BSBR Banco Santander (Brasil) S.A.
Executive Summary
Institutional cluster in BSBR for 2025-Q3 shows small-scale buying by Citadel, UBS, and Two Sigma (net +$2.0M) partially offset by trims from BlackRock and Morgan Stanley (net -$4.7M). The buying from quant/hybrid funds adds modest conviction, but the larger-dollar trims from mega-passive managers suggest positioning against the stock outweighs accumulation. Historical BSBR calls on this model have negative T+20 alpha, reinforcing a neutral stance.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$2.7M
▲ Buyers (3)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Citadel | DOUBLED | +821.9% | $1.0M | $919.0K |
| UBS | ADD | +63.5% | $1.1M | $436.0K |
| Two Sigma | ADD | +88.7% | $1.2M | $603.0K |
▼ Sellers (2)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| BlackRock | TRIM | -32.8% | $5.0M | -$1.5M |
| Morgan Stanley | TRIM | -69.9% | $4.6M | -$3.2M |
Actionable Insight
The cluster is too small ($8.2M aggregate holdings vs $39.4B market cap) to drive price action. The larger trims from BlackRock and Morgan Stanley outweigh the quant buys. Monitor upcoming 13F filings for broader conviction changes; the historical T+20 model underperformance on BSBR warrants caution on any bullish read-through from this cluster alone.
Key Facts
- 3 institutional buyers added $2.0M in net new value (Citadel doubled to $1.0M, UBS added to $1.1M, Two Sigma added to $1.2M).
- 2 sellers trimmed $4.7M (BlackRock trimmed -32.8% to $3.4M; Morgan Stanley trimmed -69.9% to $1.4M).
- Net directional flow across the cluster is selling (sellers -$4.7M vs buyers +$2.0M).
- Aggregate current holdings of tracked institutions in this cluster: ~$8.2M, a trivial fraction of the $39.4B market cap.
- Historical model calls on BSBR have averaged -8.2% at T+20 with 0% win rate, suggesting no reliable edge on prior reads.
Financial Impact
Net institutional selling of ~$2.7M across 5 tracked filers; buyer activity $2.0M, seller activity $4.7M
Risk Factors
- Mega-passive selling from BlackRock and Morgan Stanley may continue if BSBR faces relative underperformance in the Brazilian banking sector.
- Miniscule cluster size means no material signaling power — the cluster may be noise rather than shared thesis.
Market Snapshot
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-BSBR-2025-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 11, 2026
1d ago
|
Insider Cluster
| $5.38 awaiting T+1 | awaiting T+1 | — | — |
|
Jun 11, 2026
2d ago
|
Institutional Cluster
| $5.33 awaiting T+1 | awaiting T+1 | — | — |
|
Jun 2, 2026
10d ago
|
6-K
| $5.30 $5.35 | ▲ +0.94% | ▲ +0.54% | — |
|
Jun 2, 2026
10d ago
|
6-K
| $5.30 $5.35 | ▲ +0.94% | ▲ +0.54% | — |
|
Jun 2, 2026
10d ago
|
6-K
| $5.30 $5.35 | ▲ +0.94% | ▲ +0.54% | — |
|
May 8, 2026
5w ago
|
6-K
| $5.70 $5.66 | ▼ −0.70% | ▼ −0.57% | — |
|
May 7, 2026
5w ago
|
6-K
| $5.83 $5.70 | ▼ −2.23% | ▼ −2.46% | — |
|
Apr 29, 2026
6w ago
|
6-K
| $5.86 $5.80 | ▼ −1.02% | ▼ −1.24% | — |
|
Apr 29, 2026
6w ago
|
6-K
| $5.75 $5.86 | ▲ +1.91% | ▲ +0.89% | — |
|
Apr 28, 2026
6w ago
|
6-K
| $5.75 $5.86 | ▲ +1.91% | ▲ +0.89% | — |
US Market Status
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