The selling is concentrated in two large, active managers (Assenagon and Fort Washington) who together reduced exposure by $21.5M. The buying is from much smaller firms. Monitor next 13F for continued distribution or a reversal; the 45-day reporting lag means these positions may already be stale.
Executive Summary
Institutional activity in QTWO during Q3 2026 was mixed: three smaller asset managers added $1.3M in new positions, but two larger holders—Assenagon and Fort Washington—collectively exited or trimmed $21.5M, representing a net outflow of $20.2M. The selling is concentrated and large in absolute terms, suggesting a cautious or thesis-changing view from those managers, while the buying is modest and from smaller firms.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$20.2M
▲ Buyers (3)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Farther Finance Advisors | DOUBLED | +277.4% | $122.0K | $94.0K |
| Robeco Institutional Asset Management B.v. | ADD | +30% | $3.6M | $1.2M |
| Nisa Investment Advisors | ADD | +32.1% | $159.0K | $54.0K |
▼ Sellers (2)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Assenagon Asset Management | NEAR_EXIT | -93.4% | $14.2M | -$13.1M |
| Fort Washington Investment Advisors | TRIM | -35.1% | $33.1M | -$8.4M |
Key Facts
- 3 buyers added $1.3M in net new holdings; 2 sellers reduced by $21.5M
- Assenagon Asset Management exited 93.4% of its position, selling $13.1M
- Fort Washington Investment Advisors trimmed 35.1%, selling $8.4M
- Robeco Institutional Asset Management added $1.2M, the largest buyer
- Net institutional outflow of ~$20.2M in the quarter
Financial Impact
Net institutional outflow of approximately $20.2M, with $21.5M in selling vs $1.3M in buying
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound or reversed since quarter-end
- Small buyer base ($3.9M total) provides limited support against large seller exits
- No insider buying in the same period to corroborate institutional accumulation
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-QTWO-2026-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | Institutional Cluster | $66.41 | awaiting T+20 | — | — |
Aug 14, 2026 10w ago | Insider Cluster | $64.41 $60.08 | ▼ −6.72% | ▼ −4.75% | — |
Mar 9, 2026 33w ago | Insider Cluster | $51.26 $48.22 | ▲ +5.93% | ▲ +5.76% | — |
Mar 4, 2026 33w ago | Insider Cluster | $52.07 $47.74 | ▲ +8.32% | ▲ +4.53% | — |
Mar 4, 2026 33w ago | Insider Cluster | $49.99 $47.40 | ▲ +5.18% | ▲ +0.77% | — |
Mar 3, 2026 34w ago | Insider Cluster | $50.53 $47.30 | ▲ +6.39% | ▲ +1.99% | — |
US Market Status
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