The massive sell-off by Congress Asset Management and Artemis Investment Management suggests a fundamental thesis change or risk reduction by two large active managers. Monitor for any upcoming earnings or guidance revisions that could explain this coordinated exit. The small buyers are not meaningful enough to offset the distribution signal.
Executive Summary
COHR saw mixed institutional activity in Q3 2026, with 4 small buyers accumulating $6.4M in new positions while 4 large sellers exited or trimmed $147.5M in holdings. The net selling pressure is dominated by Congress Asset Management and Artemis Investment Management, which together reduced over $125M in exposure. This is a clear distribution signal from large active managers, partially offset by modest accumulation from smaller asset managers.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$141.1M
▲ Buyers (4)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Vontobel Holding | ADD | +88.4% | $17.1M | $4.7M |
| Robeco Institutional Asset Management B.v. | ADD | +74.5% | $3.8M | $806.0K |
| Assetmark | DOUBLED | +126% | $2.3M | $917.0K |
| Mather Group | DOUBLED | +150.5% | $147.0K | $67.0K |
▼ Sellers (4)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Congress Asset Management | NEAR_EXIT | -99.1% | $75.3M | -$74.8M |
| Artemis Investment Management | TRIM | -35.9% | $96.1M | -$51.1M |
| Concurrent Investment Advisors | NEAR_EXIT | -91.3% | $20.5M | -$19.2M |
| Farther Finance Advisors | TRIM | -35.6% | $4.6M | -$2.4M |
Key Facts
- 4 buyers added $6.4M in new positions; 4 sellers reduced $147.5M in holdings
- Congress Asset Management nearly exited its entire position (-99.1%, $74.8M sold)
- Artemis Investment Management trimmed 35.9% of its stake, selling $51.1M
- Concurrent Investment Advisors nearly exited (-91.3%, $19.2M sold)
- Buyers were all small asset managers (Mather Group, Vontobel, Robeco, Assetmark) with combined $23.3M in current holdings)
- Net institutional outflow of ~$141.1M driven by large active managers
Financial Impact
4 institutions reduced $147.5M in COHR positions while 4 buyers added $6.4M; net selling of $141.1M in institutional outflows
Risk Factors
- 13F data is 45+ days stale; the selling may have already been completed and priced in
- Small buyers could be passive rebalancing or tax-loss harvesting, not conviction buys
- No insider buying or insider selling data available to corroborate the institutional 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-COHR-2026-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 6d ago | Institutional Cluster | $207.82 | awaiting T+20 | awaiting T+20 | No price |
Oct 9, 2026 18d ago | DEFA14A | $312.62 | awaiting T+20 | awaiting T+20 | No price |
Oct 9, 2026 18d ago | DEF 14A | $312.62 | awaiting T+20 | awaiting T+20 | No price |
Sep 15, 2026 6w ago | Insider Cluster | $289.93 $263.32 | ▼ −9.18% | ▼ −11.24% | No price |
Sep 11, 2026 6w ago | Insider Cluster | $266.50 $288.02 | ▲ +8.07% | ▲ +5.56% | No price |
Sep 4, 2026 7w ago | Insider Cluster | $301.88 $338.36 | ▲ +12.08% | ▲ +10.12% | No price |
Sep 2, 2026 7w ago | Insider Cluster | $264.41 $337.04 | ▲ +27.47% | ▲ +28.66% | No price |
Sep 2, 2026 7w ago | Insider Cluster | $264.41 $337.04 | ▼ −27.47% | ▼ −28.66% | No price |
Aug 31, 2026 8w ago | 8-K | $277.83 $292.21 | ▲ +5.18% | ▲ +5.36% | No price |
Jul 14, 2026 15w ago | Institutional Cluster | $299.38 $355.64 | ▲ +18.79% | ▲ +16.45% | No price |
US Market Status
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