The cluster is one-sided selling by active asset managers with no insider buying to offset it. Monitor upcoming 10-Q for any operational or guidance changes that may have prompted the exits, and watch for further institutional distribution in Q4 13F filings.
Executive Summary
An institutional cluster for Pan American Silver shows net bearish conviction in Q3 2026, with three asset managers selling a combined $12.8M while only one small buyer added $507K. The selling is concentrated, led by Assenagon Asset Management's near-total exit of a $11.5M position.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$12.3M
▲ Buyers (1)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Pensiondanmark Pensionsforsikringsaktieselskab | ADD | +78.9% | $1.1M | $507.0K |
▼ Sellers (3)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Assenagon Asset Management | NEAR_EXIT | -96.4% | $11.5M | -$11.1M |
| Wealth Enhancement Advisory Services | TRIM | -36.7% | $3.3M | -$1.1M |
| Sumitomo Mitsui Trust Group | TRIM | -52.6% | $1.2M | -$604.0K |
Key Facts
- 3 sellers reduced holdings by a net $12.8M in Q3 2026
- Assenagon Asset Management cut 96.4% of its position, exiting $11.1M
- Only 1 buyer (Pensiondanmark) added a modest $507K, a 78.9% increase
- No insider open-market buying corroborates the institutional selling
- Top holders Van Eck, Mirae Asset, and Vanguard are not among the cluster movers
Financial Impact
Three asset managers sold a net $12.8M of PAAS shares in Q3 2026, while one buyer added $507K, for a net institutional outflow of approximately $12.3M.
Risk Factors
- 13F data is 45+ days stale; positions may have been reversed since quarter-end
- Small sample size (4 institutions) limits signal reliability
- No insider buying corroboration weakens conviction signal
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-PAAS-2026-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | Institutional Cluster | $40.75 $37.98 | ▲ +6.80% | ▲ +5.02% | No price |
Oct 7, 2026 25d ago | 6-K | $45.31 $46.27 | ▲ +2.12% | ▲ +1.52% | No price |
Oct 7, 2026 25d ago | 6-K | $45.31 $46.27 | ▲ +2.12% | ▲ +1.52% | No price |
Jun 18, 2026 19w ago | Institutional Cluster | $49.00 $48.91 | ▼ −0.18% | ▲ +0.13% | No price |
US Market Status
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