked increases and lower-ranked decreases contribute positively; the opposite contributes negatively. Relative price changes can move this aggregate even when share counts are unchanged. It is not a measure of confirmed trades. The percentage uses the larger of current and prior quarter institutional value, not market cap.

    The saved manager dollar changes estimate changes in shares at a quarter price, with value changes as a fallback. They are not trade receipts or additive contributions to the aggregate. The aggregate can use portfolio-weight changes to reduce fund-inflow/redemption effects, so these samples do not reconcile to its total.

    A run of quarters describes the recorded flow direction, not repeated trigger breaches. This response does not include individual filing accessions or before/after share counts.

    Source: quarterly SEC 13F holdings and Midas holder-skill calculations · Quarter 2026Q2 · Security CUSIP 37416310 · Score version v2-flow1. Confirm current fundamentals and subsequent filings before acting.

  • AURA

    Aura Biosciences Inc

    Top managers added. Led by TCG Crossover Management, LLC (top 6%) and BALYASNY ASSET MANAGEMENT L.P. (top 20%).

    Skill-weighted flow score +$87.1M

    Very unusual, 2 quarters in a row

    Smart accumulation
    12.8% of institutional valueMarket cap $678.2M
    Why this signal?AURA

    What it means for you

    Connect one account free to see which of these you own and what it means for your holdings.

    What happened

    Comparing reported holdings at 2026-03-31 → 2026-06-30, the skill-weighted flow in AURA was +$87.1M, equal to 12.8% of the value institutions hold.

    The flow has run this way for 2 quarters.

    Why it can matter

    Skill-weighted flow is unusually high relative to eligible securities this quarter. Look for higher-ranked managers adding and lower-ranked managers reducing before deciding whether it strengthens your thesis.

    Ownership changes can reflect new listings, stock splits or reorganizations. An unusual reading alone does not prove a manager deliberately bought or sold.

    How we got this

    Each manager's change in portfolio weight is multiplied by a skill score from −1 to +1, then added up. Top-ranked buying and bottom-ranked selling both push the total up.

    Flagged because it sits 3.1 standard deviations from other stocks this quarter. The cutoff is 2.

    Where the data comes from

    Quarterly SEC 13F holdings, ranked by Midas holder-skill scores. Read the method

    13F reports are delayed quarter-end snapshots. They omit shorts and much of a fund's portfolio, and they do not show trade dates or a manager's reasons.

    Who moved?

    All available entries from the event's saved breakdown, up to five per group. These are selected contributors, not the full holder list. Manager links open their profile, which may describe a later quarter.

    The filing links open this manager’s stored reports for the current and prior comparison quarters. The event did not save its exact source accessions, so later amendments may differ from the original inputs.

    Higher-ranked managers adding

    Higher-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Lower-ranked managers adding

    Lower-ranked managers reducing

    Full method notes

    Why it was flagged

    Check the context: Ownership changes can reflect new listings, stock splits or reorganizations. This event does not record whether those effects were excluded. An unusual reading alone does not prove a manager deliberately bought or sold.

    Reported holdings comparison: 2026-03-31 → 2026-06-30. These are quarter-end dates, not trade dates or the date the event was detected.

    Recorded flow z-score +3.0765; this classification requires at least +2. The recorded score meets that cutoff.

    The z-score compares this security's skill-weighted flow intensity with eligible securities in the same quarter. It is a measure of how unusual the reading is, not a probability of profit.

    Skill-weighted flow score (USD)
    +$87,124,036.32
    Share of institutional value
    12.84%
    Higher-ranked holders exiting (recorded count)
    0
    Lower-ranked holders entering (recorded count)
    3

    How to read the evidence

    Higher-ranked means the top skill quintile; lower-ranked means the bottom quintile among eligible hedge-fund managers. Skill is based on a simulated, factor-hedged 13F portfolio, with scale and breadth adjustments, not the fund's reported return.

    Each eligible manager's change in market-value portfolio weight is scaled by the larger of their two comparable portfolio values, then weighted by a score from −1 to +1 and added to the aggregate. Higher-ranked increases and lower-ranked decreases contribute positively; the opposite contributes negatively. Relative price changes can move this aggregate even when share counts are unchanged. It is not a measure of confirmed trades. The percentage uses the larger of current and prior quarter institutional value, not market cap.

    The saved manager dollar changes estimate changes in shares at a quarter price, with value changes as a fallback. They are not trade receipts or additive contributions to the aggregate. The aggregate can use portfolio-weight changes to reduce fund-inflow/redemption effects, so these samples do not reconcile to its total.

    A run of quarters describes the recorded flow direction, not repeated trigger breaches. This response does not include individual filing accessions or before/after share counts.

