Who owns DEM
Which tracked institutional funds hold DEM, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See DEM company fundamentals →
Ownership as of the 2026-Q2 13F filings (latest filed 2026-09-02). 13F is disclosed up to 45 days after quarter-end, so the most recent quarter fills in over the following weeks.
How the tape is positioned
73 tracked funds added or opened DEM while 32 trimmed or exited it between 2026-Q1 and 2026-Q2 — the tape is split. When large holders disagree on a name, the funds moving first are sometimes ahead of the story.
A prompt to read the filings, not a verdict. 13F is a quarter-end snapshot disclosed up to 45 days late; a fund adds or exits for mandate, benchmark, and timing reasons that have nothing to do with a view on the stock. This is a starting question, not a signal to trade.
Conviction spread
DEM’s largest tracked holder by dollar value, MORGAN STANLEY, sizes it at 0.0% of its own reported 13F book, while the median holder sizes it at 0.1% of theirs — a 0.0pp gap the other way — the median holder sizes DEM more heavily than its largest holder by dollar value does.
Book-share is each fund’s reported value in DEM divided by its whole reported 13F book, so it is comparable across funds of different sizes and is unaffected by stock splits. A higher share means a fund has committed more of its book to the name — a starting question about conviction, not a verdict or a signal to trade.
Institutional & insider positioning
Between 2026-Q1 and 2026-Q2, across 353 tracked filers holding DEM, 172 increased or opened the position and 158 reduced or closed it; over the same quarter, there were no open-market insider Form 4s.
This fuses two public signals for the same quarter — how tracked institutions changed their positions and whether insiders bought or sold in the open market. It describes what was filed; it is a starting question, not a verdict or a signal to trade.
New buyers & exits
Funds opening or closing a position in DEM between the 2026-Q1 and 2026-Q2 13F filings, and the largest changes among funds holding it in both. New buyers and exits are counted on fund presence (split-invariant); adds and trims are measured on reported value.
New buyers 7
- CANANDAIGUA NATIONAL BANK & TRUST CO$15M
- CITADEL ADVISORS LLC$10M
- Nan Shan Life Insurance Co., Ltd.$9M
- AlTi Global, Inc.$1M
- Evanson Financial, LLC$1M
- J2 Capital Management Inc$951K
Full exits 17
- CWM, LLC$33M
- CANANDAIGUA NATIONAL CORP$13M
- Janney Montgomery Scott LLC$7M
- Empowered Funds, LLC$6M
- Capital Analysts, LLC$3M
- Moran Wealth Management, LLC$3M
Largest adds
- MORGAN STANLEY$68M
- BANK OF AMERICA CORP /DE/$40M
- Private Advisor Group, LLC$21M
- WELLS FARGO & COMPANY/MN$14M
- ENVESTNET ASSET MANAGEMENT INC$8M
- Creative Planning$8M
Largest trims
- Mariner, LLC$13M
- AMERIPRISE FINANCIAL INC$5M
- Kestra Investment Management, LLC$5M
- COMMONWEALTH EQUITY SERVICES, LLC$5M
- ASSETMARK, INC$3M
- Qube Research & Technologies Ltd$2M
Institutional holders
One row per tracked fund, most shares held first (every row is from one quarter; reported value breaks ties). “% of value” is the fund’s share of this security’s tracked institutional value — not of shares outstanding.
