Wyoming's Diversified Stakes
Wyoming Diversifies Portfolio with New Stakes in Madrigal, CommVault, Simpson, Macerich, and Materion
Key Points
In Madrigal Pharmaceuticals, Director Richard S. Levy sold 5,682 shares on May 22 at an average price of $515.44, for a total of $2,928,730.08, reducing his ownership to 22,015 shares (roughly $11.35 million) and representing about a 20.5% decrease. The sale was executed under a pre-arranged Rule 10b5-1 trading plan.
In CommVault Systems, CFO Gary Merrill sold 4,554 shares on May 26 at an average price of $106.70, totaling $485,911.80, leaving him with 72,775 shares valued at about $7.77 million—a roughly 5.9% decrease in his position.
Simpson Manufacturing saw Wyoming acquire 7,331 shares in the second quarter for about $1.54 million, and the stock opened at $193.40 per share on Friday.
Macerich's position reflects institutional dominance, with 87.38% of the REIT’s stock owned by institutional investors and hedge funds.
Materion saw CFO Shelly Marie Chadwick sell 1,705 shares, while State Street Corp boosted its Materion stake by 28.0% in Q2 to 1,298,956 shares worth about $103.1 million; overall institutional ownership in the company stands around 93.56%.
Wyoming's state investment fund quietly entered five new equity positions in the second quarter of 2026, spending roughly $6.1 million across healthcare, software, construction, real estate, and advanced materials, according to WatchlistNews and TickerReport. The purchases — spread across Madrigal Pharmaceuticals, CommVault Systems, Simpson Manufacturing, Macerich, and Materion — reflect Wyoming's push to move public money out of volatile oil and coal markets and into a broader mix of stocks.
The moves came to light on August 14, 2026, the SEC deadline for institutional managers to file Form 13F disclosures. Each of the five companies Wyoming bought into carries heavy institutional backing, with ownership levels ranging from 87% to nearly 99%.
Wyoming Spreads $6 Million Across Five Sectors in Q2
Wyoming's largest single purchase by share count was in Macerich, the shopping-center REIT, where the fund bought 39,737 shares for about $1.0 million. Its priciest bet per share was in Madrigal Pharmaceuticals, a biotech focused on liver disease drugs, where 2,410 shares cost roughly $1.29 million. Simpson Manufacturing drew the biggest dollar commitment: 7,331 shares for about $1.54 million, according to TickerReport.
CommVault, an enterprise data-protection software company, attracted 7,101 shares worth about $1.0 million. Materion, which makes specialty metals used in defense and electronics, drew 4,357 shares worth roughly $1.30 million. All five buys were new or increased positions, signaling deliberate sector diversification rather than opportunistic trading.
Madrigal and CommVault Insiders Sell While Wyoming Buys
As Wyoming moved in, insiders at two of the five companies moved out. At Madrigal, Director Richard S. Levy sold 5,682 shares on May 22 at an average price of $515.44 per share, collecting $2,928,730. That cut his stake by about 20.5%, leaving him with 22,015 shares worth roughly $11.35 million. The sale ran through a pre-arranged Rule 10b5-1 plan — a legal schedule insiders set up in advance to avoid accusations of trading on private information.
At CommVault, CFO Gary Merrill sold 4,554 shares on May 26 at $106.70 per share, taking in $485,911. That trimmed his position by about 5.9%, leaving him with 72,775 shares valued near $7.77 million. Merrill's sale also ran under a 10b5-1 plan. Analysts note these prescheduled sales often reflect personal tax or financial-planning needs, not a judgment on the company's prospects.
Simpson Beats Earnings, Materion Draws State Street's Surge
Two of Wyoming's five picks delivered strong earnings during the same stretch. Simpson Manufacturing reported Q2 earnings of $3.09 per share, well above the $2.72 analyst estimate, on $671 million in revenue. The stock was trading at $193.40 when the 13F disclosures went public on August 14. ValueAct Holdings and Dimensional Fund Advisors also added to their Simpson positions during the quarter, according to TickerReport.
Materion beat expectations too, posting Q2 earnings of $1.90 per share against a $1.52 consensus. State Street Corp boosted its Materion stake by 28% in Q2, bringing its total to 1,298,956 shares worth about $103.1 million. Overall, institutions own about 93.56% of Materion's shares — a sign that professional money managers broadly agree on the company's value.
Wyoming Bets on Stocks to Reduce Reliance on Minerals Revenue
Wyoming's investment arm, run by State Treasurer Curt Meier, manages funds including the Permanent Wyoming Mineral Trust Fund. That fund has long depended on oil and coal royalties. Modern legislative mandates now push the office to build a more resilient portfolio in global equities, reducing exposure to commodity price swings.
Macerich stands out as the riskiest buy in this group. Institutions own 87.38% of the REIT's stock, the lowest figure among the five picks. The other four all sit above 93% institutional ownership. High institutional density means professional investors have already vetted these companies — but it also means there is less room for big price gains if everyone is already in.
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