The selling is concentrated and large relative to the buying — two institutions (Assenagon and Fjarde Ap-Fonden) exited positions worth $22.7M combined. Monitor for further institutional distribution in upcoming 13F filings and any accompanying negative catalyst (guidance miss, competitive pressure) that may have driven the exits.
Executive Summary
A mixed institutional cluster in TYL for Q3 2026 shows 7 smaller asset managers adding $3.4M in aggregate, while 4 larger holders (led by Assenagon and Fjarde Ap-Fonden) sold $24.3M, resulting in net selling of ~$20.9M. The selling is concentrated and large in dollar terms, suggesting institutional de-risking or rotation out of the name, while the buying is fragmented among smaller advisors.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$20.9M
▲ Buyers (7)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Assetmark | ADD | +28.5% | $6.1M | $1.7M |
| Wealth Enhancement Advisory Services | ADD | +42.1% | $1.8M | $621.0K |
| Wasatch Advisors | ADD | +32.6% | $983.0K | $302.0K |
▼ Sellers (4)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Assenagon Asset Management | TRIM | -67.9% | $18.0M | -$11.7M |
| Fjarde Ap-Fonden /Fourth Swedish National | NEAR_EXIT | -97.6% | $11.3M | -$11.0M |
| Sumitomo Mitsui Ds Asset Management Company | TRIM | -53.9% | $2.5M | -$1.2M |
Key Facts
- 7 buyers added $3.4M in new holdings; 4 sellers reduced by $24.3M
- Largest seller: Assenagon Asset Management trimmed 67.9% of its position, exiting $11.7M
- Fjarde Ap-Fonden (Fourth Swedish National) nearly fully exited, selling 97.6% of its stake ($11.0M)
- Largest buyer: Assetmark added $1.7M (+28.5% shares), but this is dwarfed by the selling
- All participants are asset managers; no activist or hedge fund presence
- Net conviction is mixed but skewed heavily bearish by dollar volume
Financial Impact
Net institutional selling of approximately $20.9M in Q3 2026, with two large sellers accounting for $22.7M of the total $24.3M in reductions
Risk Factors
- 13F data is 45+ days stale; the cluster may have been partially or fully unwound
- Small buyers are fragmented and may not offset continued selling pressure from larger holders
- No insider buying confluence to corroborate the accumulation side
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-TYL-2026-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | SC 13G/A | $382.67 | awaiting T+1 | awaiting T+1 | No price |
Oct 23, 2026 4d ago | Institutional Cluster | $390.14 $386.38 | ▲ +0.96% | ▲ +1.67% | No price |
Sep 15, 2026 6w ago | 8-K | $353.13 $348.39 | ▼ −1.34% | ▼ −1.67% | No price |
Sep 1, 2026 8w ago | Insider Cluster | $376.43 $374.88 | ▼ −0.41% | ▼ −0.86% | No price |
Jun 12, 2026 19w ago | 8-K | $298.84 $289.84 | ▼ −3.01% | ▼ −4.78% | No price |
May 29, 2026 21w ago | 8-K | $312.69 $329.72 | ▲ +5.44% | ▲ +5.19% | No price |
May 14, 2026 23w ago | 8-K | $311.49 $319.00 | ▲ +2.41% | ▲ +2.47% | No price |
May 12, 2026 24w ago | 8-K | $309.70 $298.63 | ▼ −3.57% | ▼ −4.15% | No price |
May 11, 2026 24w ago | 8-K | $312.17 $309.70 | ▼ −0.79% | ▼ −0.65% | No price |
Apr 29, 2026 25w ago | 8-K | $340.00 $334.95 | ▼ −1.48% | ▼ −1.70% | No price |
US Market Status
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