| Fund | Shares | Reported value | % of value | Quarter |
|---|---|---|---|---|
| MORGAN STANLEY added | 10,363,063 | $557M | 22.4% | 2026-Q2 |
| BANK OF AMERICA CORP /DE/ added | 7,298,812 | $393M | 15.8% | 2026-Q2 |
| WELLS FARGO & COMPANY/MN added | 3,246,246 | $175M | 7.0% | 2026-Q2 |
| LPL Financial LLC trimmed | 2,153,138 | $116M | 4.6% | 2026-Q2 |
| Creative Planning trimmed | 2,144,092 | $115M | 4.6% | 2026-Q2 |
| UBS Group AG trimmed | 1,958,981 | $105M | 4.2% | 2026-Q2 |
| Kestra Investment Management, LLC trimmed | 1,677,279 | $90M | 3.6% | 2026-Q2 |
| AMERIPRISE FINANCIAL INC trimmed | 1,565,592 | $84M | 3.4% | 2026-Q2 |
| ENVESTNET ASSET MANAGEMENT INC added | 1,407,570 | $76M | 3.0% | 2026-Q2 |
| MERCER GLOBAL ADVISORS INC /ADV added | 810,959 | $44M | 1.8% | 2026-Q2 |
| ROYAL BANK OF CANADA added | 733,891 | $39M | 1.6% | 2026-Q2 |
| JPMORGAN CHASE & CO added | 671,876 | $36M | 1.4% | 2026-Q2 |
| RAYMOND JAMES FINANCIAL INC trimmed | 665,509 | $36M | 1.4% | 2026-Q2 |
| Cetera Investment Advisers trimmed | 595,293 | $32M | 1.3% | 2026-Q2 |
| COMMONWEALTH EQUITY SERVICES, LLC trimmed | 475,803 | $26M | 1.0% | 2026-Q2 |
| Kestra Advisory Services, LLC trimmed | 435,794 | $23M | 0.9% | 2026-Q2 |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC added | 434,774 | $23M | 0.9% | 2026-Q2 |
| SIGNATURE ESTATE & INVESTMENT ADVISORS LLC trimmed | 402,722 | $22M | 0.9% | 2026-Q2 |
| Private Advisor Group, LLC added | 399,296 | $21M | 0.9% | 2026-Q2 |
| ASPIRIANT, LLC trimmed | 360,842 | $19M | 0.8% | 2026-Q2 |
| STATE OF WISCONSIN INVESTMENT BOARD | 311,419 | $17M | 0.7% | 2026-Q2 |
| ASSETMARK, INC trimmed | 295,951 | $16M | 0.6% | 2026-Q2 |
| Rockefeller Capital Management L.P. added | 294,717 | $16M | 0.6% | 2026-Q2 |
| Baird Financial Group, Inc. added | 287,923 | $15M | 0.6% | 2026-Q2 |
| CANANDAIGUA NATIONAL BANK & TRUST CO added | 270,844 | $15M | 0.6% | 2026-Q2 |
| STIFEL FINANCIAL CORP added | 259,407 | $14M | 0.6% | 2026-Q2 |
| Linscomb Wealth, Inc. trimmed | 252,249 | $14M | 0.5% | 2026-Q2 |
| Valmark Advisers, Inc. added | 250,218 | $13M | 0.5% | 2026-Q2 |
| ALLIANCEBERNSTEIN L.P. added | 245,598 | $12M | 0.5% | 2026-Q2 |
| Baker Avenue Asset Management, LP trimmed | 229,674 | $12M | 0.5% | 2026-Q2 |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO added | 228,855 | $12M | 0.5% | 2026-Q2 |
| M&T Bank Corp added | 217,471 | $12M | 0.5% | 2026-Q2 |
| D.A. DAVIDSON & CO. added | 196,235 | $11M | 0.4% | 2026-Q2 |
| CITADEL ADVISORS LLC added | 183,814 | $10M | 0.4% | 2026-Q2 |
| &PARTNERS added | 180,226 | $10M | 0.4% | 2026-Q2 |
| AssuredPartners Investment Advisors, LLC added | 172,446 | $9M | 0.4% | 2026-Q2 |
| Nan Shan Life Insurance Co., Ltd. new | 170,000 | $9M | 0.4% | 2026-Q2 |
| Inspire Advisors, LLC added | 167,626 | $9M | 0.4% | 2026-Q2 |
