The cluster is small in dollar terms and dominated by a single large trim from Assetmark. The three buyers are all small additions, not new positions, suggesting modest conviction. Monitor next quarter's 13F to see if the buying trend broadens or if Assetmark's exit continues.
Executive Summary
Three small asset managers added to their NMIH positions in Q3 2026, while one larger manager trimmed significantly. The net institutional flow was negative (-$1.9M) due to Assetmark's large trim, but the buying cluster is unanimous in direction and conviction is modestly positive.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$1.9M
▲ Buyers (3)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Farther Finance Advisors | ADD | +54.3% | $62.0K | $18.0K |
| Wealth Enhancement Advisory Services | ADD | +26.9% | $1.4M | $290.0K |
| Nisa Investment Advisors | ADD | +44.9% | $220.0K | $53.0K |
▼ Sellers (1)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Assetmark | TRIM | -42.7% | $4.9M | -$2.3M |
Key Facts
- 3 buyers added a total of $361K in new NMIH positions
- 1 seller (Assetmark) trimmed $2.3M, reducing its stake by 42.7%
- Net institutional flow was -$1.9M (sellers outweighed buyers in dollar terms)
- All three buyers are asset managers (active/passive mix), not hedge funds or activists
- Assetmark's trim is the largest single move by dollar value
Financial Impact
Three asset managers accumulated $361K in new NMIH positions while one asset manager reduced holdings by $2.3M, resulting in a net institutional outflow of approximately $1.9M for the quarter.
Risk Factors
- 13F data is 45+ days stale; positions may have been reversed since quarter-end
- Assetmark's 42.7% trim could signal a negative thesis that the buyers are unaware of
- All buyers are small asset managers; their moves may be index-rebalancing rather than active conviction
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-NMIH-2026-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | Institutional Cluster | $41.49 | awaiting T+20 | — | — |
Jul 2, 2026 16w ago | Press Release | $41.04 $43.44 | ▲ +5.85% | ▲ +6.26% | — |
Mar 26, 2026 30w ago | DEFA14A | $36.86 $41.59 | ▲ +12.83% | ▲ +0.09% | — |
US Market Status
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