The Artemis full exit is a high-conviction negative signal from a material holder. Monitor upcoming 13F filings for further institutional distribution and any insider selling that would corroborate the bearish thesis. The small buyers are not large enough to offset the selling pressure.
Executive Summary
Institutional activity in KEY during Q3 2026 shows a stark divergence: two small asset managers doubled their positions (aggregate net buying of $4.8M), while three larger managers sold aggressively, including a full exit by Artemis Investment Management ($174.7M) and significant trims by Assenagon and Concurrent. The net dollar flow is heavily negative (-$194.9M), driven by one large exit, suggesting a bearish institutional rotation despite isolated accumulation by smaller holders.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$194.9M
▲ Buyers (2)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Farther Finance Advisors | DOUBLED | +102.4% | $2.5M | $1.1M |
| Fjarde Ap-Fonden /Fourth Swedish National | DOUBLED | +102.4% | $7.6M | $3.7M |
▼ Sellers (3)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Artemis Investment Management | EXIT | -100% | $174.7M | -$174.7M |
| Assenagon Asset Management | TRIM | -53.3% | $12.4M | -$18.1M |
| Concurrent Investment Advisors | TRIM | -64.4% | $10.0M | -$6.9M |
Key Facts
- Artemis Investment Management fully exited a 7.58M-share position worth $174.7M — the dominant seller in the cluster.
- Two buyers (Farther Finance, Fjarde Ap-Fonden) each more than doubled their small positions, adding a combined $4.8M.
- Net aggregate change across all five institutions was -$194.9M, with sellers outweighing buyers 3-to-1 by dollar volume.
- All three sellers are active asset managers; the two buyers are also active managers, not passive/index funds.
Financial Impact
Net institutional outflow of approximately $194.9M in Q3 2026, driven by a single $174.7M full exit and two trims totaling $25.0M, partially offset by $4.8M in buying from two smaller managers.
Risk Factors
- 13F data is 45+ days stale; the Artemis exit may have already been absorbed or reversed.
- The two buyers doubled positions — if they are value-oriented managers, they may see a contrarian opportunity that the sellers are missing.
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-KEY-2026-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | 424B5 | $21.13 | awaiting T+60 | — | — |
Oct 20, 2026 7d ago | 8-K | $20.81 | awaiting T+60 | — | — |
Oct 16, 2026 11d ago | Institutional Cluster | $19.99 | awaiting T+60 | — | — |
Oct 5, 2026 22d ago | Press Release | $20.18 | awaiting T+60 | — | — |
Sep 25, 2026 4w ago | 8-K | $20.40 | awaiting T+60 | — | — |
Sep 14, 2026 6w ago | 8-K | $21.93 | awaiting T+60 | — | — |
Aug 4, 2026 12w ago | Press Release | $23.10 | awaiting T+60 | — | — |
Jul 31, 2026 12w ago | Press Release | $22.81 | awaiting T+60 | — | — |
Jul 21, 2026 14w ago | 8-K | $22.95 $19.91 | ▼ −13.25% | ▼ −17.22% | — |
Jun 25, 2026 17w ago | EFFECT | $23.41 $20.81 | ▲ +11.11% | ▲ +14.96% | — |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers