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-Q1 13F filings. 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
74 tracked funds added or opened DEM while 33 trimmed or exited it between 2025-Q4 and 2026-Q1 — 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 0.0% 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 2025-Q4 and 2026-Q1, across 348 tracked filers holding DEM, 167 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 2025-Q4 and 2026-Q1 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 9
- CANANDAIGUA NATIONAL CORP$13M
- Empowered Funds, LLC$6M
- FIFTH THIRD BANCORP$4M
- UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC$1M
- Great Diamond Partners, LLC$1M
- Avidian Wealth Enterprises, LLC$865K
Full exits 10
- SUSQUEHANNA INTERNATIONAL GROUP, LLP$30M
- CANANDAIGUA NATIONAL BANK & TRUST CO$12M
- COMERICA BANK$4M
- SG Trading Solutions, LLC$3M
- JANE STREET GROUP, LLC$2M
- Janney Capital Management LLC$2M
Largest adds
- BANK OF AMERICA CORP /DE/$76M
- MORGAN STANLEY$72M
- Kestra Investment Management, LLC$39M
- WELLS FARGO & COMPANY/MN$19M
- ENVESTNET ASSET MANAGEMENT INC$16M
- Creative Planning$9M
Largest trims
- NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO$61M
- AMERIPRISE FINANCIAL INC$12M
- M&T Bank Corp$11M
- STIFEL FINANCIAL CORP$8M
- Capital Analysts, LLC$8M
- OLD MISSION CAPITAL LLC$7M
Institutional holders
One row per tracked fund, largest reported value first. “% of value” is the fund’s share of this security’s tracked institutional value — not of shares outstanding. Rows marked stale are from an earlier filing than the security’s latest quarter — that fund is absent from the newest snapshot (position exited, or reported under a different name).
| Fund | Shares | Reported value | % of value | Quarter |
|---|---|---|---|---|
| MORGAN STANLEY added | 9,858,269 | $490M | 20.6% | 2026-Q1 |
| BANK OF AMERICA CORP /DE/ added | 7,100,731 | $353M | 14.9% | 2026-Q1 |
| WELLS FARGO & COMPANY/MN added | 3,226,103 | $160M | 6.8% | 2026-Q1 |
| LPL Financial LLC trimmed | 2,239,151 | $111M | 4.7% | 2026-Q1 |
| Creative Planning added | 2,165,387 | $108M | 4.5% | 2026-Q1 |
| UBS Group AG added | 1,968,230 | $98M | 4.1% | 2026-Q1 |
| Kestra Investment Management, LLC added | 1,910,625 | $95M | 4.0% | 2026-Q1 |
| AMERIPRISE FINANCIAL INC trimmed | 1,801,321 | $90M | 3.8% | 2026-Q1 |
| ENVESTNET ASSET MANAGEMENT INC added | 1,365,845 | $68M | 2.9% | 2026-Q1 |
| MERCER GLOBAL ADVISORS INC /ADV added | 791,444 | $39M | 1.7% | 2026-Q1 |
| RAYMOND JAMES FINANCIAL INC trimmed | 716,009 | $36M | 1.5% | 2026-Q1 |
| ROYAL BANK OF CANADA added | 694,797 | $35M | 1.5% | 2026-Q1 |
| CWM, LLC added | 668,256 | $33M | 1.4% | 2026-Q1 |
| JPMORGAN CHASE & CO trimmed | 651,444 | $32M | 1.3% | 2026-Q1 |
| COMMONWEALTH EQUITY SERVICES, LLC trimmed | 609,392 | $30M | 1.3% | 2026-Q1 |
| Cetera Investment Advisers added | 605,458 | $30M | 1.3% | 2026-Q1 |
| Kestra Advisory Services, LLC added | 445,572 | $22M | 0.9% | 2026-Q1 |
