Monitor next 13F filing for whether the Td Waterhouse Canada trim continued or reversed. The small active buyers are not large enough to signal a coordinated thesis; no insider buying confluence is present to corroborate the accumulation.
Executive Summary
Four asset managers increased DE positions by $12.0M in Q3 2026, while two trimmed $40.9M, resulting in net selling of $28.9M. The buying was concentrated in smaller active managers doubling or adding, while the selling was dominated by a single large trim from Td Waterhouse Canada. The cluster is mixed, with no clear shared thesis, and the 45-day reporting lag reduces timeliness.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$28.9M
▲ Buyers (4)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Congress Asset Management | DOUBLED | +291.8% | $1.7M | $1.3M |
| Farther Finance Advisors | ADD | +31.4% | $11.9M | $3.3M |
| Mather Group | DOUBLED | +296.6% | $5.1M | $3.9M |
| Assenagon Asset Management | ADD | +58.2% | $8.6M | $3.4M |
▼ Sellers (2)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Td Waterhouse Canada | TRIM | -63% | $58.8M | -$35.8M |
| Robeco Institutional Asset Management B.v. | TRIM | -40.5% | $14.0M | -$5.2M |
Key Facts
- 4 buyers added $12.0M in aggregate new value; 2 sellers reduced $40.9M
- Congress Asset Management and Mather Group each roughly quadrupled their positions (+292% and +297% share counts)
- Td Waterhouse Canada trimmed 63% of its stake, accounting for 88% of total sell value
- All participants are asset managers; no activist, quant, or passive index funds detected
- 13F data is as of quarter-end with 45-day reporting lag; positions may have been unwound
Financial Impact
Net institutional selling of $28.9M (buyers added $12.0M vs sellers $40.9M trimmed)
Risk Factors
- 13F data is stale by 45+ days; cluster may have already been reversed
- One large seller (Td Waterhouse) dominates the net flow, not a broad sell-off
- No activist or high-conviction fund types in the buyer group
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-DE-2026-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 7d ago | Institutional Cluster | $636.54 | awaiting T+20 | awaiting T+20 | No price |
Aug 26, 2026 8w ago | Press Release | $634.54 $684.73 | ▲ +7.91% | ▲ +6.71% | No price |
Aug 20, 2026 9w ago | Press Release | $620.94 $683.99 | ▲ +10.15% | ▲ +10.15% | No price |
Aug 20, 2026 9w ago | 8-K | $620.94 $683.99 | ▲ +10.15% | ▲ +10.15% | No price |
Aug 5, 2026 11w ago | Press Release | $611.81 | awaiting T+20 | awaiting T+20 | No price |
Jun 1, 2026 21w ago | 8-K | $578.66 $627.63 | ▲ +8.46% | ▲ +10.28% | No price |
May 21, 2026 22w ago | 8-K | $530.97 $589.24 | ▲ +10.97% | ▲ +10.43% | No price |
US Market Status
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