The cluster shows a clear divergence: one large new buyer (Ninety One UK) versus two major sellers (Assenagon, Parnassus). The 45-day reporting lag means these positions may have already been adjusted. Monitor upcoming 13F filings for confirmation of whether the selling trend continued into Q4.
Executive Summary
Institutional activity in CMG during 2026-Q3 was mixed: a large new position by Ninety One UK ($119.2M) was offset by significant trimming from Assenagon Asset Management (-$114.0M) and a full exit by Parnassus Investments (-$43.7M). The net dollar change was -$46.0M, with 5 sellers outweighing 3 buyers in aggregate conviction.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$46.0M
▲ Buyers (3)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Ninety One Uk | NEW | +0% | $119.2M | $119.2M |
| Concurrent Investment Advisors | ADD | +43.4% | $2.7M | $707.0K |
| Farther Finance Advisors | ADD | +31.7% | $1.1M | $207.0K |
▼ Sellers (5)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Assenagon Asset Management | TRIM | -55.6% | $195.5M | -$114.0M |
| Parnassus Investments | EXIT | -100% | $43.7M | -$43.7M |
| Assetmark | TRIM | -35.8% | $17.7M | -$7.0M |
| Vontobel Holding | TRIM | -26.1% | $3.6M | -$1.1M |
| Davenport & Co | TRIM | -39.4% | $728.0K | -$313.0K |
Key Facts
- Ninety One UK initiated a new $119.2M position (3.73M shares), the largest buyer in the cluster.
- Assenagon Asset Management trimmed 55.6% of its stake, reducing holdings by $114.0M.
- Parnassus Investments fully exited its $43.7M position (1.29M shares).
- Net institutional dollar flow was negative: buyers added $120.1M, sellers removed $166.1M.
- All 8 institutions are categorized as asset managers; no activist, quant, or family office funds were present.
Financial Impact
3 buyers accumulated $120.1M in new positions while 5 sellers reduced holdings by $166.1M, resulting in a net outflow of $46.0M.
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound or added to since quarter-end.
- All participants are asset managers, not activist or event-driven funds, reducing the signal's catalyst implication.
- Net dollar outflow suggests institutional sentiment was net negative during Q3.
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-CMG-2026-Q3 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 2d ago | 8-K | No price | awaiting T+1 | awaiting T+1 | No price |
Oct 28, 2026 2d ago | Press Release | $31.28 $31.89 | ▼ −1.95% | ▼ −3.72% | No price |
Oct 22, 2026 8d ago | Institutional Cluster | $27.52 $28.41 | ▲ +3.23% | ▲ +2.52% | No price |
Aug 5, 2026 12w ago | 8-K | $34.50 $33.71 | ▼ −2.29% | ▼ −2.13% | No price |
Jul 8, 2026 16w ago | 8-K | $34.60 $35.25 | ▲ +1.87% | ▲ +1.45% | No price |
Apr 29, 2026 26w ago | 8-K | $33.97 $32.97 | ▼ −2.94% | ▼ −3.16% | No price |
Feb 28, 2026 34w ago | Institutional Cluster | $36.70 $36.93 | ▲ +0.63% | ▲ +1.55% | No price |
US Market Status
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