Wasatch Advisors' near-total exit is a high-conviction negative signal from a respected active manager. Monitor upcoming 10-Q for comparable insider selling or guidance weakness that would corroborate the thesis. The small buyers are too insignificant to offset the selling pressure.
Executive Summary
A cluster of 5 small asset managers accumulated $6.9M in FIVE during Q3 2026, while two larger institutional holders—Wasatch Advisors and Robeco—exited or trimmed aggressively, shedding a combined $49.4M. The net selling pressure from Wasatch alone ($48.3M) dwarfs the buying, making the aggregate signal bearish despite the buyer count.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$42.5M
▲ Buyers (5)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Wealth Enhancement Advisory Services | ADD | +44.6% | $11.1M | $4.1M |
| Nisa Investment Advisors | DOUBLED | +629.7% | $1.6M | $1.4M |
| Hb Wealth Management | ADD | +74.8% | $2.0M | $1.0M |
▼ Sellers (2)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Wasatch Advisors | NEAR_EXIT | -85.6% | $58.6M | -$48.3M |
| Robeco Institutional Asset Management B.v. | TRIM | -61.1% | $2.2M | -$1.2M |
Key Facts
- 5 small asset managers added $6.9M in net new positions (current holdings $15.2M)
- Wasatch Advisors near-exited 85.6% of its stake, selling $48.3M (325.9K → 47.1K shares)
- Robeco trimmed 61.1%, selling $1.2M (12.4K → 4.8K shares)
- Net aggregate change across all 7 institutions: -$42.5M (buyers +$6.9M, sellers -$49.4M)
- All buyers are small asset managers; the largest seller (Wasatch) is a well-known active growth manager
Financial Impact
Net institutional outflow of $42.5M in Q3 2026, driven by Wasatch Advisors' $48.3M near-exit and Robeco's $1.2M trim, partially offset by $6.9M in buying from 5 small asset managers
Risk Factors
- 13F data is 45+ days stale; the cluster may have been unwound or reversed since quarter-end
- Buyers are small asset managers with limited capital; their additions may reflect rebalancing rather than conviction
- Wasatch's exit could be sector-rotation or fund-redemption driven, not a fundamental call on FIVE
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-FIVE-2026-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | Institutional Cluster | $223.24 | awaiting T+5 | — | — |
Oct 14, 2026 12d ago | 8-K | $223.23 $225.87 | ▲ +1.18% | ▲ +2.20% | — |
Sep 23, 2026 4w ago | 8-K | $222.38 $221.17 | ▼ −0.54% | ▼ −0.13% | — |
Sep 16, 2026 5w ago | Insider Cluster | $236.80 $222.38 | ▲ +6.09% | ▲ +6.69% | — |
Sep 14, 2026 6w ago | 144 | $236.07 $232.28 | ▼ −1.61% | ▼ −3.72% | — |
Sep 11, 2026 6w ago | Insider Cluster | $249.59 $236.14 | ▲ +5.39% | ▲ +5.50% | — |
Sep 11, 2026 6w ago | Insider Cluster | $249.59 $236.14 | ▼ −5.39% | ▼ −5.50% | — |
Sep 9, 2026 6w ago | Insider Cluster | $241.28 $236.80 | ▼ −1.86% | ▼ −1.36% | — |
Sep 9, 2026 6w ago | Insider Cluster | $241.28 $236.80 | ▼ −1.86% | ▼ −1.36% | — |
Sep 2, 2026 7w ago | Press Release | $239.96 $244.60 | ▲ +1.93% | ▲ +3.08% | — |
US Market Status
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