The cluster is split: active managers like Assenagon are betting on TSCO's sequential comp improvement (+0.4% vs -1.5% in Q2) and reaffirmed guidance, while Vontobel and Pensiondanmark are exiting after the margin compression and revenue miss. The insider buying adds weight to the bullish thesis, but the 45-day lag means these positions may have already been adjusted. Monitor Q4 2026 same-store sales and margin trends for resolution.
Executive Summary
A mixed institutional cluster in TSCO shows 4 buyers adding $18.6M (led by Assenagon more than tripling its position) against 2 sellers reducing $13.8M (Vontobel and Pensiondanmark both near-exiting). The cluster follows Tractor Supply's Q3 2026 earnings 4 days ago, which beat EPS consensus by 7.5% but showed revenue slightly below estimates and a 10.2% YoY operating income decline. Insider buying ($652K, including C-suite) corroborates the bullish side, but the 45-day reporting lag means positions are already stale.
Key Financial Metrics
Institutional Positions
Net institutional flow: $4.8M
▲ Buyers (4)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Unisuper Management Pty | ADD | +39.5% | $2.1M | $585.0K |
| Assenagon Asset Management | DOUBLED | +339.1% | $22.3M | $17.2M |
| Assetmark | DOUBLED | +104.9% | $879.0K | $446.0K |
| Abn Amro Investment Solutions | ADD | +37.1% | $1.3M | $330.0K |
▼ Sellers (2)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Vontobel Holding | NEAR_EXIT | -76.6% | $14.8M | -$11.4M |
| Pensiondanmark Pensionsforsikringsaktieselskab | NEAR_EXIT | -79.6% | $3.0M | -$2.4M |
Key Facts
- 4 institutional buyers added $18.6M in TSCO during Q3 2026; 2 sellers reduced $13.8M
- Assenagon Asset Management more than quadrupled its position (+339.1% shares, +$17.2M value)
- Vontobel Holding cut 76.6% of its stake ($14.8M → $3.4M); Pensiondanmark cut 79.6% ($3.0M → $594K)
- Q3 2026 EPS of $0.43 beat consensus $0.40 by 7.5%; revenue $3.91B grew 5.1% YoY but missed $4.02B estimate
- Operating income fell 10.2% YoY; gross margin contracted 100 bps to 36.4%
- Insider buying of $652K (3 open-market buyers including C-suite) corroborates the accumulation side
- 13F data is ~45 days stale; positions reflect quarter-end, not current holdings
Financial Impact
4 institutions accumulated $18.6M in new TSCO positions while 2 reduced holdings by $13.8M, for a net institutional inflow of $4.8M
Risk Factors
- 13F data is stale by ~45 days; positions may have been unwound since quarter-end
- Revenue missed consensus despite 5.1% YoY growth; top-line deceleration risk
- Gross margin contraction of 100 bps and 10.2% operating income decline suggest cost pressures
- Only 4 buyers vs 2 sellers; net dollar inflow is modest ($4.8M) relative to $18.1B market cap
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-TSCO-2026-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | Institutional Cluster | $32.53 | awaiting T+60 | awaiting T+60 | No price |
Oct 22, 2026 5d ago | 8-K | $34.73 | awaiting T+60 | awaiting T+60 | No price |
Aug 27, 2026 8w ago | Court Ruling | $34.72 | awaiting T+60 | awaiting T+60 | No price |
Aug 19, 2026 9w ago | 424B5 | $35.44 | awaiting T+60 | awaiting T+60 | No price |
Aug 17, 2026 10w ago | S-3ASR | $34.68 | awaiting T+60 | awaiting T+60 | No price |
Aug 6, 2026 11w ago | 8-K | $34.09 | awaiting T+60 | awaiting T+60 | No price |
Aug 5, 2026 11w ago | Insider Cluster | $33.86 | awaiting T+60 | awaiting T+60 | No price |
Aug 5, 2026 11w ago | Insider Cluster | $33.86 | awaiting T+60 | awaiting T+60 | No price |
Aug 5, 2026 11w ago | Insider Cluster | $33.86 | awaiting T+60 | awaiting T+60 | No price |
Jul 23, 2026 13w ago | 8-K | $30.32 $33.37 | ▼ −10.06% | ▼ −5.51% | No price |
US Market Status
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