The concentrated accumulation by active managers suggests a shared bullish thesis on CPAY, but the 45-day 13F lag means the cluster may already be stale. Watch for Q3 2026 13F filings to see if these positions were maintained or trimmed. The absence of insider buying weakens the signal — treat as a moderate positive indicator, not a catalyst.
Executive Summary
Six institutional asset managers accumulated $43.2M in CPAY during Q2 2026, led by Mediolanum International Funds doubling its stake to $38.6M and Assenagon Asset Management tripling to $12.2M. Two small sellers trimmed a combined $113K. The cluster is entirely active managers with no passive/index fund participation, strengthening the signal, but the 45-day 13F lag means positions may have been adjusted since quarter-end. No insider open-market buying corroborates the institutional accumulation, reducing conviction slightly.
Key Financial Metrics
Institutional Positions
Net institutional flow: $43.1M
▲ Buyers (6)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Mediolanum International Funds | DOUBLED | +280.8% | $38.6M | $29.8M |
| Assenagon Asset Management | DOUBLED | +303.5% | $12.2M | $9.5M |
| Wealth Enhancement Advisory Services | ADD | +93.2% | $4.5M | $2.4M |
| Atria Investments | ADD | +90% | $1.6M | $873.0K |
| Merit Financial Group | ADD | +47.3% | $1.1M | $439.0K |
| Farther Finance Advisors | ADD | +39.1% | $276.0K | $104.0K |
▼ Sellers (2)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Commonwealth Equity Services | TRIM | -30.1% | $361.0K | -$72.0K |
| Gateway Investment Advisers | TRIM | -25.5% | $280.0K | -$41.0K |
Key Facts
- 6 institutional buyers added $43.2M in CPAY during Q2 2026
- Mediolanum International Funds doubled its stake to $38.6M (from $8.8M)
- Assenagon Asset Management tripled its position to $12.2M (from $2.6M)
- 2 sellers trimmed only $113K combined — negligible relative to buying
- All 6 buyers are active asset managers; no passive/index fund participation
- No insider open-market buying in the same period (confluence score 20/100, divergent)
Financial Impact
6 institutions accumulated $58.3M in total CPAY holdings, net adding $43.2M; 2 sellers reduced by $113K
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound since quarter-end
- No insider buying to corroborate the institutional thesis
- Historical calibration shows score-5 reports on CPAY have mixed T+20 outcomes (avg alpha +0.71% on one prior report)
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-CPAY-2026-Q2 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 26, 2026 5w ago | Insider Cluster | $406.93 $400.32 | ▲ +1.62% | ▲ +1.85% | — |
Aug 21, 2026 6w ago | Insider Cluster | $417.13 $397.76 | ▼ −4.64% | ▼ −4.36% | — |
Aug 21, 2026 6w ago | Insider Cluster | $417.13 $397.22 | ▼ −4.77% | ▼ −4.25% | — |
Aug 20, 2026 6w ago | 144 | $417.13 $397.22 | ▼ −4.77% | ▼ −4.25% | — |
Aug 20, 2026 6w ago | Insider Cluster | $412.00 $397.76 | ▼ −3.46% | ▼ −3.46% | — |
Aug 19, 2026 6w ago | 144 | $412.00 $397.76 | ▼ −3.46% | ▼ −3.46% | — |
Aug 19, 2026 6w ago | Insider Cluster | $407.08 $404.26 | ▼ −0.69% | ▲ +1.26% | — |
Aug 18, 2026 6w ago | 144 | $407.08 $404.26 | ▼ −0.69% | ▲ +1.26% | — |
Jul 30, 2026 9w ago | Institutional Cluster | $390.12 $403.67 | ▲ +3.47% | ▼ −0.49% | — |
Jul 24, 2026 9w ago | 8-K | $379.71 $413.92 | ▲ +9.01% | ▲ +5.71% | — |
US Market Status
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