The bearish cluster is driven by small-to-mid-size asset managers trimming positions, with one near-exit. The buying is concentrated in two firms, one of which (Assetmark) made a large percentage increase from a small base. Given the 45-day lag and the absence of activist or high-conviction fund involvement, this cluster is a weak directional signal. Monitor next 13F cycle for follow-through on selling or a reversal.
Executive Summary
An institutional cluster in CSGP shows a bearish net conviction, with 5 sellers reducing positions by $5.9M versus 2 buyers adding $13.6M. The selling is broad-based, including a near-exit by Fjarde Ap-Fonden, while buying is concentrated in two asset managers, one of which (Assetmark) more than doubled its stake. The 45-day reporting lag and the small aggregate dollar amounts limit the signal's immediacy.
Key Financial Metrics
Institutional Positions
Net institutional flow: $7.7M
▲ Buyers (2)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Assetmark | DOUBLED | +1235.4% | $14.2M | $13.1M |
| Nisa Investment Advisors | DOUBLED | +271.2% | $718.0K | $518.0K |
▼ Sellers (5)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Fjarde Ap-Fonden /Fourth Swedish National | NEAR_EXIT | -93.2% | $3.7M | -$3.5M |
| Mather Group | TRIM | -66.4% | $270.0K | -$182.0K |
| Sumitomo Mitsui Ds Asset Management Company | TRIM | -73.2% | $1.7M | -$1.3M |
| Wealth Enhancement Advisory Services | TRIM | -34.7% | $3.1M | -$937.0K |
| Td Waterhouse Canada | TRIM | -44.1% | $6.0K | -$3.0K |
Key Facts
- 5 institutional sellers reduced CSGP positions by a net $5.9M in Q3 2026
- 2 institutional buyers added $13.6M, led by Assetmark (DOUBLED, +$13.1M) and Nisa Investment Advisors (DOUBLED, +$518K)
- Fjarde Ap-Fonden executed a near-exit, cutting its stake by 93.2% ($3.5M sold)
- All sellers are asset managers; no activist, quant, or family office funds are present in the cluster
- 13F data is 45+ days stale; positions may have been unwound since quarter-end
Financial Impact
5 sellers reduced holdings by $5.9M (aggregate), while 2 buyers added $13.6M, resulting in net buying of $7.7M. The largest single sell was Fjarde Ap-Fonden's $3.5M near-exit.
Risk Factors
- 13F data is stale (45+ days old); the cluster may have already been reversed
- All participants are asset managers, not high-conviction activists or family offices, reducing signal strength
- Net buying of $7.7M is immaterial relative to CSGP's market cap (~$30B+), limiting price impact
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-CSGP-2026-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | 8-K | $31.00 | awaiting T+1 | — | — |
Oct 21, 2026 6d ago | Institutional Cluster | $35.45 $33.92 | ▲ +4.32% | ▲ +3.79% | — |
Aug 16, 2026 10w ago | Institutional Cluster | $31.35 $31.38 | ▲ +0.10% | ▲ +0.77% | — |
Aug 10, 2026 11w ago | Insider Cluster | $31.12 $30.50 | ▼ −1.99% | ▼ −2.24% | — |
Jul 13, 2026 15w ago | 8-K | $27.68 $28.37 | ▲ +2.48% | ▲ +2.10% | — |
May 29, 2026 21w ago | 8-K | $32.15 $33.86 | ▲ +5.32% | ▲ +5.06% | — |
May 18, 2026 23w ago | DEFA14A | $33.18 $33.79 | ▲ +1.84% | ▲ +2.49% | — |
Feb 27, 2026 34w ago | Insider Cluster | $44.60 $45.11 | ▲ +1.14% | ▲ +1.09% | — |
Feb 27, 2026 34w ago | Insider Cluster | $44.60 $45.11 | ▲ +1.14% | ▲ +1.09% | — |
Feb 24, 2026 35w ago | 8-K | $44.67 $44.81 | ▲ +0.31% | ▲ +0.86% | — |
US Market Status
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