    Source: quarterly SEC 13F holdings and Midas holder-skill calculations · Quarter 2026Q2 · Security CUSIP 05153U10 · Score version v2-flow1. Confirm current fundamentals and subsequent filings before acting.

  • HROW

    Harrow Health Inc

    Top managers arrived while lower-ranked managers sold. Led by Deep Track Capital, LP (top 14%) and Schonfeld Strategic Advisors LLC (top 15%).

    Skill-weighted flow score +$86.9M

    Unusual, 2 quarters in a row

    Brain gain
    8.8% of institutional valueMarket cap $1B
    Why this signal?HROW

    What it means for you

    Connect one account free to see which of these you own and what it means for your holdings.

    What happened

    Comparing reported holdings at 2026-03-31 → 2026-06-30, the skill-weighted flow in HROW was +$86.9M, equal to 8.8% of the value institutions hold.

    The flow has run this way for 2 quarters.

    Why it can matter

    The recorded classification points to higher-ranked managers arriving while the lower-ranked group reduced exposure. Investigate the new holders and their investment cases; this does not establish future outperformance.

    Ownership changes can reflect new listings, stock splits or reorganizations. An unusual reading alone does not prove a manager deliberately bought or sold.

    How we got this

    Each manager's change in portfolio weight is multiplied by a skill score from −1 to +1, then added up. Top-ranked buying and bottom-ranked selling both push the total up.

    Flagged because it sits 2.1 standard deviations from other stocks this quarter. The cutoff is 2.

    Where the data comes from

    Quarterly SEC 13F holdings, ranked by Midas holder-skill scores. Read the method

    13F reports are delayed quarter-end snapshots. They omit shorts and much of a fund's portfolio, and they do not show trade dates or a manager's reasons.

    Who moved?

    All available entries from the event's saved breakdown, up to five per group. These are selected contributors, not the full holder list. Manager links open their profile, which may describe a later quarter.

    The filing links open this manager’s stored reports for the current and prior comparison quarters. The event did not save its exact source accessions, so later amendments may differ from the original inputs.

    Higher-ranked managers adding

    Higher-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Lower-ranked managers adding

    Lower-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Full method notes

    Why it was flagged

    Check the context: Ownership changes can reflect new listings, stock splits or reorganizations. This event does not record whether those effects were excluded. An unusual reading alone does not prove a manager deliberately bought or sold.

    Reported holdings comparison: 2026-03-31 → 2026-06-30. These are quarter-end dates, not trade dates or the date the event was detected.

    Recorded flow z-score +2.1329; this classification requires at least +2. The recorded score meets that cutoff.

    The z-score compares this security's skill-weighted flow intensity with eligible securities in the same quarter. It is a measure of how unusual the reading is, not a probability of profit.

    The brain gain rule also requires at least 2 top-quintile managers entering and net selling by the bottom quintile. The event stores its classification, but this response does not contain every input needed to independently recompute those tests.

    Skill-weighted flow score (USD)
    +$86,916,544.27
    Share of institutional value
    8.78%
    Higher-ranked holders exiting (recorded count)
    1
    Lower-ranked holders entering (recorded count)
    3

    How to read the evidence

    Higher-ranked means the top skill quintile; lower-ranked means the bottom quintile among eligible hedge-fund managers. Skill is based on a simulated, factor-hedged 13F portfolio, with scale and breadth adjustments, not the fund's reported return.

    Each eligible manager's change in market-value portfolio weight is scaled by the larger of their two comparable portfolio values, then weighted by a score from −1 to +1 and added to the aggregate. Higher-ranked increases and lower-ranked decreases contribute positively; the opposite contributes negatively. Relative price changes can move this aggregate even when share counts are unchanged. It is not a measure of confirmed trades. The percentage uses the larger of current and prior quarter institutional value, not market cap.

    The saved manager dollar changes estimate changes in shares at a quarter price, with value changes as a fallback. They are not trade receipts or additive contributions to the aggregate. The aggregate can use portfolio-weight changes to reduce fund-inflow/redemption effects, so these samples do not reconcile to its total.

    A run of quarters describes the recorded flow direction, not repeated trigger breaches. This response does not include individual filing accessions or before/after share counts.

    Source: quarterly SEC 13F holdings and Midas holder-skill calculations · Quarter 2026Q2 · Security CUSIP 41585810 · Score version v2-flow1. Confirm current fundamentals and subsequent filings before acting.

  • FULC

    Fulcrum Therapeutics Inc

    Top managers cut. Led by TCG Crossover Management, LLC (top 6%) and BALYASNY ASSET MANAGEMENT L.P. (top 20%).

    Skill-weighted flow score -$86.2M

    Very unusual, 3 quarters in a row

    Smart exodus
    15.5% of institutional valueMarket cap $246.5M
    Why this signal?FULC

    What it means for you

    Connect one account free to see which of these you own and what it means for your holdings.

