The mixed signal — large buys from Parnassus and Assenagon offset by significant trims from Ninety One UK and Robeco — suggests institutional disagreement on TSM's near-term outlook. Monitor upcoming Q4 2026 13F filings to see if the buyers added further or if the sellers' caution was prescient ahead of any semiconductor cycle headwinds.
Executive Summary
Four active asset managers added $701.3M to TSM positions in Q3 2026, led by Parnassus (doubled to $541.5M) and Assenagon (+67% to $783.5M), while two managers trimmed $448.4M. The cluster is mixed — the buying side is larger in dollar terms but the sellers (Ninety One UK, Robeco) are established institutional holders reducing significant positions. The 45-day reporting lag means these Q3-end positions may already be stale.
Key Financial Metrics
Institutional Positions
Net institutional flow: $252.9M
▲ Buyers (4)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Parnassus Investments | DOUBLED | +230% | $541.5M | $369.8M |
| Assenagon Asset Management | ADD | +67.2% | $783.5M | $293.1M |
| Abn Amro Investment Solutions | ADD | +26.5% | $173.3M | $29.9M |
| Concurrent Investment Advisors | ADD | +53.6% | $27.1M | $8.6M |
▼ Sellers (2)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Ninety One Uk | TRIM | -34.5% | $702.1M | -$263.1M |
| Robeco Institutional Asset Management B.v. | TRIM | -32% | $528.3M | -$185.3M |
Key Facts
- 4 buyers added $701.3M in net new TSM positions during Q3 2026
- Parnassus Investments doubled its stake (+230%, +$369.8M) to $541.5M
- Assenagon Asset Management added +67.2% ($293.1M) to $783.5M
- 2 sellers trimmed $448.4M: Ninety One UK (-$263.1M) and Robeco (-$185.3M)
- All six funds are active asset managers — no passive/index funds in this cluster
- 13F data is ~45 days stale; disclosed positions are as of September 30, 2026
Financial Impact
4 active managers accumulated $701.3M in new TSM positions while 2 reduced holdings by $448.4M, for a net institutional inflow of ~$252.9M in Q3 2026
Risk Factors
- 13F data is stale by ~45 days; positions may have been unwound or added to since quarter-end
- Two large sellers (Ninety One UK, Robeco) trimmed over 30% each, signaling potential concern about valuation or cycle risk
- No insider buying corroboration available to strengthen the accumulation signal
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-TSM-2026-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | Institutional Cluster | $418.51 | awaiting T+20 | — | — |
Oct 22, 2026 5d ago | 6-K | $412.35 | awaiting T+20 | — | — |
Oct 15, 2026 12d ago | 6-K | $422.25 | awaiting T+20 | — | — |
Oct 12, 2026 15d ago | Institutional Cluster | $444.35 | awaiting T+20 | — | — |
Oct 8, 2026 19d ago | 6-K | $457.99 | awaiting T+20 | — | — |
Sep 24, 2026 4w ago | 6-K | $451.15 $412.35 | ▼ −8.60% | ▼ −8.18% | — |
Sep 10, 2026 6w ago | 6-K | $428.03 $457.99 | ▲ +7.00% | ▲ +4.88% | — |
Sep 9, 2026 6w ago | Insider Cluster | $435.36 $472.20 | ▲ +8.46% | ▲ +6.52% | — |
Sep 4, 2026 7w ago | Insider Cluster | $428.91 $485.80 | ▲ +13.26% | ▲ +12.66% | — |
Sep 1, 2026 8w ago | 6-K | $414.00 $456.19 | ▲ +10.19% | ▲ +9.87% | — |
US Market Status
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