RUBRIK INC.

Rubrik's dollar ledger shows zero institutional selling this quarter, and the two biggest positive numbers belong to Congress Asset Management (+$16.6 million) and Assenagon (+$10.2 million). Both need correcting before reading. Congress, the anchor holder at $43.3 million, actually reduced its share count — the stock's sharp rally grew the position's value faster than the trim shrank it, so the raw ledger records a seller as the quarter's biggest 'buyer.' Assenagon is a quasi-passive options-overlay manager whose $22.5 million block is hedging inventory, not a data-security thesis. What remains is still a constructive quarter: Covea Finance initiated a genuine $6.1 million position, Gradient Investments and Stablepoint added seven and six figures respectively, and not one tracked holder reduced its dollar position — but the accurate headline is an anchor quietly taking chips off the table into strength while newer, smaller money arrives.