    What happened

    Comparing reported holdings at 2026-03-31 → 2026-06-30, the skill-weighted flow in FULC was -$86.2M, equal to 15.5% of the value institutions hold.

    The flow has run this way for 3 quarters.

    Why it can matter

    Skill-weighted flow is unusually low relative to eligible securities this quarter. Check whether higher-ranked managers reduced exposure or lower-ranked managers added, and revisit what may have changed in the business.

    Ownership changes can reflect new listings, stock splits or reorganizations. An unusual reading alone does not prove a manager deliberately bought or sold.

    How we got this

    Each manager's change in portfolio weight is multiplied by a skill score from −1 to +1, then added up. Top-ranked buying and bottom-ranked selling both push the total up.

    Flagged because it sits 3.5 standard deviations from other stocks this quarter. The cutoff is 2.

    Where the data comes from

    Quarterly SEC 13F holdings, ranked by Midas holder-skill scores. Read the method

    13F reports are delayed quarter-end snapshots. They omit shorts and much of a fund's portfolio, and they do not show trade dates or a manager's reasons.

    Who moved?

    All available entries from the event's saved breakdown, up to five per group. These are selected contributors, not the full holder list. Manager links open their profile, which may describe a later quarter.

    The filing links open this manager’s stored reports for the current and prior comparison quarters. The event did not save its exact source accessions, so later amendments may differ from the original inputs.

    Higher-ranked managers adding

    Higher-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Lower-ranked managers adding

    Lower-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Full method notes

    Why it was flagged

    Check the context: Ownership changes can reflect new listings, stock splits or reorganizations. This event does not record whether those effects were excluded. An unusual reading alone does not prove a manager deliberately bought or sold.

    Reported holdings comparison: 2026-03-31 → 2026-06-30. These are quarter-end dates, not trade dates or the date the event was detected.

    Recorded flow z-score -3.5053; this classification requires at most −2. The recorded score meets that cutoff.

    The z-score compares this security's skill-weighted flow intensity with eligible securities in the same quarter. It is a measure of how unusual the reading is, not a probability of profit.

    Skill-weighted flow score (USD)
    -$86,201,040.39
    Share of institutional value
    -15.51%
    Higher-ranked holders exiting (recorded count)
    3
    Lower-ranked holders entering (recorded count)
    1

    How to read the evidence

    Higher-ranked means the top skill quintile; lower-ranked means the bottom quintile among eligible hedge-fund managers. Skill is based on a simulated, factor-hedged 13F portfolio, with scale and breadth adjustments, not the fund's reported return.

    Each eligible manager's change in market-value portfolio weight is scaled by the larger of their two comparable portfolio values, then weighted by a score from −1 to +1 and added to the aggregate. Higher-ranked increases and lower-ranked decreases contribute positively; the opposite contributes negatively. Relative price changes can move this aggregate even when share counts are unchanged. It is not a measure of confirmed trades. The percentage uses the larger of current and prior quarter institutional value, not market cap.

    The saved manager dollar changes estimate changes in shares at a quarter price, with value changes as a fallback. They are not trade receipts or additive contributions to the aggregate. The aggregate can use portfolio-weight changes to reduce fund-inflow/redemption effects, so these samples do not reconcile to its total.

    A run of quarters describes the recorded flow direction, not repeated trigger breaches. This response does not include individual filing accessions or before/after share counts.

    Source: quarterly SEC 13F holdings and Midas holder-skill calculations · Quarter 2026Q2 · Security CUSIP 35961610 · Score version v2-flow1. Confirm current fundamentals and subsequent filings before acting.

  • KRUS

    Kura Sushi USA Inc

    Top managers left while lower-ranked managers bought. Led by Hood River Capital Management LLC (top 6%) and BALYASNY ASSET MANAGEMENT L.P. (top 20%). Whether either manager sold out entirely was not recorded, so a reduction is not necessarily a full exit.

    Skill-weighted flow score -$86.2M

    Unusual

    Brain drain
    12.7% of institutional valueMarket cap $338.4M
    Why this signal?KRUS

    What it means for you

    Connect one account free to see which of these you own and what it means for your holdings.

    What happened

    Comparing reported holdings at 2026-03-31 → 2026-06-30, the skill-weighted flow in KRUS was -$86.2M, equal to 12.7% of the value institutions hold.

    Why it can matter

    The recorded classification points to higher-ranked managers leaving while the lower-ranked group added exposure. Investigate those departures and challenge your thesis; this does not establish future underperformance.

    Ownership changes can reflect new listings, stock splits or reorganizations. An unusual reading alone does not prove a manager deliberately bought or sold.

    How we got this

    Each manager's change in portfolio weight is multiplied by a skill score from −1 to +1, then added up. Top-ranked buying and bottom-ranked selling both push the total up.

