The heavy institutional selling in AEM, particularly from active managers with strong track records, signals a bearish outlook. The 45-day 13F lag means the selling may already be partially priced in, but the lack of insider buying reinforces caution. Monitor for follow-through selling in upcoming quarters and any negative earnings guidance or sector rotation out of gold.
Executive Summary
An institutional 13F cluster for AEM reveals heavy net selling, with 10 sellers reducing $173.8M in positions versus 6 buyers adding $14.3M. Notable trims by Artemis Investment Management (-$69.7M), Jennison Associates (-$26.4M), and Ninety One UK (-$21.6M) dominate the distribution, while the largest new buyer is the New York State Common Retirement Fund at $10.1M. The selling is concentrated among active managers, suggesting a bearish thesis on the gold miner despite the strong analyst consensus.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$173.8M
▲ Buyers (6)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| New York State Common Retirement Fund | NEW | — | $10.1M | $10.1M |
| Eurizon Capital Sgr S.p.a. | DOUBLED | +303.7% | $3.8M | $2.6M |
| Exchange Traded Concepts | DOUBLED | +325.3% | $1.1M | $792.0K |
▼ Sellers (10)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Artemis Investment Management | TRIM | -28.3% | $154.2M | -$69.7M |
| Jennison Associates | TRIM | -41.1% | $48.0M | -$26.4M |
| Ninety One Uk | NEAR_EXIT | -86.6% | $24.1M | -$21.6M |
| Mediolanum International Funds | TRIM | -47.6% | $37.8M | -$21.9M |
| Erste Asset Management | NEAR_EXIT | -98.6% | $17.9M | -$17.7M |
Key Facts
- 10 institutional sellers reduced positions by a net $173.8M, vs 6 buyers adding $14.3M (net selling of $159.5M).
- Artemis Investment Management trimmed 28.3% of its stake, exiting $69.7M in value.
- Jennison Associates cut 41.1% of its position, selling $26.4M.
- Ninety One UK executed a near-exit, reducing 86.6% of shares for $21.6M.
- The largest buyer was New York State Common Retirement Fund, initiating a new $10.1M position.
- The cluster is driven by active managers, not passive index funds, amplifying the signal.
- No open-market insider buying was detected in the concurrent window (confluence score 34/100).
Financial Impact
Net institutional selling of approximately $173.8M, with total seller previous holdings of $306.5M reduced to $132.7M. The distribution is concentrated among active managers, representing a clear bearish conviction.
Risk Factors
- 13F data is 45 days stale; the selling may have been unwound or reversed.
- Gold price volatility could shift sentiment and reverse the distribution.
- The strong analyst consensus (84% bullish) is at odds with institutional behavior, creating potential for further downside if the sell side is wrong.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-AEM-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 9, 2026 22d ago | 6-K | $202.57 $198.42 | ▼ −2.05% | ▼ −1.71% | — |
Aug 31, 2026 4w ago | 6-K | $203.11 $201.84 | ▼ −0.63% | ▼ −0.48% | — |
Aug 28, 2026 4w ago | Press Release | $203.11 $201.84 | ▼ −0.63% | ▼ −0.48% | — |
Aug 24, 2026 5w ago | 6-K | $217.89 $203.11 | ▼ −6.78% | ▼ −7.25% | — |
Aug 4, 2026 8w ago | Institutional Cluster | $150.61 $181.75 | ▼ −20.68% | ▼ −20.78% | — |
Jul 29, 2026 9w ago | 6-K | $150.75 $167.92 | ▲ +11.39% | ▲ +7.77% | — |
Jul 29, 2026 9w ago | Press Release | $150.75 $167.92 | ▲ +11.39% | ▲ +7.77% | — |
Jul 27, 2026 9w ago | 6-K | $145.96 $145.27 | ▼ −0.47% | ▼ −1.55% | — |
Jul 2, 2026 13w ago | 6-K | $153.86 $149.03 | ▲ +3.14% | ▲ +4.07% | — |
Jun 29, 2026 13w ago | 6-K | $153.76 $154.94 | ▲ +0.77% | ▼ −0.62% | — |
US Market Status
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