| SIGNATURE ESTATE & INVESTMENT ADVISORS LLC added | 418,760 | $21M | 0.9% | 2026-Q1 |
| ASPIRIANT, LLC trimmed | 385,140 | $19M | 0.8% | 2026-Q1 |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC trimmed | 393,304 | $19M | 0.8% | 2026-Q1 |
| ASSETMARK, INC trimmed | 379,386 | $19M | 0.8% | 2026-Q1 |
| STATE OF WISCONSIN INVESTMENT BOARD | 311,419 | $15M | 0.7% | 2026-Q1 |
| Rockefeller Capital Management L.P. added | 293,957 | $15M | 0.6% | 2026-Q1 |
| Mariner, LLC trimmed | 275,762 | $14M | 0.6% | 2026-Q1 |
| Linscomb Wealth, Inc. trimmed | 273,448 | $14M | 0.6% | 2026-Q1 |
| Baird Financial Group, Inc. trimmed | 268,050 | $13M | 0.6% | 2026-Q1 |
| CANANDAIGUA NATIONAL CORP added | 259,477 | $13M | 0.5% | 2026-Q1 |
| STIFEL FINANCIAL CORP trimmed | 252,166 | $13M | 0.5% | 2026-Q1 |
| Valmark Advisers, Inc. added | 249,416 | $12M | 0.5% | 2026-Q1 |
| Baker Avenue Asset Management, LP added | 236,903 | $12M | 0.5% | 2026-Q1 |
| ALLIANCEBERNSTEIN L.P. added | 241,593 | $11M | 0.5% | 2026-Q1 |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO added | 217,932 | $11M | 0.5% | 2026-Q1 |
| M&T Bank Corp trimmed | 211,339 | $11M | 0.4% | 2026-Q1 |
| D.A. DAVIDSON & CO. added | 185,817 | $9M | 0.4% | 2026-Q1 |
| &PARTNERS trimmed | 179,098 | $9M | 0.4% | 2026-Q1 |
| Private Wealth Advisors, LLC trimmed | 172,169 | $9M | 0.4% | 2026-Q1 |
| AssuredPartners Investment Advisors, LLC added | 170,304 | $8M | 0.4% | 2026-Q1 |
| Inspire Advisors, LLC added | 165,874 | $8M | 0.3% | 2026-Q1 |
| TD PRIVATE CLIENT WEALTH LLC added | 161,038 | $8M | 0.3% | 2026-Q1 |
| Janney Montgomery Scott LLC added | 134,898 | $7M | 0.3% | 2026-Q1 |
| ARBOR TRUST WEALTH ADVISORS, LLC trimmed | 128,648 | $6M | 0.3% | 2026-Q1 |
| Cornerstone Wealth Group, LLC trimmed | 122,252 | $6M | 0.3% | 2026-Q1 |
| Cheviot Value Management, LLC added | 127,426 | $6M | 0.3% | 2026-Q1 |
| Cascade Financial Partners, LLC added | 127,333 | $6M | 0.3% | 2026-Q1 |
| OLD MISSION CAPITAL LLC trimmed | 125,210 | $6M | 0.3% | 2026-Q1 |
| Empirical Financial Services, LLC d.b.a. Empirical Wealth Management added | 125,189 | $6M | 0.3% | 2026-Q1 |
| Empowered Funds, LLC new | 124,826 | $6M | 0.3% | 2026-Q1 |
| Equitable Holdings, Inc. added | 132,104 | $6M | 0.3% | 2026-Q1 |
| Meramec Financial Planners, LLC trimmed | 106,014 | $6M | 0.2% | 2026-Q1 |
| Orion Porfolio Solutions, LLC added | 97,427 | $5M | 0.2% | 2026-Q1 |
| Stonebridge Wealth Management, LLC trimmed | 95,610 | $5M | 0.2% | 2026-Q1 |
| Old Port Advisors added | 91,990 | $5M | 0.2% | 2026-Q1 |
| FIFTH THIRD BANCORP added | 89,765 | $4M | 0.2% | 2026-Q1 |
| Focus Partners Wealth trimmed | 87,112 | $4M | 0.2% | 2026-Q1 |
| Steward Partners Investment Advisory, LLC added | 83,494 | $4M | 0.2% | 2026-Q1 |
| Investors Research Corp added | 81,745 | $4M | 0.2% | 2026-Q1 |
| Koshinski Asset Management, Inc. added | 74,698 | $4M | 0.2% | 2026-Q1 |
| Regal Investment Advisors LLC trimmed | 74,554 | $4M | 0.2% | 2026-Q1 |