    Flagged because it sits 2.9 standard deviations from other stocks this quarter. The cutoff is 2.

    Where the data comes from

    Quarterly SEC 13F holdings, ranked by Midas holder-skill scores. Read the method

    13F reports are delayed quarter-end snapshots. They omit shorts and much of a fund's portfolio, and they do not show trade dates or a manager's reasons.

    Who moved?

    All available entries from the event's saved breakdown, up to five per group. These are selected contributors, not the full holder list. Manager links open their profile, which may describe a later quarter.

    The filing links open this manager’s stored reports for the current and prior comparison quarters. The event did not save its exact source accessions, so later amendments may differ from the original inputs.

    Higher-ranked managers adding

    Higher-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Lower-ranked managers adding

    Lower-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Full method notes

    Why it was flagged

    Check the context: Ownership changes can reflect new listings, stock splits or reorganizations. This event does not record whether those effects were excluded. An unusual reading alone does not prove a manager deliberately bought or sold.

    Reported holdings comparison: 2026-03-31 → 2026-06-30. These are quarter-end dates, not trade dates or the date the event was detected.

    Recorded flow z-score -2.8573; this classification requires at most −2. The recorded score meets that cutoff.

    The z-score compares this security's skill-weighted flow intensity with eligible securities in the same quarter. It is a measure of how unusual the reading is, not a probability of profit.

    The brain drain rule also requires at least 2 top-quintile managers exiting and net buying by the bottom quintile. The event stores its classification, but this response does not contain every input needed to independently recompute those tests.

    Skill-weighted flow score (USD)
    -$86,154,705.83
    Share of institutional value
    -12.72%
    Higher-ranked holders exiting (recorded count)
    3
    Lower-ranked holders entering (recorded count)
    3

    How to read the evidence

    Higher-ranked means the top skill quintile; lower-ranked means the bottom quintile among eligible hedge-fund managers. Skill is based on a simulated, factor-hedged 13F portfolio, with scale and breadth adjustments, not the fund's reported return.

    Each eligible manager's change in market-value portfolio weight is scaled by the larger of their two comparable portfolio values, then weighted by a score from −1 to +1 and added to the aggregate. Higher-ranked increases and lower-ranked decreases contribute positively; the opposite contributes negatively. Relative price changes can move this aggregate even when share counts are unchanged. It is not a measure of confirmed trades. The percentage uses the larger of current and prior quarter institutional value, not market cap.

    The saved manager dollar changes estimate changes in shares at a quarter price, with value changes as a fallback. They are not trade receipts or additive contributions to the aggregate. The aggregate can use portfolio-weight changes to reduce fund-inflow/redemption effects, so these samples do not reconcile to its total.

    A run of quarters describes the recorded flow direction, not repeated trigger breaches. This response does not include individual filing accessions or before/after share counts.

    Source: quarterly SEC 13F holdings and Midas holder-skill calculations · Quarter 2026Q2 · Security CUSIP 50127010 · Score version v2-flow1. Confirm current fundamentals and subsequent filings before acting.

  • EDIT

    Editas Medicine Inc

    Top managers arrived while lower-ranked managers sold. Led by TCG Crossover Management, LLC (top 6%) and Commodore Capital LP (top 6%).

    Skill-weighted flow score +$84.6M

    Extremely unusual, 3 quarters in a row

    Brain gain
    21.6% of institutional valueMarket cap $251.6M
    Why this signal?EDIT

    What it means for you

    Connect one account free to see which of these you own and what it means for your holdings.

    What happened

    Comparing reported holdings at 2026-03-31 → 2026-06-30, the skill-weighted flow in EDIT was +$84.6M, equal to 21.6% of the value institutions hold.

    The flow has run this way for 3 quarters.

    Why it can matter

    The recorded classification points to higher-ranked managers arriving while the lower-ranked group reduced exposure. Investigate the new holders and their investment cases; this does not establish future outperformance.

    Ownership changes can reflect new listings, stock splits or reorganizations. An unusual reading alone does not prove a manager deliberately bought or sold.

    How we got this

    Each manager's change in portfolio weight is multiplied by a skill score from −1 to +1, then added up. Top-ranked buying and bottom-ranked selling both push the total up.

    Flagged because it sits 5.1 standard deviations from other stocks this quarter. The cutoff is 2.

    Where the data comes from

    Quarterly SEC 13F holdings, ranked by Midas holder-skill scores. Read the method

    13F reports are delayed quarter-end snapshots. They omit shorts and much of a fund's portfolio, and they do not show trade dates or a manager's reasons.

    Who moved?

    All available entries from the event's saved breakdown, up to five per group. These are selected contributors, not the full holder list. Manager links open their profile, which may describe a later quarter.

    The filing links open this manager’s stored reports for the current and prior comparison quarters. The event did not save its exact source accessions, so later amendments may differ from the original inputs.

