The near-total exits by two active managers (Davenport & Co. and Assenagon) suggest a shared negative catalyst or valuation concern that emerged in Q3. Monitor upcoming 10-Q for any revenue/earnings weakness or guidance revision that could explain the cluster. The 45-day reporting lag means these positions may have been adjusted further since quarter-end.
Executive Summary
Four institutional asset managers reduced COO holdings by a net $76.2M in Q3 2026, led by Davenport & Co. (near-exit of a $44.2M position) and Assenagon Asset Management (near-exit of a $37.7M position). Only one tiny buyer appeared (Farther Finance Advisors, +$1K). The cluster signals broad institutional de-risking or thesis abandonment, though 13F data is stale by 45+ days.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$76.3M
▲ Buyers (1)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Farther Finance Advisors | ADD | +28.2% | $136.0K | $1.0K |
▼ Sellers (4)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Davenport & Co | NEAR_EXIT | -92.6% | $44.2M | -$41.6M |
| Assenagon Asset Management | NEAR_EXIT | -76.6% | $37.7M | -$30.8M |
| Wealth Enhancement Advisory Services | TRIM | -62.4% | $5.5M | -$3.8M |
| Mather Group | TRIM | -35.9% | $60.0K | -$30.0K |
Key Facts
- 4 sellers reduced holdings by a net $76.2M in Q3 2026
- Davenport & Co. exited 92.6% of its position ($44.2M → $2.6M)
- Assenagon Asset Management exited 76.6% of its position ($37.7M → $7.0M)
- Wealth Enhancement Advisory Services trimmed 62.4% ($5.5M → $1.7M)
- Only 1 buyer (Farther Finance Advisors) added a trivial $1K
- All four sellers are active asset managers, not passive/index funds
Financial Impact
Four institutions sold a net $76.2M of COO in Q3 2026; the largest seller alone removed $41.6M
Risk Factors
- 13F data is 45+ days stale; the cluster may have already been unwound or reversed
- Small sample of 4 sellers — not yet a consensus call; no insider selling to corroborate the bearish signal
- No passive/index fund selling — the signal is purely from active manager conviction, which could be wrong
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-COO-2026-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 12d ago | Institutional Cluster | $57.40 | awaiting T+20 | — | — |
Sep 17, 2026 5w ago | Insider Cluster | $55.29 $57.94 | ▲ +4.79% | ▲ +4.59% | — |
Sep 15, 2026 5w ago | Insider Cluster | $54.61 $54.88 | ▲ +0.49% | ▼ −1.57% | — |
Sep 9, 2026 6w ago | Press Release | $54.17 $54.30 | ▲ +0.24% | ▼ −1.88% | — |
Jun 4, 2026 20w ago | 8-K | $67.34 $72.61 | ▲ +7.83% | ▲ +5.96% | — |
Jun 4, 2026 20w ago | Press Release | $67.34 $72.61 | ▲ +7.83% | ▲ +5.96% | — |
Mar 5, 2026 33w ago | 8-K | $76.36 $70.15 | ▼ −8.13% | ▼ −6.09% | — |
Mar 5, 2026 33w ago | Press Release | $76.36 $70.15 | ▼ −8.13% | ▼ −6.09% | — |
Feb 24, 2026 34w ago | DEFA14A | $83.38 $71.35 | ▼ −14.43% | ▼ −9.19% | — |
US Market Status
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