The large trim by Artemis Investment Management (a $52.4M reduction) dominates the cluster. Monitor upcoming 13F filings for further selling and any insider buying to corroborate or contradict this bearish signal.
Executive Summary
Five small asset managers added or doubled their AFRM positions in Q3 2026, contributing a net $1.0M in buying, while two larger asset managers trimmed a combined $53.6M. The cluster is overwhelmingly one-sided selling by value, driven by Artemis Investment Management's 60.9% reduction. The 13F data is stale (quarter-end) and the insider confluence score is low with no open-market insider buying, weakening the cluster's signal.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$52.6M
▲ Buyers (5)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Vontobel Holding | DOUBLED | +111.5% | $1.3M | $568.0K |
| Abn Amro Investment Solutions | ADD | +45.8% | $1.6M | $316.0K |
▼ Sellers (2)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Artemis Investment Management | TRIM | -60.9% | $78.4M | -$52.4M |
| Td Waterhouse Canada | TRIM | -37.6% | $3.5M | -$1.2M |
Key Facts
- 5 small asset managers added/doubled AFRM positions totaling $1.0M net buying value
- 2 asset managers trimmed $53.6M, led by Artemis Investment Management reducing 60.9% of its stake ($52.4M)
- Net aggregate institutional activity in Q3 2026 was -$52.6M (sellers overwhelmed buyers)
- Insider confluence score is 15/100 with zero open-market insider buying
- 13F data is 45+ days stale; positions may have changed since quarter-end
Financial Impact
Two sellers reduced $53.6M while five buyers added $1.0M, for a net institutional outflow of $52.6M in Q3 2026
Risk Factors
- 13F data is stale (quarter-end); the selling may have already been reversed
- Small buyers' additions ($1.0M total) are negligible relative to the $53.6M selling
- No insider buying to corroborate the bullish cluster signal
- 13F filings may contain strategic misreporting
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-AFRM-2026-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | Institutional Cluster | $70.44 | awaiting T+20 | — | — |
Oct 23, 2026 3d ago | DEFA14A | $70.08 | awaiting T+20 | — | — |
Oct 23, 2026 3d ago | DEF 14A | $70.08 | awaiting T+20 | — | — |
Oct 9, 2026 17d ago | 144 | $78.63 | awaiting T+20 | — | — |
Sep 9, 2026 6w ago | Insider Cluster | $67.99 $77.15 | ▲ +13.47% | ▲ +11.35% | — |
Sep 3, 2026 7w ago | Insider Cluster | $72.35 $74.75 | ▲ +3.32% | ▲ +2.46% | — |
Jun 26, 2026 17w ago | 144 | $81.79 $70.23 | ▼ −14.13% | ▼ −13.85% | — |
US Market Status
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