    Higher-ranked managers adding

    Higher-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Lower-ranked managers adding

    Lower-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Full method notes

    Why it was flagged

    Check the context: Ownership changes can reflect new listings, stock splits or reorganizations. This event does not record whether those effects were excluded. An unusual reading alone does not prove a manager deliberately bought or sold.

    Reported holdings comparison: 2026-03-31 → 2026-06-30. These are quarter-end dates, not trade dates or the date the event was detected.

    Recorded flow z-score +5.1139; this classification requires at least +2. The recorded score meets that cutoff.

    The z-score compares this security's skill-weighted flow intensity with eligible securities in the same quarter. It is a measure of how unusual the reading is, not a probability of profit.

    The brain gain rule also requires at least 2 top-quintile managers entering and net selling by the bottom quintile. The event stores its classification, but this response does not contain every input needed to independently recompute those tests.

    Skill-weighted flow score (USD)
    +$84,615,325.04
    Share of institutional value
    21.62%
    Higher-ranked holders exiting (recorded count)
    1
    Lower-ranked holders entering (recorded count)
    0

    How to read the evidence

    Higher-ranked means the top skill quintile; lower-ranked means the bottom quintile among eligible hedge-fund managers. Skill is based on a simulated, factor-hedged 13F portfolio, with scale and breadth adjustments, not the fund's reported return.

    Each eligible manager's change in market-value portfolio weight is scaled by the larger of their two comparable portfolio values, then weighted by a score from −1 to +1 and added to the aggregate. Higher-ranked increases and lower-ranked decreases contribute positively; the opposite contributes negatively. Relative price changes can move this aggregate even when share counts are unchanged. It is not a measure of confirmed trades. The percentage uses the larger of current and prior quarter institutional value, not market cap.

    The saved manager dollar changes estimate changes in shares at a quarter price, with value changes as a fallback. They are not trade receipts or additive contributions to the aggregate. The aggregate can use portfolio-weight changes to reduce fund-inflow/redemption effects, so these samples do not reconcile to its total.

    A run of quarters describes the recorded flow direction, not repeated trigger breaches. This response does not include individual filing accessions or before/after share counts.

    Source: quarterly SEC 13F holdings and Midas holder-skill calculations · Quarter 2026Q2 · Security CUSIP 28106W10 · Score version v2-flow1. Confirm current fundamentals and subsequent filings before acting.

  • LRMR

    Larimar Therapeutics Inc

    Top managers left while lower-ranked managers bought. Led by Deep Track Capital, LP (top 14%) and Point72 Asset Management, L.P. (top 1%). Whether either manager sold out entirely was not recorded, so a reduction is not necessarily a full exit.

    Skill-weighted flow score -$81.6M

    Very unusual

    Brain drain
    20.5% of institutional valueMarket cap $248.3M
    Why this signal?LRMR

    What it means for you

    Connect one account free to see which of these you own and what it means for your holdings.

    What happened

    Comparing reported holdings at 2026-03-31 → 2026-06-30, the skill-weighted flow in LRMR was -$81.6M, equal to 20.5% of the value institutions hold.

    Why it can matter

    The recorded classification points to higher-ranked managers leaving while the lower-ranked group added exposure. Investigate those departures and challenge your thesis; this does not establish future underperformance.

    Ownership changes can reflect new listings, stock splits or reorganizations. An unusual reading alone does not prove a manager deliberately bought or sold.

    How we got this

    Each manager's change in portfolio weight is multiplied by a skill score from −1 to +1, then added up. Top-ranked buying and bottom-ranked selling both push the total up.

    Flagged because it sits 4.7 standard deviations from other stocks this quarter. The cutoff is 2.

    Where the data comes from

    Quarterly SEC 13F holdings, ranked by Midas holder-skill scores. Read the method

    13F reports are delayed quarter-end snapshots. They omit shorts and much of a fund's portfolio, and they do not show trade dates or a manager's reasons.

    Who moved?

    All available entries from the event's saved breakdown, up to five per group. These are selected contributors, not the full holder list. Manager links open their profile, which may describe a later quarter.

    The filing links open this manager’s stored reports for the current and prior comparison quarters. The event did not save its exact source accessions, so later amendments may differ from the original inputs.

    Higher-ranked managers adding

    Higher-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Lower-ranked managers adding

    Lower-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Full method notes

    Why it was flagged

    Check the context: Ownership changes can reflect new listings, stock splits or reorganizations. This event does not record whether those effects were excluded. An unusual reading alone does not prove a manager deliberately bought or sold.

    Reported holdings comparison: 2026-03-31 → 2026-06-30. These are quarter-end dates, not trade dates or the date the event was detected.

    Recorded flow z-score -4.6616; this classification requires at most −2. The recorded score meets that cutoff.

