The cluster is dominated by a single large seller (Assenagon) making a near-exit, which may reflect a specific thesis change rather than sector-wide rotation. Monitor upcoming 10-Q for any fundamental deterioration and watch for further 13F filings to see if selling broadens.
Executive Summary
Institutional activity in MAR for 2026-Q3 shows a mixed pattern: three smaller asset managers added $18.9M in positions, while two larger sellers reduced holdings by $103.3M, led by Assenagon's near-exit of $101.6M. The net selling pressure is substantial, and the absence of insider buying (confluence score 7/100, divergent) weakens the bullish signal from the buyers.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$84.4M
▲ Buyers (3)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Concurrent Investment Advisors | DOUBLED | +212.3% | $18.1M | $12.1M |
| Unisuper Management Pty | ADD | +44.4% | $20.5M | $5.7M |
| Mather Group | DOUBLED | +382.4% | $1.4M | $1.1M |
▼ Sellers (2)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Assenagon Asset Management | NEAR_EXIT | -75.1% | $133.6M | -$101.6M |
| Td Waterhouse Canada | TRIM | -53.4% | $3.1M | -$1.7M |
Key Facts
- 3 buyers added $18.9M in aggregate; 2 sellers reduced by $103.3M
- Assenagon Asset Management nearly exited, selling $101.6M (75.1% of its position)
- Td Waterhouse Canada trimmed 53.4% of its position, removing $1.7M
- Concurrent Investment Advisors doubled its position (+212.3%, +$12.1M)
- Unisuper Management added 44.4% (+$5.7M)
- Mather Group nearly quadrupled its position (+382.4%, +$1.1M)
- No open-market insider buying; 13F × Form 4 confluence score is 7/100 (divergent)
Financial Impact
Net institutional selling of $84.4M ($103.3M sold vs $18.9M bought) in 2026-Q3
Risk Factors
- 13F data is 45+ days stale; positions may have been adjusted since quarter-end
- Buyers are small asset managers with limited price impact relative to the large seller
- No insider buying corroborates the bullish side of the cluster
- Selling by a large active manager (Assenagon) could signal negative non-public information
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-MAR-2026-Q3 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | Institutional Cluster | $394.75 $390.23 | ▲ +1.15% | ▲ +1.71% | — |
Sep 29, 2026 28d ago | Insider Cluster | $355.67 $354.79 | ▼ −0.25% | ▼ −0.43% | — |
Sep 29, 2026 28d ago | Insider Cluster | $355.67 $354.79 | ▼ −0.25% | ▼ −0.43% | — |
Sep 25, 2026 4w ago | 144 | $352.03 $358.57 | ▲ +1.86% | ▲ +2.60% | — |
Sep 24, 2026 4w ago | 8-K | $352.03 $358.57 | ▲ +1.86% | ▲ +2.60% | — |
Aug 11, 2026 11w ago | 424B5 | $349.49 $354.58 | ▲ +1.46% | ▲ +1.21% | — |
Aug 6, 2026 11w ago | Press Release | $359.67 $353.91 | ▼ −1.60% | ▼ −2.21% | — |
Aug 3, 2026 12w ago | 8-K | $346.83 $344.30 | ▼ −0.73% | ▼ −2.49% | — |
Jul 13, 2026 15w ago | Court Ruling | $363.19 $369.05 | ▼ −1.61% | ▼ −1.22% | — |
May 19, 2026 23w ago | Insider Cluster | $369.38 $370.22 | ▲ +0.23% | ▲ +0.03% | — |
US Market Status
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