BZH INST-CLUSTER SEC Filing Analysis

Latest settled — T+5d

BZH ▼ -2.86% at T+5d

NEUTRAL call ✗ call lost -2.86% · α vs SPY -3.29% · entry $27.65 → $26.86

Next anchor: T+20d in 21d

Entry anchored
Jun 11, 10:24 AM ET
via Databento tick

T+1d

-1.01%

call -1.01% · α -1.55%

$27.37

settled 7d ago

T+5d

-2.86%

call -2.86% · α -3.29%

$26.86

settled 22h ago

T+20d

—

call — · α —

—

in 21d

T+60d

—

call — · α —

—

in 3mo

Executive Summary

BZH saw mixed institutional activity in Q3 2025, with 4 buyers (net +$12.4M) and 4 sellers (net -$5.2M), resulting in a net inflow of ~$7.2M. Buying was concentrated in mega-passive funds (Morgan Stanley, BofA) and a value fund (Tweedy Browne doubling), while selling included mega-passive (UBS, Fidelity) and quant (Two Sigma). The 45-day reporting lag reduces timeliness, and the calibration data suggests negative expected alpha for this segment.

Key Financial Metrics

Direction

mixed

Buy Value

$23.2M

Sell Value

$5.2M

Net Flow

$7.2M

Institutional Positions

Net institutional flow: $7.2M

▲ Buyers (4)

Institution	Action	Change	Position Value	Value Δ
Tweedy Browne	DOUBLED	+106.2%	$671.0K	$375.0K
Citadel	ADD	+48.3%	$586.0K	$226.0K
Morgan Stanley	ADD	+99.8%	$16.7M	$9.1M
BofA	ADD	+90.6%	$5.2M	$2.7M

▼ Sellers (4)

Institution	Action	Change	Prev Value	Value Δ
Fidelity	TRIM	-71.7%	$325.0K	-$223.8K
UBS	TRIM	-49.2%	$8.2M	-$3.6M
Two Sigma	TRIM	-73.5%	$1.0M	-$722.6K
Ubs Am, A Distinct Business Un	TRIM	-44.6%	$1.7M	-$662.1K

Actionable Insight

The cluster shows mixed signals with a slight net buying bias, but passive funds dominate. The 45-day lag means positions may have changed. Monitor for near-term catalysts (earnings, homebuilding data) that could align institutional conviction.

Key Facts

4 buyers (net +$12.4M) and 4 sellers (net -$5.2M) for aggregate net +$7.2M
Buyers: Tweedy Browne (DOUBLED), Citadel (ADD), Morgan Stanley (ADD), BofA (ADD)
Sellers: Fidelity (TRIM), UBS (TRIM), Two Sigma (TRIM), UBS AM (TRIM)
Active value fund Tweedy Browne doubled its small position; passive flows dominated overall

Financial Impact

Net institutional inflow of ~$7.2M, with buying adding $12.4M and selling reducing $5.2M

institutional ownership

Risk Factors

13F data is 45+ days old; current positions may differ
Passive buying may reflect index rebalancing, not active conviction
Negative expected alpha per segment calibration (-2.04%)

Market Snapshot

Exchange

NYSE

Sector

Operative Builders

Analyst Consensus

71% bullish (7 analysts)

Documents Analyzed

This report is based on 1 institutional 13F filing from SEC EDGAR.

Document	Accession Number
INST-CLUSTER Data (Synthetic)	inst-cluster-BZH-2025-Q3

US Market Status

Market Closed — Juneteenth — Opens Mon (75h 2m)

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