    The z-score compares this security's skill-weighted flow intensity with eligible securities in the same quarter. It is a measure of how unusual the reading is, not a probability of profit.

    The brain drain rule also requires at least 2 top-quintile managers exiting and net buying by the bottom quintile. The event stores its classification, but this response does not contain every input needed to independently recompute those tests.

    Skill-weighted flow score (USD)
    -$81,644,887.71
    Share of institutional value
    -20.50%
    Higher-ranked holders exiting (recorded count)
    4
    Lower-ranked holders entering (recorded count)
    2

    How to read the evidence

    Higher-ranked means the top skill quintile; lower-ranked means the bottom quintile among eligible hedge-fund managers. Skill is based on a simulated, factor-hedged 13F portfolio, with scale and breadth adjustments, not the fund's reported return.

    Each eligible manager's change in market-value portfolio weight is scaled by the larger of their two comparable portfolio values, then weighted by a score from −1 to +1 and added to the aggregate. Higher-ranked increases and lower-ranked decreases contribute positively; the opposite contributes negatively. Relative price changes can move this aggregate even when share counts are unchanged. It is not a measure of confirmed trades. The percentage uses the larger of current and prior quarter institutional value, not market cap.

    The saved manager dollar changes estimate changes in shares at a quarter price, with value changes as a fallback. They are not trade receipts or additive contributions to the aggregate. The aggregate can use portfolio-weight changes to reduce fund-inflow/redemption effects, so these samples do not reconcile to its total.

    A run of quarters describes the recorded flow direction, not repeated trigger breaches. This response does not include individual filing accessions or before/after share counts.

    Source: quarterly SEC 13F holdings and Midas holder-skill calculations · Quarter 2026Q2 · Security CUSIP 51712510 · Score version v2-flow1. Confirm current fundamentals and subsequent filings before acting.

  • STKL

    SunOpta Inc.

    Top managers cut. Led by COOPERMAN LEON G (top 4%) and D. E. Shaw & Co., Inc. (top 2%).

    Skill-weighted flow score -$78M

    Unusual

    Smart exodus
    11.6% of institutional value
    Why this signal?STKL

    What it means for you

    Connect one account free to see which of these you own and what it means for your holdings.

    What happened

    Comparing reported holdings at 2026-03-31 → 2026-06-30, the skill-weighted flow in STKL was -$78M, equal to 11.6% of the value institutions hold.

    Why it can matter

    Skill-weighted flow is unusually low relative to eligible securities this quarter. Check whether higher-ranked managers reduced exposure or lower-ranked managers added, and revisit what may have changed in the business.

    Ownership changes can reflect new listings, stock splits or reorganizations. An unusual reading alone does not prove a manager deliberately bought or sold.

    How we got this

    Each manager's change in portfolio weight is multiplied by a skill score from −1 to +1, then added up. Top-ranked buying and bottom-ranked selling both push the total up.

    Flagged because it sits 2.6 standard deviations from other stocks this quarter. The cutoff is 2.

    Where the data comes from

    Quarterly SEC 13F holdings, ranked by Midas holder-skill scores. Read the method

    13F reports are delayed quarter-end snapshots. They omit shorts and much of a fund's portfolio, and they do not show trade dates or a manager's reasons.

    Who moved?

    All available entries from the event's saved breakdown, up to five per group. These are selected contributors, not the full holder list. Manager links open their profile, which may describe a later quarter.

    The filing links open this manager’s stored reports for the current and prior comparison quarters. The event did not save its exact source accessions, so later amendments may differ from the original inputs.

    Higher-ranked managers adding

    No manager breakdown recorded for this group. This does not establish zero activity.

    Higher-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Lower-ranked managers adding

    No manager breakdown recorded for this group. This does not establish zero activity.

    Lower-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Full method notes

    Why it was flagged

    Check the context: Ownership changes can reflect new listings, stock splits or reorganizations. This event does not record whether those effects were excluded. An unusual reading alone does not prove a manager deliberately bought or sold.

    Reported holdings comparison: 2026-03-31 → 2026-06-30. These are quarter-end dates, not trade dates or the date the event was detected.

    Recorded flow z-score -2.6041; this classification requires at most −2. The recorded score meets that cutoff.

    The z-score compares this security's skill-weighted flow intensity with eligible securities in the same quarter. It is a measure of how unusual the reading is, not a probability of profit.

    Skill-weighted flow score (USD)
    -$77,968,084.85
    Share of institutional value
    -11.63%
    Higher-ranked holders exiting (recorded count)
    6
    Lower-ranked holders entering (recorded count)
    0

    How to read the evidence

    Higher-ranked means the top skill quintile; lower-ranked means the bottom quintile among eligible hedge-fund managers. Skill is based on a simulated, factor-hedged 13F portfolio, with scale and breadth adjustments, not the fund's reported return.

