The cluster shows active managers are split — two large European asset managers (Robeco, Td Waterhouse) aggressively doubled down, while Artemis and Assenagon reduced exposure. Monitor upcoming 10-Q for fundamental catalysts (AI workflow adoption, subscription revenue growth) that could explain the divergence. The 45-day reporting lag means the cluster may already be stale; watch for insider trading patterns (Form 4) to confirm conviction.
Executive Summary
An institutional cluster in ServiceNow (NOW) for Q3 2026 shows mixed conviction: four active asset managers added $128.5M in new holdings, led by Robeco (doubled to $110.5M) and Td Waterhouse Canada (doubled to $37.4M), while three sellers reduced by $88.2M, including Artemis (full exit of $42.5M) and Assenagon (trimmed by $37.9M). The net buying of ~$40.3M suggests selective institutional accumulation, but the 45-day reporting lag and mixed direction limit the signal's immediacy.
Key Financial Metrics
Institutional Positions
Net institutional flow: $40.3M
▲ Buyers (4)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Robeco Institutional Asset Management B.v. | DOUBLED | +154.2% | $110.5M | $78.3M |
| Td Waterhouse Canada | DOUBLED | +210.1% | $37.4M | $28.2M |
| Mather Group | ADD | +63.3% | $8.3M | $4.5M |
| Assetmark | ADD | +40.5% | $37.0M | $17.5M |
▼ Sellers (3)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Artemis Investment Management | EXIT | -100% | $42.5M | -$42.5M |
| Assenagon Asset Management | TRIM | -41.5% | $179.9M | -$37.9M |
| Vontobel Holding | TRIM | -37.4% | $50.2M | -$7.8M |
Key Facts
- 4 buyers added $128.5M in new positions; 3 sellers reduced by $88.2M; net institutional inflow of ~$40.3M
- Robeco doubled its stake to $110.5M (+154.2% shares); Td Waterhouse Canada doubled to $37.4M (+210.1%)
- Artemis fully exited a $42.5M position; Assenagon trimmed 41.5% of its $179.9M holding to $142.0M
- All participants are active asset managers — no passive/index funds in the cluster, strengthening the signal
- 13F data is as of quarter-end Q3 2026, filed with a 45-day lag; positions may have been adjusted since
Financial Impact
Net institutional buying of approximately $40.3M (4 buyers added $128.5M, 3 sellers reduced $88.2M)
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound or reversed since quarter-end
- Mixed direction (4 buyers vs 3 sellers) reduces the directional conviction of the cluster
- No passive/index fund participation means the moves are discretionary but also more likely to be tactical
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-NOW-2026-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | Institutional Cluster | $157.00 | awaiting T+60 | — | — |
Sep 1, 2026 7w ago | Insider Cluster | $136.35 | awaiting T+60 | — | — |
Jul 23, 2026 13w ago | Institutional Cluster | $98.78 $145.36 | ▲ +47.16% | ▲ +43.43% | — |
Jul 1, 2026 16w ago | ANALYST-UPGRADE | $105.80 $137.78 | ▲ +30.23% | ▲ +27.27% | — |
May 18, 2026 23w ago | Insider Cluster | $101.66 $126.99 | ▲ +24.92% | ▲ +18.90% | — |
May 18, 2026 23w ago | Insider Cluster | $101.66 $126.99 | ▲ +24.92% | ▲ +18.90% | — |
May 15, 2026 23w ago | 8-K | $103.21 $124.33 | ▲ +20.46% | ▲ +15.88% | — |
May 11, 2026 24w ago | DEFA14A | $91.32 $116.99 | ▲ +28.11% | ▲ +23.99% | — |
Apr 22, 2026 26w ago | 8-K | $84.75 $103.24 | ▲ +21.82% | ▲ +16.90% | — |
Feb 23, 2026 35w ago | Insider Cluster | $100.52 $103.42 | ▲ +2.89% | ▼ −5.37% | — |
US Market Status
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