The heavy selling by Congress Asset Management (near-exit of $113.3M) dominates the cluster and suggests a thesis change or risk reduction at that fund. Monitor upcoming 13F filings for further institutional shifts and any insider buying to confirm or reverse this signal.
Executive Summary
Three asset managers added TKO positions totaling $7.5M in Q3 2026, while two managers sold $117.2M, led by Congress Asset Management's near-exit of $113.3M. The net institutional flow is heavily negative, with no insider buying corroboration.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$109.7M
▲ Buyers (3)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Exchange Traded Concepts | DOUBLED | +113.5% | $1.3M | $612.0K |
| Davenport & Co | ADD | +32.2% | $46.5M | $6.8M |
| Mather Group | ADD | +47.2% | $112.0K | $27.0K |
▼ Sellers (2)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Truist Financial | TRIM | -59.5% | $6.1M | -$3.9M |
| Congress Asset Management | NEAR_EXIT | -77.2% | $142.3M | -$113.3M |
Key Facts
- 3 institutional buyers added $7.5M in aggregate (Davenport & Co added $6.8M, Exchange Traded Concepts doubled $612K, Mather Group added $27K)
- 2 institutional sellers reduced $117.2M in aggregate (Congress Asset Management near-exited $113.3M, Truist Financial trimmed $3.9M)
- Net institutional outflow of $109.7M in Q3 2026
- Insider activity shows 2 sells totaling $1.7M in the 30 days before the snapshot; no open-market insider buying
- 13F data is as of quarter-end 2026-Q2 and may not reflect current positions
Financial Impact
Net institutional outflow of $109.7M in Q3 2026, with Congress Asset Management alone reducing by $113.3M (77.2% of its position).
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound or added since quarter-end
- Only 5 institutions in the cluster; the signal is not broad-based
- No insider buying corroboration; insider selling of $1.7M adds to the bearish tilt
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-TKO-2026-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 2d ago | Institutional Cluster | $179.44 | awaiting T+20 | awaiting T+20 | No price |
Aug 19, 2026 10w ago | Insider Cluster | $195.45 $189.26 | ▼ −3.17% | ▼ −3.17% | No price |
Jul 20, 2026 14w ago | 144 | $181.70 $192.11 | ▲ +5.73% | ▲ +3.17% | No price |
Jun 26, 2026 18w ago | 144 | $211.62 $180.62 | ▼ −14.65% | ▼ −14.37% | No price |
Jun 12, 2026 20w ago | 144 | $201.19 $180.96 | ▼ −10.06% | ▼ −9.31% | No price |
Jun 11, 2026 20w ago | Institutional Cluster | $213.70 $188.18 | ▼ −11.94% | ▼ −13.83% | No price |
May 18, 2026 23w ago | Insider Cluster | $193.07 $194.53 | ▲ +0.76% | ▼ −0.23% | No price |
May 6, 2026 25w ago | 8-K | $187.51 $198.57 | ▲ +5.90% | ▲ +2.76% | No price |
US Market Status
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