The selling is concentrated among active managers with no passive/index fund participation, strengthening the bearish signal. Monitor upcoming 10-Q for any fundamental deterioration that may have triggered these reductions. The 45-day reporting lag means the selling may already be complete.
Executive Summary
Three active asset managers — Parnassus, Vontobel, and Assenagon — collectively sold ~$396M of AutoZone stock in Q3 2026, while a single small buyer added just $86K. The selling is concentrated and material, representing a strong bearish conviction signal from institutional holders.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$395.4M
▲ Buyers (1)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Davenport & Co | ADD | +34% | $545.0K | $86.0K |
▼ Sellers (3)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Assenagon Asset Management | NEAR_EXIT | -84.6% | $78.2M | -$67.5M |
| Vontobel Holding | TRIM | -69.1% | $175.4M | -$127.4M |
| Parnassus Investments | TRIM | -26.2% | $579.8M | -$200.7M |
Key Facts
- 3 sellers reduced positions by a net $395.5M in Q3 2026
- Parnassus Investments trimmed 26.2% ($200.7M sold), remaining at $379.1M
- Vontobel Holding trimmed 69.1% ($127.4M sold), remaining at $48.0M
- Assenagon Asset Management nearly exited, selling 84.6% ($67.5M sold), remaining at $10.7M
- Only 1 buyer (Davenport & Co) added a trivial $86K, for a total of $545K
Financial Impact
Three institutional sellers reduced positions by a combined $395.5M, while one buyer added $86K — net institutional outflow of ~$395.4M in Q3 2026.
Risk Factors
- 13F data is 45+ days stale; positions may have been re-established since quarter-end
- Only 3 sellers — cluster size is small, reducing statistical significance
- No insider buying or other cross-filing context to corroborate the thesis
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-AZO-2026-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | 8-K | $3,217.95 | awaiting T+20 | — | — |
Oct 26, 2026 1d ago | Press Release | $3,217.95 | awaiting T+20 | — | — |
Oct 22, 2026 4d ago | Institutional Cluster | $3,200.76 | awaiting T+20 | — | — |
Oct 9, 2026 17d ago | 8-K | $2,898.85 | awaiting T+20 | — | — |
Sep 22, 2026 5w ago | 8-K | $2,894.73 $3,160.18 | ▲ +9.17% | ▲ +9.73% | — |
Sep 22, 2026 5w ago | Press Release | $2,894.73 $3,160.18 | ▲ +9.17% | ▲ +9.73% | — |
Aug 24, 2026 9w ago | Press Release | $3,027.34 | awaiting T+20 | — | — |
Jul 9, 2026 15w ago | 8-K | $3,072.64 $3,127.29 | ▲ +1.78% | ▼ −0.65% | — |
Jul 7, 2026 15w ago | 424B5 | $3,074.86 $2,990.27 | ▼ −2.75% | ▼ −4.08% | — |
Jul 7, 2026 15w ago | S-3ASR | $3,074.86 $2,990.27 | ▼ −2.75% | ▼ −4.08% | — |
US Market Status
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