    Each eligible manager's change in market-value portfolio weight is scaled by the larger of their two comparable portfolio values, then weighted by a score from −1 to +1 and added to the aggregate. Higher-ranked increases and lower-ranked decreases contribute positively; the opposite contributes negatively. Relative price changes can move this aggregate even when share counts are unchanged. It is not a measure of confirmed trades. The percentage uses the larger of current and prior quarter institutional value, not market cap.

    The saved manager dollar changes estimate changes in shares at a quarter price, with value changes as a fallback. They are not trade receipts or additive contributions to the aggregate. The aggregate can use portfolio-weight changes to reduce fund-inflow/redemption effects, so these samples do not reconcile to its total.

    A run of quarters describes the recorded flow direction, not repeated trigger breaches. This response does not include individual filing accessions or before/after share counts.

    Source: quarterly SEC 13F holdings and Midas holder-skill calculations · Quarter 2026Q2 · Security CUSIP 8676EP10 · Score version v2-flow1. Confirm current fundamentals and subsequent filings before acting.

  • SWKH

    SWK Holdings Corp

    Top managers cut. Led by Optiver Holding B.V. (top 1%).

    Skill-weighted flow score -$73.4M

    Extremely unusual, 2 quarters in a row

    Smart exodus
    40.8% of institutional value
    Why this signal?SWKH

    What it means for you

    Connect one account free to see which of these you own and what it means for your holdings.

    What happened

    Comparing reported holdings at 2026-03-31 → 2026-06-30, the skill-weighted flow in SWKH was -$73.4M, equal to 40.8% of the value institutions hold.

    The flow has run this way for 2 quarters.

    Why it can matter

    Skill-weighted flow is unusually low relative to eligible securities this quarter. Check whether higher-ranked managers reduced exposure or lower-ranked managers added, and revisit what may have changed in the business.

    Ownership changes can reflect new listings, stock splits or reorganizations. An unusual reading alone does not prove a manager deliberately bought or sold.

    How we got this

    Each manager's change in portfolio weight is multiplied by a skill score from −1 to +1, then added up. Top-ranked buying and bottom-ranked selling both push the total up.

    Flagged because it sits 9.4 standard deviations from other stocks this quarter. The cutoff is 2.

    Where the data comes from

    Quarterly SEC 13F holdings, ranked by Midas holder-skill scores. Read the method

    13F reports are delayed quarter-end snapshots. They omit shorts and much of a fund's portfolio, and they do not show trade dates or a manager's reasons.

    Who moved?

    All available entries from the event's saved breakdown, up to five per group. These are selected contributors, not the full holder list. Manager links open their profile, which may describe a later quarter.

    The filing links open this manager’s stored reports for the current and prior comparison quarters. The event did not save its exact source accessions, so later amendments may differ from the original inputs.

    Higher-ranked managers adding

    No manager breakdown recorded for this group. This does not establish zero activity.

    Higher-ranked managers reducing

    Lower-ranked managers adding

    No manager breakdown recorded for this group. This does not establish zero activity.

    Lower-ranked managers reducing

    Full method notes

    Why it was flagged

    Check the context: Ownership changes can reflect new listings, stock splits or reorganizations. This event does not record whether those effects were excluded. An unusual reading alone does not prove a manager deliberately bought or sold.

    Reported holdings comparison: 2026-03-31 → 2026-06-30. These are quarter-end dates, not trade dates or the date the event was detected.

    Recorded flow z-score -9.3801; this classification requires at most −2. The recorded score meets that cutoff.

    The z-score compares this security's skill-weighted flow intensity with eligible securities in the same quarter. It is a measure of how unusual the reading is, not a probability of profit.

    Skill-weighted flow score (USD)
    -$73,403,124.46
    Share of institutional value
    -40.82%
    Higher-ranked holders exiting (recorded count)
    1
    Lower-ranked holders entering (recorded count)
    0

    How to read the evidence

    Higher-ranked means the top skill quintile; lower-ranked means the bottom quintile among eligible hedge-fund managers. Skill is based on a simulated, factor-hedged 13F portfolio, with scale and breadth adjustments, not the fund's reported return.

    Each eligible manager's change in market-value portfolio weight is scaled by the larger of their two comparable portfolio values, then weighted by a score from −1 to +1 and added to the aggregate. Higher-ranked increases and lower-ranked decreases contribute positively; the opposite contributes negatively. Relative price changes can move this aggregate even when share counts are unchanged. It is not a measure of confirmed trades. The percentage uses the larger of current and prior quarter institutional value, not market cap.

    The saved manager dollar changes estimate changes in shares at a quarter price, with value changes as a fallback. They are not trade receipts or additive contributions to the aggregate. The aggregate can use portfolio-weight changes to reduce fund-inflow/redemption effects, so these samples do not reconcile to its total.

