The cluster is heavily skewed by Assenagon's massive position build — a single active manager's conviction. Monitor upcoming 13F filings to see if this was a quarter-end snapshot that has since been unwound or maintained. The three trims are small relative to Assenagon's buy, so the net signal is neutral without corroborating insider buying or a fundamental catalyst.
Executive Summary
Institutional activity in EXC during Q3 2026 was mixed: one large asset manager (Assenagon) more than sextupled its position to $149.9M, while three other institutions trimmed holdings totaling $17.7M in net selling. The cluster is dominated by a single aggressive accumulator offset by modest reductions from smaller managers, suggesting no uniform thesis among active funds.
Key Financial Metrics
Institutional Positions
Net institutional flow: $109.0M
▲ Buyers (2)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Assenagon Asset Management | DOUBLED | +633.9% | $149.9M | $126.3M |
| Concurrent Investment Advisors | ADD | +74.2% | $1.2M | $399.0K |
▼ Sellers (3)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Davenport & Co | TRIM | -60.4% | $775.0K | -$509.0K |
| Fjarde Ap-Fonden /Fourth Swedish National | TRIM | -29.8% | $37.9M | -$14.9M |
| Td Waterhouse Canada | TRIM | -55.5% | $3.8M | -$2.3M |
Key Facts
- Assenagon Asset Management doubled its EXC stake by +633.9%, adding $126.3M in value to reach $149.9M
- Concurrent Investment Advisors added 74.2% to its position, increasing value by $399K to $1.2M
- Three sellers trimmed: Davenport & Co (-60.4%), Fjarde Ap-Fonden (-29.8%), Td Waterhouse Canada (-55.5%)
- Aggregate net buying was $109.0M ($126.7M bought vs $17.7M sold), but driven almost entirely by one fund
Financial Impact
Two buyers accumulated $126.7M in new EXC holdings while three sellers reduced by $17.7M, for a net institutional inflow of $109.0M in Q3 2026
Risk Factors
- 13F data is 45+ days stale; positions may have already been reversed
- Single-fund dominance means the cluster lacks diversified conviction — one manager's thesis may not be shared
- No insider buying confluence to reinforce 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-EXC-2026-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 9d ago | Institutional Cluster | $42.39 | awaiting T+20 | — | — |
Oct 6, 2026 19d ago | 3 | $41.68 | awaiting T+20 | — | — |
Mar 18, 2026 31w ago | DEFA14A | $49.25 $47.58 | ▼ −3.39% | ▼ −9.44% | — |
US Market Status
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