Q2 Stock Adjustments
Major Hedge Funds Adjust Holdings in Valero, Dell and Other Stocks
Anonymous
Key Points
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In Valero Energy, beyond B. Metzler's 8.7% reduction, several funds opened new positions: Proficio Capital Partners LLC acquired a new stake worth about $601,000; CTC Alternative Strategies Ltd. purchased a new stake worth about $443,000; and Quantitative Investment Management LLC took on a new position valued at about $1.525 million.
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Thornburg Investment Management Inc. significantly boosted its Progressive stake by 858.3% in the second quarter, bringing its holding to 54,336 shares worth about $11.87 million.
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Dell Technologies saw notable how-to changes from others: NewEdge Advisors LLC increased its stake by 147.2% to 58,009 shares (roughly $7.11 million), and Brighton Jones LLC also raised its stake by 42.7% to 3,011 shares.
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AAON insider activity: EVP Matthew Shaub purchased 457 shares of AAON stock in a transaction dated August 28, signaling insider confidence.
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CMS Energy disclosures show new stake activity and rising price targets: Kilter Group LLC opened a new position in CMS Energy in Q2, while analysts boosted targets with BMO Capital Markets raising theirs to $86 and JPMorgan to $85.
German asset manager B. Metzler seel. Sohn & Co. AG made selective changes to its U.S. stock portfolio in the second quarter of 2026, trimming positions in energy and technology while expanding stakes in industrial and utility companies. Most notably, defenseworld reported that Metzler cut its Valero Energy holding by 8.7% to 34,220 shares, while simultaneously boosting its AAON position by 17.7% to 70,851 shares and raising CMS Energy by 9.2% to 130,184 shares.
The moves reflect broader institutional rebalancing across the market. Thornburg Investment Management surged into Progressive with an 858.3% increase to 54,336 shares worth $11.87 million, while insider buying at AAON and analyst upgrades at CMS Energy signaled conviction in those sectors despite mixed signals from other fund managers.
Metzler Scales Back Valero After Strong Earnings
B. Metzler reduced its Valero Energy stake by 3,267 shares, leaving it with 34,220 shares valued at $8.91 million. defenseworld noted the reduction came after Valero posted $3.7 billion in net income in Q2 2026, driven by record refining margins. However, analysts flagged that Valero trades about 13.5% above its calculated intrinsic value, prompting some profit-taking from larger holders.
Other funds filled the gap. Proficio Capital Partners acquired a new $601,000 stake, while Quantitative Investment Management took on $1.525 million in Valero shares. These new buyers are betting on sustained cash generation — Valero generated $10 billion in free cash flow over the trailing twelve months despite the premium valuation.
Thornburg's Massive Progressive Bet and Tech Sector Rotation
Thornburg Investment Management made an outsized move into insurance, lifting its Progressive stake by 858.3% to 54,336 shares. The position grew to $11.87 million, signaling aggressive conviction in the insurance sector. Meanwhile, B. Metzler's 34.4% cut in Dell Technologies to 20,951 shares points toward a broader institutional shift away from high-growth technology.
Dell's pullback by Metzler contrasts with buying from others. NewEdge Advisors expanded its Dell position by 147.2% to 58,009 shares worth $7.11 million, while Brighton Jones raised its stake by 42.7% to 3,011 shares. This split reveals divergent views on whether Dell's valuation justifies current prices.
HVAC Manufacturer Gets Vote of Confidence From Insiders and Funds
AAON drew support from both institutional and insider buyers despite recent stock weakness. B. Metzler boosted its position by 17.7% to 70,851 shares while EVP Matthew Shaub purchased 457 shares at $76.42 per share on August 28, a $34,924 transaction that increased his direct ownership by 17.06%. Shaub's open-market buy signals management confidence in the company's direction.
AAON faces near-term headwinds — its backlog has nearly doubled but negative free cash flow has weighed on the stock, pushing it toward 52-week lows. Shaub's purchase, however, suggests insiders believe the order surge will eventually translate into earnings and cash generation that justifies higher valuations.
Analysts Hike CMS Energy Targets as Metzler Adds to Stake
B. Metzler increased its CMS Energy holdings by 9.2% to 130,184 shares as Wall Street lifted its outlook on the utilities company. defenseworld reported that BMO Capital Markets raised its price target to $86, while JPMorgan set its target at $85. Kilter Group LLC also opened a new CMS Energy position in Q2, joining Metzler in building exposure to the regulated utility.
The increased institutional interest reflects a sector rotation into defensive, dividend-paying stocks. Utilities like CMS Energy offer stable cash flows and lower volatility than technology, appealing to funds repositioning portfolios away from high-growth names into fundamental value stories tied to grid infrastructure and renewable energy investments.
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