Knollwood Rebalances Stakes
Knollwood Trims Stakes in Accenture, Reddit, and Fortinet Amidst Broader Investor Shifts
Anonymous
Key Points
1
In Fortinet (FTNT), CEO Ken Xie sold 160,632 shares on June 2 at an average price of $145.58 for about $23.38 million total proceeds, and he still owned 52,972,372 shares after the transaction.
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For Reddit (RDDT), COO Jennifer L. Wong sold 39,167 shares on April 16 at an average price of $161.47, for about $6,324,295.49 in proceeds; the sale was executed under a pre-arranged Rule 10b5-1 trading plan.
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In Ross Stores (ROST), Norges Bank initiated a new position during the fourth quarter worth approximately $868,360,000; the article also reports institutional investors own 86.86% of the company’s stock.
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In Accenture (ACN), Epoch Investment Partners increased its holdings by 96.2% in the fourth quarter to 692,219 shares (valued at about $185.722 million) after adding 339,389 shares.
Knollwood Investment Advisory LLC slashed its stake in Accenture by 51.5% in the fourth quarter, cutting its position to just 3,049 shares worth about $818,000, according to Ticker Report. The firm made similar cuts across its portfolio — trimming Reddit by 50% and Fortinet by 30.3% — even as larger investors moved in the opposite direction.
The moves point to a broad rebalancing at Knollwood. The firm is stepping back from high-growth tech and social media stocks while keeping reduced positions in more stable names like Ross Stores.
Knollwood's Four-Stock Retreat by the Numbers
Knollwood's cuts touched every corner of its portfolio. It trimmed Accenture by 51.5% to 3,049 shares ($818,000), Reddit by 50% to 3,320 shares ($763,000), and Fortinet by 30.3% to 42,771 shares ($3.4 million), according to Ticker Report. Its Ross Stores position fell 12.8% to 21,755 shares, worth about $3.9 million.
The four cuts span technology consulting, cybersecurity, social media, and off-price retail. That breadth suggests Knollwood is locking in gains across the board rather than fleeing a single sector.
Big Funds Buy What Knollwood Is Selling
While Knollwood was selling Accenture, Epoch Investment Partners was buying. Epoch added 339,389 shares in Q4, growing its stake by 96.2% to 692,219 shares worth about $185.7 million, according to Ticker Report. That near-doubling reflects a bet on Accenture's role helping large companies roll out AI tools.
Ross Stores drew even bigger institutional money. Norway's Norges Bank — manager of the world's largest sovereign wealth fund — opened a brand-new position worth roughly $868 million in Q4. Institutional investors now own 86.86% of Ross Stores' stock in total.
Fortinet CEO and Reddit COO Both Sold Shares
Two high-profile insider sales landed alongside Knollwood's filings. On June 2, Fortinet CEO Ken Xie sold 160,632 shares at an average price of $145.58, collecting about $23.38 million in proceeds. He still held 52,972,372 shares after the sale — making it less than 0.3% of his total stake.
Reddit COO Jennifer L. Wong sold 39,167 shares on April 16 at an average price of $161.47, for proceeds of about $6.32 million. The sale was made under a Rule 10b5-1 trading plan — a pre-arranged schedule set up before an insider has any non-public information, used to avoid conflicts of interest.
What the Diverging Moves Signal for Tech and Retail
The gap between Knollwood's selling and Epoch's or Norges Bank's buying shows how differently sized firms read the same stocks. Smaller advisory firms like Knollwood can move quickly to trim overweight positions. Giant funds like Norges Bank are playing a multi-year game and treat high institutional ownership as a sign of safety, not a warning.
For retail investors watching these filings, the picture is mixed. Insider sales at both Fortinet and Reddit came near recent price highs — $145.58 and $161.47 per share, respectively. At the same time, Epoch's near-doubling of its Accenture stake sends a clear counter-signal: at least one major manager still sees room to run in AI-driven consulting.
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