| TD PRIVATE CLIENT WEALTH LLC added | 164,313 | $9M | 0.4% | 2026-Q2 |
| Private Wealth Advisors, LLC trimmed | 160,714 | $9M | 0.3% | 2026-Q2 |
| Hamilton Wealth, LLC added | 158,988 | $9M | 0.3% | 2026-Q2 |
| Cascade Financial Partners, LLC added | 129,281 | $7M | 0.3% | 2026-Q2 |
| Cheviot Value Management, LLC added | 127,512 | $7M | 0.3% | 2026-Q2 |
| ARBOR TRUST WEALTH ADVISORS, LLC trimmed | 123,876 | $7M | 0.3% | 2026-Q2 |
| Empirical Financial Services, LLC d.b.a. Empirical Wealth Management trimmed | 123,112 | $7M | 0.3% | 2026-Q2 |
| Cornerstone Wealth Group, LLC trimmed | 121,284 | $7M | 0.3% | 2026-Q2 |
| Equitable Holdings, Inc. trimmed | 116,249 | $6M | 0.3% | 2026-Q2 |
| Integrated Wealth Concepts LLC added | 111,450 | $6M | 0.2% | 2026-Q2 |
| OLD MISSION CAPITAL LLC trimmed | 105,628 | $6M | 0.2% | 2026-Q2 |
| OSAIC HOLDINGS, INC. added | 98,830 | $5M | 0.2% | 2026-Q2 |
| Freedom Day Solutions, LLC added | 96,226 | $5M | 0.2% | 2026-Q2 |
| Stonebridge Wealth Management, LLC added | 96,088 | $5M | 0.2% | 2026-Q2 |
| Old Port Advisors added | 94,200 | $5M | 0.2% | 2026-Q2 |
| Orion Porfolio Solutions, LLC trimmed | 90,403 | $5M | 0.2% | 2026-Q2 |
| Investors Research Corp added | 88,578 | $5M | 0.2% | 2026-Q2 |
| FIFTH THIRD BANCORP trimmed | 88,450 | $5M | 0.2% | 2026-Q2 |
| Koshinski Asset Management, Inc. added | 84,539 | $5M | 0.2% | 2026-Q2 |
| Steward Partners Investment Advisory, LLC trimmed | 83,108 | $4M | 0.2% | 2026-Q2 |
| Vestmark Advisory Solutions, Inc. added | 76,170 | $4M | 0.2% | 2026-Q2 |
| Meramec Financial Planners, LLC trimmed | 75,590 | $4M | 0.2% | 2026-Q2 |
| Endowment Wealth Management, Inc. added | 74,809 | $4M | 0.2% | 2026-Q2 |
| Composition Wealth, LLC added | 74,051 | $4M | 0.2% | 2026-Q2 |
| Focus Partners Wealth trimmed | 73,375 | $4M | 0.2% | 2026-Q2 |
| Waverly Advisors, LLC trimmed | 71,178 | $4M | 0.2% | 2026-Q2 |
| CAPTRUST FINANCIAL ADVISORS trimmed | 70,357 | $4M | 0.2% | 2026-Q2 |
| Corient Private Wealth LP added | 69,345 | $4M | 0.1% | 2026-Q2 |
| MML INVESTORS SERVICES, LLC added | 67,565 | $4M | 0.1% | 2026-Q2 |
| Good Harbor Advisors, Inc. added | 67,232 | $4M | 0.1% | 2026-Q2 |
| VIEWPOINT INVESTMENT PARTNERS CORP added | 65,600 | $4M | 0.1% | 2026-Q2 |
| ROTHSCHILD INVESTMENT LLC added | 64,668 | $3M | 0.1% | 2026-Q2 |
| J.W. COLE ADVISORS, INC. added | 63,304 | $3M | 0.1% | 2026-Q2 |
| Beacon Pointe Advisors, LLC trimmed | 62,843 | $3M | 0.1% | 2026-Q2 |
| Regal Investment Advisors LLC trimmed | 60,806 | $3M | 0.1% | 2026-Q2 |
| Axis Wealth Partners, LLC trimmed | 54,925 | $3M | 0.1% | 2026-Q2 |
| Apeiron RIA LLC trimmed | 54,883 | $3M | 0.1% | 2026-Q2 |
| Sanctuary Advisors, LLC added | 54,025 | $3M | 0.1% | 2026-Q2 |
| CITIGROUP INC added | 50,277 | $3M | 0.1% | 2026-Q2 |
| FMR LLC added | 50,270 | $3M | 0.1% | 2026-Q2 |
