Wasatch's doubling is a strong active-manager signal, but the lack of broader institutional participation and the 45-day reporting lag reduce immediacy. Monitor next 13F for whether Wasatch maintained or trimmed — a hold would confirm conviction; a reversal would suggest the thesis played out.
Executive Summary
A mixed institutional cluster in BROS for Q3 2026: Wasatch Advisors doubled its position to $90M, while three smaller sellers trimmed negligible amounts. The net buying of $15.3M is concentrated in a single active manager, suggesting selective conviction rather than a broad consensus.
Key Financial Metrics
Institutional Positions
Net institutional flow: $14.8M
▲ Buyers (3)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Wasatch Advisors | DOUBLED | +124.7% | $90.0M | $15.4M |
| Wealth Enhancement Advisory Services | ADD | +29.7% | $399.0K | -$124.0K |
| Vontobel Holding | DOUBLED | +111% | $315.0K | $37.0K |
▼ Sellers (3)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Farther Finance Advisors | TRIM | -39.5% | $634.0K | -$428.0K |
| Nisa Investment Advisors | NEAR_EXIT | -93.2% | $67.0K | -$65.0K |
| Assetmark | TRIM | -25% | $7.0K | -$4.0K |
Key Facts
- Wasatch Advisors doubled its BROS position to 2.33M shares worth $90.0M, adding $15.4M in value.
- Three sellers (Farther Finance, Nisa, Assetmark) reduced holdings by a combined $497K — immaterial relative to the buying side.
- Net institutional inflow was $14.8M, driven almost entirely by Wasatch's conviction add.
- No activist, insider, or catalyst context is present in the filing data.
Financial Impact
3 institutions accumulated $90.7M in BROS (net +$15.3M), while 3 sellers reduced by $497K. Net cluster inflow of ~$14.8M.
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound since quarter-end.
- The cluster is dominated by one fund (Wasatch) — not a broad consensus signal.
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-BROS-2026-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 6d ago | Insider Cluster | $41.49 $42.02 | ▼ −1.28% | ▼ −0.57% | — |
Oct 21, 2026 6d ago | Institutional Cluster | $41.75 $41.49 | ▼ −0.62% | ▼ −0.10% | — |
Jun 12, 2026 19w ago | Insider Cluster | $65.89 $66.51 | ▼ −0.94% | ▲ +0.82% | — |
Jun 11, 2026 19w ago | Institutional Cluster | $65.03 $65.89 | ▲ +1.32% | ▲ +0.78% | — |
May 29, 2026 21w ago | Insider Cluster | $58.89 $57.86 | ▼ −1.75% | ▼ −1.90% | — |
May 14, 2026 23w ago | 3 | $51.01 $52.74 | ▲ +3.39% | ▲ +3.45% | — |
US Market Status
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