CARLYLE GROUP INC

Carlyle Group's $52.0 million tracked institutional book is extraordinarily concentrated — just three holders control 86.1% of it — and this quarter produced a clear split among them. Franklin Street Advisors, the dominant holder at 45.4% of the book, cut its position 15.5% (663,226 to 560,327 shares, an $8.5 million reduction) during a quarter when the data implies CG's share price fell roughly 13.0%. Allen Mooney & Barnes Investment Advisors, the third-largest holder at 19.3% of the book, trimmed a similar 7.8%. Both were real reductions in share count, not just a function of the falling price. Stepping into that gap: Assenagon Asset Management opened a brand-new $11.1 million position (264,232 shares), immediately becoming the second-largest holder at 21.4% of the tracked book on its first appearance. The result is a stock where two of its three dominant holders were selling into weakness while a new entrant built a meaningful stake at the same time.