The cluster is directionally bullish but lacks high-conviction fund types (no activists, no hedge funds). Davenport & Co's massive increase is the standout — watch for any 13D filing or public commentary from them. The 45-day reporting lag means this positioning may already be unwound.
Executive Summary
Five asset managers accumulated $51.5M in BEPC during Q3 2026, led by Davenport & Co nearly quadrupling its stake to $60.4M. One small seller trimmed $32K. The cluster is overwhelmingly bullish but reflects stale quarter-end data and is dominated by smaller advisors, not high-conviction activist or hedge fund managers.
Key Financial Metrics
Institutional Positions
Net institutional flow: $51.5M
▲ Buyers (5)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Davenport & Co | DOUBLED | +751.2% | $60.4M | $51.0M |
| Wealth Enhancement Advisory Services | DOUBLED | +113% | $771.0K | $339.0K |
| Farther Finance Advisors | ADD | +53.4% | $662.0K | $94.0K |
| Hb Wealth Management | ADD | +33% | $910.0K | $10.0K |
| Mather Group | ADD | +57.3% | $17.0K | $3.0K |
▼ Sellers (1)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Assetmark | TRIM | -37.2% | $62.0K | -$32.0K |
Key Facts
- 5 buyers added $51.5M in net new BEPC positions during Q3 2026
- Davenport & Co increased its stake by 751% to $60.4M, accounting for 96% of total buying
- Only 1 seller (Assetmark) trimmed $32K, a negligible reduction
- All participants are registered investment advisors/asset managers, not hedge funds or activists
- 13F data is stale (quarter-end) and may not reflect current positioning
Financial Impact
5 institutions accumulated $51.5M in BEPC while 1 reduced holdings by $32K, for net buying of approximately $51.5M
Risk Factors
- 13F data is 45+ days stale; positions may have been reversed
- All buyers are asset managers, not activist or event-driven funds — lower conviction signal
- No insider buying corroboration provided in this cluster
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-BEPC-2026-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | Institutional Cluster | $29.01 | awaiting T+5 | — | — |
Oct 14, 2026 12d ago | 6-K | $28.93 $29.36 | ▲ +1.49% | ▲ +2.50% | — |
Aug 31, 2026 8w ago | 6-K | $32.15 $32.56 | ▲ +1.28% | ▲ +1.42% | — |
Aug 11, 2026 10w ago | Institutional Cluster | $35.00 $34.06 | ▲ +2.69% | ▲ +2.24% | — |
Jul 31, 2026 12w ago | 6-K | $33.35 $33.74 | ▲ +1.17% | ▼ −2.34% | — |
Jul 31, 2026 12w ago | 6-K | $33.35 $33.74 | ▲ +1.17% | ▼ −2.34% | — |
Jun 17, 2026 18w ago | 6-K | $37.42 $37.62 | ▲ +0.53% | ▲ +2.20% | — |
Jun 17, 2026 18w ago | Press Release | $37.42 $37.62 | ▲ +0.53% | ▲ +2.20% | — |
Jun 2, 2026 20w ago | 6-K | $38.57 $37.49 | ▼ −2.80% | ▲ +1.02% | — |
May 15, 2026 23w ago | 6-K | $36.00 $38.68 | ▲ +7.43% | ▲ +5.81% | — |
US Market Status
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