LEG

LEG saw sharp institutional divergence in Q4 2025, with D.E. Shaw dumping 1.2 million shares—slashing their position by more than half—while quant shops piled in. Two Sigma added 165,000 shares, AQR bought 137,000, and Renaissance Technologies picked up 60,000. Citadel also trimmed heavily, cutting over 516,000 shares. Notably, every major holder lists LEG at 0.0% of their portfolio, signaling this remains a minor, tactical bet rather than a conviction play. The quant buying suggests potential mean-reversion or factor signals, but the aggressive selling from D.E. Shaw and Citadel raises red flags about near-term fundamentals. **Bottom line: institutional money is split, with momentum clearly favoring nimble quants over discretionary managers.**