| Advisory Services Network, LLC added | 49,009 | $3M | 0.1% | 2026-Q2 |
| Dynamic Advisor Solutions LLC added | 45,416 | $2M | 0.1% | 2026-Q2 |
| FFG RETIREMENT ADVISORS LLC added | 42,268 | $2M | 0.1% | 2026-Q2 |
| Collaborative Wealth Managment Inc. added | 40,420 | $2M | 0.1% | 2026-Q2 |
| WealthPlan Investment Management, LLC added | 39,870 | $2M | 0.1% | 2026-Q2 |
| MOODY NATIONAL BANK TRUST DIVISION | 39,747 | $2M | 0.1% | 2026-Q2 |
| GREENLEAF TRUST added | 39,374 | $2M | 0.1% | 2026-Q2 |
| EVOLVE PRIVATE WEALTH, LLC trimmed | 37,074 | $2M | 0.1% | 2026-Q2 |
| NewSquare Capital LLC added | 35,653 | $2M | 0.1% | 2026-Q2 |
| BANK OF MONTREAL /CAN/ trimmed | 35,265 | $2M | 0.1% | 2026-Q2 |
| First City Capital Management, Inc. added | 35,039 | $2M | 0.1% | 2026-Q2 |
| Rathbones Group PLC trimmed | 33,322 | $2M | 0.1% | 2026-Q2 |
| Quantum Portfolio Management LLC added | 32,581 | $2M | 0.1% | 2026-Q2 |
| McKinley Carter Wealth Services, Inc. added | 32,257 | $2M | 0.1% | 2026-Q2 |
| Wealthfront Advisers LLC added | 31,212 | $2M | 0.1% | 2026-Q2 |
| NORTHERN TRUST CORP added | 30,504 | $2M | 0.1% | 2026-Q2 |
| IFP Advisors, Inc trimmed | 30,419 | $2M | 0.1% | 2026-Q2 |
| Asset One Wealth Management LLC added | 28,957 | $2M | 0.1% | 2026-Q2 |
| MBA Advisors LLC trimmed | 28,730 | $2M | 0.1% | 2026-Q2 |
| Eagle Strategies LLC trimmed | 27,633 | $1M | 0.1% | 2026-Q2 |
| Financial Partners Group, Inc added | 27,224 | $1M | 0.1% | 2026-Q2 |
| SHARPEPOINT LLC added | 26,961 | $1M | 0.1% | 2026-Q2 |
Ownership over time
Tracked institutional holder count and total shares held by filing quarter (independent scales). The curated-era tail and any mid-ingest latest quarter are handled honestly — a partial quarter is not drawn as a collapse.
Reading this table
Funds hold the same stock for different reasons — an index fund “holds” almost everything, an active manager sizes a name to a mandate and a benchmark, and each fund entered at its own price and time. Because 13F is filed up to 45 days after quarter-end, every row is a backward-looking snapshot; a manager may have traded since. Share-class siblings (a company’s A and C shares) are rolled up to one line so a dual-class name is never double-counted. Compare like-for-like. A large holder is not an endorsement, and a fund exiting is not a warning — this is a starting question, not a verdict.
About 13F filings
A Form 13F is a quarterly disclosure that institutional investment managers with over $100 million in US-listed equities must file with the SEC. In plain English: it is a snapshot of the long stock positions a fund held at the end of a quarter. It covers long US-listed equities only — not short positions, options, cash, or private holdings — and the funds shown are the large sample we track, not the complete 13F universe.