The cluster is mixed with no strong directional signal. Monitor Q4 2026 earnings and the Bagdad expansion decision for potential catalysts that could align institutional conviction.
Executive Summary
Three asset managers added to FCX positions in Q3 2026, led by Assenagon's $196M increase, while three other institutions trimmed, including a $51M reduction by Artemis and a $20M cut by Temasek. The cluster follows Freeport's Q3 earnings beat (EPS $0.88 vs $0.83 consensus) and maintained copper guidance, but the mixed net direction and absence of insider buying limit conviction.
Key Financial Metrics
Institutional Positions
Net institutional flow: $126.5M
▲ Buyers (3)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Assenagon Asset Management | ADD | +84.9% | $381.4M | $196.1M |
| Robeco Institutional Asset Management B.v. | ADD | +38.8% | $3.7M | $1.3M |
| Prime Capital Investment Advisors | ADD | +29.5% | $2.1M | $631.0K |
▼ Sellers (3)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Temasek Holdings (Private) | TRIM | -52.7% | $42.1M | -$19.9M |
| Congress Asset Management | TRIM | -38.9% | $454.0K | -$145.0K |
| Artemis Investment Management | TRIM | -45.1% | $132.4M | -$51.4M |
Key Facts
- Three institutional buyers added $198.0M in net new holdings during Q3 2026.
- Three institutional sellers reduced holdings by $71.5M in aggregate.
- Assenagon Asset Management was the largest buyer, adding $196.1M (84.9% increase).
- Artemis Investment Management was the largest seller, trimming $51.4M (45.1% reduction).
- Temasek Holdings trimmed $19.9M (52.7% reduction).
- No open-market insider buying was detected; the 13F-Form 4 confluence score is 11/100 (divergent).
- Freeport reported Q3 2026 adjusted EPS of $0.88, above the $0.83 consensus, on revenue of $7.55B.
Financial Impact
Net institutional buying of $126.5M ($198.0M bought minus $71.5M sold) across six funds, representing a small fraction of FCX's $93.6B market cap.
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound since quarter-end.
- No insider buying corroboration weakens the conviction signal.
- Gold sales missed estimates in Q3, and unit costs were above expectations.
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-FCX-2026-Q3 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 1d ago | Institutional Cluster | $66.60 $66.14 | ▼ −0.69% | ▼ −0.31% | No price |
Oct 27, 2026 2d ago | 8-K | $65.95 $66.60 | ▲ +0.99% | ▲ +0.64% | No price |
Oct 12, 2026 17d ago | Institutional Cluster | $73.29 $72.42 | ▼ −1.19% | ▼ −1.18% | No price |
Oct 2, 2026 27d ago | 8-K | $72.04 $72.60 | ▲ +0.78% | ▲ +0.10% | No price |
Aug 28, 2026 8w ago | Insider Cluster | $75.74 $72.47 | ▼ −4.32% | ▼ −3.63% | No price |
Aug 5, 2026 12w ago | Insider Cluster | $68.03 $69.47 | ▲ +2.11% | ▲ +1.50% | No price |
May 20, 2026 23w ago | 8-K | $62.31 $61.91 | ▼ −0.64% | ▼ −1.09% | No price |
Apr 23, 2026 27w ago | DEFA14A | $61.04 $60.55 | ▼ −0.80% | ▼ −0.97% | No price |
Apr 23, 2026 27w ago | 8-K | $61.45 $61.04 | ▼ −0.67% | ▼ −1.45% | No price |
Feb 27, 2026 34w ago | 8-K/A | $68.06 $68.24 | ▲ +0.26% | ▲ +0.21% | No price |
US Market Status
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