The cluster is small and stale (45-day lag) — the selling may already be complete. Monitor next 13F for follow-through from other asset managers and check for any concurrent insider selling or fundamental deterioration in RTO's upcoming earnings.
Executive Summary
Four institutional asset managers reduced or exited their RTO positions in Q3 2026, with aggregate net selling of $28.9M. Parnassus Investments led with a full exit of its $25.8M stake, while Wealth Enhancement Advisory Services nearly exited a $3.3M position. The cluster is small in scale and dominated by passive/active asset managers, suggesting a sector- or risk-based rotation rather than a fundamental thesis break.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$28.9M
▼ Sellers (4)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Parnassus Investments | EXIT | -100% | — | -$25.8M |
| Wealth Enhancement Advisory Services | NEAR_EXIT | -90.1% | — | -$3.1M |
| Td Waterhouse Canada | TRIM | -43% | — | -$2.0K |
| Nisa Investment Advisors | TRIM | -63.5% | — | -$2.0K |
Key Facts
- 4 institutional sellers, 0 buyers; aggregate net selling of $28.9M
- Parnassus Investments fully exited a $25.8M position (901.3K shares)
- Wealth Enhancement Advisory Services reduced by 90.1% ($3.3M → $225K)
- Td Waterhouse Canada and Nisa Investment Advisors trimmed small positions (combined ~$4K)
- No institutional buyers in the cluster
Financial Impact
Four institutions sold a net $28.9M in RTO shares during Q3 2026, with Parnassus alone accounting for $25.8M of that total via a full exit.
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound or reversed since quarter-end
- Small aggregate dollar amount ($28.9M) relative to RTO's market cap — limited signal strength
- No insider buying to corroborate the institutional selling pattern
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-RTO-2026-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | 6-K | $23.16 | awaiting T+1 | — | — |
Oct 23, 2026 4d ago | 6-K | $22.77 $22.61 | ▼ −0.70% | ▼ −1.41% | — |
Oct 22, 2026 4d ago | Institutional Cluster | $22.77 $22.61 | ▲ +0.70% | ▲ +1.41% | — |
Oct 22, 2026 5d ago | 6-K | $22.88 $22.77 | ▼ −0.48% | ▲ +0.04% | — |
Oct 22, 2026 5d ago | 6-K | $22.88 $22.77 | ▼ −0.48% | ▲ +0.04% | — |
Oct 6, 2026 21d ago | 6-K | $19.95 $19.85 | ▼ −0.50% | ▼ −0.26% | — |
Sep 30, 2026 27d ago | 6-K | $19.75 $19.80 | ▲ +0.25% | ▲ +0.07% | — |
Sep 22, 2026 5w ago | 6-K | $21.37 $21.41 | ▲ +0.19% | ▲ +0.91% | — |
Aug 27, 2026 8w ago | 6-K | $23.47 $23.53 | ▲ +0.26% | ▲ +0.48% | — |
Aug 3, 2026 12w ago | 6-K | $23.85 $25.06 | ▲ +5.07% | ▲ +3.27% | — |
US Market Status
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