| Waverly Advisors, LLC trimmed | 73,741 | $4M | 0.2% | 2026-Q1 |
| OSAIC HOLDINGS, INC. trimmed | 73,531 | $4M | 0.2% | 2026-Q1 |
| Composition Wealth, LLC trimmed | 72,508 | $4M | 0.2% | 2026-Q1 |
| CAPTRUST FINANCIAL ADVISORS added | 72,077 | $4M | 0.2% | 2026-Q1 |
| Endowment Wealth Management, Inc. added | 70,107 | $3M | 0.1% | 2026-Q1 |
| Vestmark Advisory Solutions, Inc. added | 67,941 | $3M | 0.1% | 2026-Q1 |
| Capital Analysts, LLC trimmed | 64,859 | $3M | 0.1% | 2026-Q1 |
| Beacon Pointe Advisors, LLC trimmed | 64,736 | $3M | 0.1% | 2026-Q1 |
| Corient Private Wealth LLC added | 63,815 | $3M | 0.1% | 2026-Q1 |
| Moran Wealth Management, LLC added | 62,890 | $3M | 0.1% | 2026-Q1 |
| Freedom Day Solutions, LLC added | 62,234 | $3M | 0.1% | 2026-Q1 |
| J.W. COLE ADVISORS, INC. added | 62,005 | $3M | 0.1% | 2026-Q1 |
| Good Harbor Advisors, Inc. added | 60,787 | $3M | 0.1% | 2026-Q1 |
| Summit Global Investments trimmed | 58,169 | $3M | 0.1% | 2026-Q1 |
| Axis Wealth Partners, LLC added | 58,025 | $3M | 0.1% | 2026-Q1 |
| Apeiron RIA LLC trimmed | 55,650 | $3M | 0.1% | 2026-Q1 |
| HighTower Advisors, LLC added | 53,853 | $3M | 0.1% | 2026-Q1 |
| Qube Research & Technologies Ltd added | 53,355 | $3M | 0.1% | 2026-Q1 |
| Sanctuary Advisors, LLC trimmed | 52,693 | $3M | 0.1% | 2026-Q1 |
| FMR LLC trimmed | 49,927 | $2M | 0.1% | 2026-Q1 |
| MML INVESTORS SERVICES, LLC trimmed | 49,578 | $2M | 0.1% | 2026-Q1 |
| Advisory Services Network, LLC trimmed | 46,132 | $2M | 0.1% | 2026-Q1 |
| VIEWPOINT INVESTMENT PARTNERS CORP added | 61,450 | $2M | 0.1% | 2026-Q1 |
| Dynamic Advisor Solutions LLC added | 44,168 | $2M | 0.1% | 2026-Q1 |
| ROTHSCHILD INVESTMENT LLC added | 43,401 | $2M | 0.1% | 2026-Q1 |
| FFG RETIREMENT ADVISORS LLC added | 42,115 | $2M | 0.1% | 2026-Q1 |
| MOODY NATIONAL BANK TRUST DIVISION | 39,747 | $2M | 0.1% | 2026-Q1 |
| CITIGROUP INC trimmed | 39,552 | $2M | 0.1% | 2026-Q1 |
| IFP Advisors, Inc added | 39,179 | $2M | 0.1% | 2026-Q1 |
| EVOLVE PRIVATE WEALTH, LLC added | 38,669 | $2M | 0.1% | 2026-Q1 |
| WealthPlan Investment Management, LLC added | 38,200 | $2M | 0.1% | 2026-Q1 |
| GREENLEAF TRUST trimmed | 36,920 | $2M | 0.1% | 2026-Q1 |
| Canandaigua National Trust Co of Florida trimmed | 36,669 | $2M | 0.1% | 2026-Q1 |
| Rathbones Group PLC added | 35,868 | $2M | 0.1% | 2026-Q1 |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP trimmed | 651,981 | $30M | 1.3% | 2025-Q4 stale |
| CANANDAIGUA NATIONAL BANK & TRUST CO added | 251,601 | $12M | 0.5% | 2025-Q4 stale |
| AVANTAX ADVISORY SERVICES, INC. trimmed | 166,507 | $8M | 0.3% | 2025-Q2 stale |
| CITADEL ADVISORS LLC added | 154,035 | $7M | 0.3% | 2025-Q2 stale |
| Orion Portfolio Solutions, LLC trimmed | 117,276 | $5M | 0.2% | 2025-Q1 stale |
| COMERICA BANK trimmed | 86,641 | $4M | 0.2% | 2025-Q4 stale |
| SG Trading Solutions, LLC new | 54,618 | $3M | 0.1% | 2025-Q4 stale |
| JANE STREET GROUP, LLC trimmed | 50,219 | $2M | 0.1% | 2025-Q4 stale |
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.