The cluster is too small to signal a material thesis change. Monitor Q4 13F filings for larger institutional moves or insider buying to confirm any shift in sentiment.
Executive Summary
Five small institutional investors increased their CNQ positions in Q3 2026, adding a net $2.8M in value. The cluster is tiny in absolute dollar terms and lacks insider buying corroboration, making it a low-conviction signal.
Key Financial Metrics
Institutional Positions
Net institutional flow: $2.8M
▲ Buyers (5)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Unisuper Management Pty | ADD | +29.9% | $4.9M | $1.7M |
| Exchange Traded Concepts | ADD | +81.1% | $891.0K | $478.0K |
| Mather Group | ADD | +35.8% | $32.0K | $12.0K |
| Concurrent Investment Advisors | DOUBLED | +111.9% | $871.0K | $526.0K |
| Assetmark | ADD | +34.5% | $149.0K | $56.0K |
Key Facts
- 5 institutional buyers added $2.8M net to CNQ positions in Q3 2026
- No institutional sellers in the cluster
- All buyers are small asset managers; no major hedge funds or activist funds
- No open-market insider buying during the quarter (confluence score 25/100)
- Total current holdings of the cluster are only $6.9M, negligible relative to CNQ's $114B market cap
Financial Impact
Net institutional buying of $2.8M across 5 funds, representing less than 0.01% of CNQ's market cap
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound since quarter-end
- Cluster consists of tiny positions from small asset managers, not indicative of smart money
- No insider buying to corroborate the institutional signal
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-CNQ-2026-Q3 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 1d ago | Institutional Cluster | $54.81 | awaiting T+60 | awaiting T+60 | No price |
Aug 6, 2026 12w ago | 6-K | $45.51 | awaiting T+60 | awaiting T+60 | No price |
May 12, 2026 24w ago | 6-K | $47.20 $45.51 | ▼ −3.58% | ▼ −8.02% | No price |
May 7, 2026 25w ago | 6-K | $44.53 $46.18 | ▲ +3.71% | ▼ −1.13% | No price |
May 7, 2026 25w ago | 6-K | $44.53 $46.18 | ▼ −3.71% | ▲ +1.13% | No price |
US Market Status
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