    A run of quarters describes the recorded flow direction, not repeated trigger breaches. This response does not include individual filing accessions or before/after share counts.

    Source: quarterly SEC 13F holdings and Midas holder-skill calculations · Quarter 2026Q2 · Security CUSIP 78501P20 · Score version v2-flow1. Confirm current fundamentals and subsequent filings before acting.

  • FTH

    Faeth Therapeutics, Inc.

    Top managers added. Led by BALYASNY ASSET MANAGEMENT L.P. (top 20%) and Logos Global Management LP (top 17%).

    Skill-weighted flow score +$69.6M

    Very unusual, 2 quarters in a row

    Smart accumulation
    20.8% of institutional valueMarket cap $569.8M
    Why this signal?FTH

    What it means for you

    Connect one account free to see which of these you own and what it means for your holdings.

    What happened

    Comparing reported holdings at 2026-03-31 → 2026-06-30, the skill-weighted flow in FTH was +$69.6M, equal to 20.8% of the value institutions hold.

    The flow has run this way for 2 quarters.

    Why it can matter

    Skill-weighted flow is unusually high relative to eligible securities this quarter. Look for higher-ranked managers adding and lower-ranked managers reducing before deciding whether it strengthens your thesis.

    Ownership changes can reflect new listings, stock splits or reorganizations. An unusual reading alone does not prove a manager deliberately bought or sold.

    How we got this

    Each manager's change in portfolio weight is multiplied by a skill score from −1 to +1, then added up. Top-ranked buying and bottom-ranked selling both push the total up.

    Flagged because it sits 4.9 standard deviations from other stocks this quarter. The cutoff is 2.

    Where the data comes from

    Quarterly SEC 13F holdings, ranked by Midas holder-skill scores. Read the method

    13F reports are delayed quarter-end snapshots. They omit shorts and much of a fund's portfolio, and they do not show trade dates or a manager's reasons.

    Who moved?

    All available entries from the event's saved breakdown, up to five per group. These are selected contributors, not the full holder list. Manager links open their profile, which may describe a later quarter.

    The filing links open this manager’s stored reports for the current and prior comparison quarters. The event did not save its exact source accessions, so later amendments may differ from the original inputs.

    Higher-ranked managers adding

    Higher-ranked managers reducing

    No manager breakdown recorded for this group. This does not establish zero activity.

    Lower-ranked managers adding

    No manager breakdown recorded for this group. This does not establish zero activity.

    Lower-ranked managers reducing

    Whether these managers sold out entirely was not recorded. The amounts are reductions, not necessarily full exits.

    Full method notes

    Why it was flagged

    Check the context: Ownership changes can reflect new listings, stock splits or reorganizations. This event does not record whether those effects were excluded. An unusual reading alone does not prove a manager deliberately bought or sold.

    Reported holdings comparison: 2026-03-31 → 2026-06-30. These are quarter-end dates, not trade dates or the date the event was detected.

    Recorded flow z-score +4.9351; this classification requires at least +2. The recorded score meets that cutoff.

    The z-score compares this security's skill-weighted flow intensity with eligible securities in the same quarter. It is a measure of how unusual the reading is, not a probability of profit.

    Skill-weighted flow score (USD)
    +$69,590,435.30
    Share of institutional value
    20.85%
    Higher-ranked holders exiting (recorded count)
    0
    Lower-ranked holders entering (recorded count)
    0

    How to read the evidence

    Higher-ranked means the top skill quintile; lower-ranked means the bottom quintile among eligible hedge-fund managers. Skill is based on a simulated, factor-hedged 13F portfolio, with scale and breadth adjustments, not the fund's reported return.

    Each eligible manager's change in market-value portfolio weight is scaled by the larger of their two comparable portfolio values, then weighted by a score from −1 to +1 and added to the aggregate. Higher-ranked increases and lower-ranked decreases contribute positively; the opposite contributes negatively. Relative price changes can move this aggregate even when share counts are unchanged. It is not a measure of confirmed trades. The percentage uses the larger of current and prior quarter institutional value, not market cap.

    The saved manager dollar changes estimate changes in shares at a quarter price, with value changes as a fallback. They are not trade receipts or additive contributions to the aggregate. The aggregate can use portfolio-weight changes to reduce fund-inflow/redemption effects, so these samples do not reconcile to its total.

    A run of quarters describes the recorded flow direction, not repeated trigger breaches. This response does not include individual filing accessions or before/after share counts.

    Source: quarterly SEC 13F holdings and Midas holder-skill calculations · Quarter 2026Q2 · Security CUSIP 81728A20 · Score version v2-flow1. Confirm current fundamentals and subsequent filings before acting.

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Scores measure the long US-equity book visible in 13F filings; activists, multi-strategy and credit-heavy managers are structurally understated.