FSV FirstService Corp
Executive Summary
Q4 2025 13F cluster for FirstService Corp (FSV) shows a mixed institutional picture: 4 buyers added $200.7M in new holdings (led by Wellington Management and Norges Bank), while 6 sellers reduced positions by $161.6M (led by Morgan Stanley and Franklin Resources). The buying is concentrated in high-conviction new/ doubled positions by active managers and a sovereign fund, but the selling is broad-based across mega-passive and asset manager firms, creating a net neutral signal.
Key Financial Metrics
Institutional Positions
Net institutional flow: $39.1M
▲ Buyers (4)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Norges Bank | NEW | +100% | $85.6M | $85.6M |
| Wellington Management Group | DOUBLED | +18366.1% | $112.0M | $111.2M |
| Point72 | DOUBLED | +211.2% | $6.4M | $3.9M |
| Fidelity | ADD | +28.6% | $708.0K | $34.0K |
▼ Sellers (6)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Morgan Stanley | TRIM | -27% | $171.6M | -$69.4M |
| Franklin Resources | TRIM | -39.6% | $114.3M | -$57.9M |
| Envestnet Asset Management | TRIM | -50.2% | $30.4M | -$18.0M |
| D.E. Shaw | TRIM | -51.3% | $17.3M | -$10.4M |
| BlackRock | TRIM | -26.1% | $14.5M | -$5.8M |
| T. Rowe Price | TRIM | -49.3% | $144.0K | -$84.2K |
Actionable Insight
The cluster is a tug-of-war: high-conviction new buys from Norges Bank and Wellington suggest a bullish thesis (likely FSV's resilient property services model and growth in the U.S. market), but broad trimming by mega-passive and asset managers signals caution or rebalancing. Given the 45-day reporting lag, these positions may have already been adjusted. Monitor for any subsequent 13F filings or insider activity to confirm direction.
Key Facts
- 4 institutional buyers added $200.7M in net new holdings; 6 sellers reduced by $161.6M
- Norges Bank initiated a new $85.6M position (550.4K shares)
- Wellington Management nearly doubled its stake by $111.2M (from $743K to $112.0M, +18,366% shares)
- Point72 doubled its position by $3.9M (+211.2% shares)
- Morgan Stanley trimmed $69.4M (-27% of shares), Franklin Resources trimmed $57.9M (-39.6%)
- D.E. Shaw trimmed $10.4M (-51.3%), BlackRock trimmed $5.8M (-26.1%)
- Fidelity added a small $34K position (+28.6% shares)
- T. Rowe Price trimmed $84K (-49.3% shares, very small absolute)
Financial Impact
Net institutional buying of $39.1M ($200.7M bought vs $161.6M sold) across 10 filers
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound
- Selling by 6 institutions (including Morgan Stanley and Franklin Resources) outweighs buying conviction in breadth
- Historical model performance on FSV is poor (25% win rate at T+20, avg alpha -12%)
- Score calibration shows score-4/5/6 cells have negative net alpha at T+20
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-FSV-2025-Q4 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 11, 2026
7d ago
|
Institutional Cluster
| $141.46 $138.00 | ▼ −2.45% | ▼ −2.88% | — |
|
Jun 10, 2026
8d ago
|
Press Release
| $142.93 $142.69 | ▼ −0.17% | ▼ −3.60% | — |
|
Jun 2, 2026
16d ago
|
6-K
| $138.25 $143.01 | ▲ +3.44% | ▲ +6.41% | — |
|
May 28, 2026
21d ago
|
Press Release
| $138.72 $139.62 | ▲ +0.65% | ▲ +0.33% | — |
|
May 6, 2026
6w ago
|
6-K
| $132.53 $130.75 | ▼ −1.34% | ▼ −2.47% | — |
|
Apr 23, 2026
8w ago
|
6-K
| $149.16 $134.08 | ▼ −10.11% | ▼ −11.59% | — |
|
Apr 23, 2026
8w ago
|
Press Release
| $149.16 $134.08 | ▼ −10.11% | ▼ −11.59% | — |
|
Apr 14, 2026
9w ago
|
Press Release
| $149.15 $146.72 | ▼ −1.63% | ▼ −3.02% | — |
|
Apr 13, 2026
9w ago
|
6-K
| $149.15 $146.72 | ▼ −1.63% | ▼ −3.02% | — |
|
Apr 1, 2026
11w ago
|
6-K
| $139.72 $145.90 | ▲ +4.42% | ▲ +0.80% | — |
US Market Status
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