Who owns DFNL
Which tracked institutional funds hold DFNL, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See DFNL company fundamentals →
Ownership as of the 2026-Q1 13F filings (latest filed 2026-05-19). 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
11 tracked funds added or opened DFNL while 12 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
DFNL’s largest tracked holder by dollar value, DAVIS SELECTED ADVISERS, sizes it at 0.4% of its own reported 13F book, while the median holder sizes it at 0.0% of theirs — a 0.4pp conviction gap — its largest holder concentrates the name more heavily than the typical one.
Book-share is each fund’s reported value in DFNL 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 62 tracked filers holding DFNL, 35 increased or opened the position and 18 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 DFNL 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 7
- ENVESTNET ASSET MANAGEMENT INC$6M
- TRUIST FINANCIAL CORP$6M
- Willow Financial LLC$5M
- JANE STREET GROUP, LLC$5M
- Inspire Advisors, LLC$3M
- SUSQUEHANNA INTERNATIONAL GROUP, LLP$1M
Full exits 2
- Axiom Financial Strategies, LLC$1M
- Perigon Wealth Management, LLC$872K
Largest adds
- Thrivent Financial for Lutherans$22M
- ROYAL BANK OF CANADA$3M
- CITADEL ADVISORS LLC$2M
- COMMONWEALTH EQUITY SERVICES, LLC$402K
Largest trims
- NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO$14M
- MORGAN STANLEY$10M
- DAVIS SELECTED ADVISERS$7M
- LPL Financial LLC$544K
- HighTower Advisors, LLC$539K
- RAYMOND JAMES FINANCIAL INC$414K
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 |
|---|---|---|---|---|
| DAVIS SELECTED ADVISERS added | 2,130,666 | $96M | 30.0% | 2026-Q1 |
| Thrivent Financial for Lutherans added | 1,424,747 | $64M | 20.0% | 2026-Q1 |
| MORGAN STANLEY trimmed | 851,699 | $38M | 12.0% | 2026-Q1 |
| LPL Financial LLC added | 415,571 | $19M | 5.8% | 2026-Q1 |
| BANK OF AMERICA CORP /DE/ added | 209,529 | $9M | 2.9% | 2026-Q1 |
| ENVESTNET ASSET MANAGEMENT INC added | 141,855 | $6M | 2.0% | 2026-Q1 |
| TRUIST FINANCIAL CORP added | 138,949 | $6M | 2.0% | 2026-Q1 |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO added | 130,860 | $6M | 1.8% | 2026-Q1 |
| ROYAL BANK OF CANADA added | 126,975 | $6M | 1.8% | 2026-Q1 |
| HighTower Advisors, LLC trimmed | 126,867 | $6M | 1.8% | 2026-Q1 |
| Willow Financial LLC new | 117,411 | $5M | 1.7% | 2026-Q1 |
| JANE STREET GROUP, LLC added | 115,498 | $5M | 1.6% | 2026-Q1 |
| UBS Group AG added | 97,939 | $4M | 1.4% | 2026-Q1 |
| Sanctuary Advisors, LLC added | 89,380 | $4M | 1.3% | 2026-Q1 |
| RAYMOND JAMES FINANCIAL INC trimmed | 82,948 | $4M | 1.2% | 2026-Q1 |
| Next Level Private LLC | 81,723 | $4M | 1.1% | 2026-Q1 |
| D.A. DAVIDSON & CO. trimmed | 78,253 | $4M | 1.1% | 2026-Q1 |
| CITADEL ADVISORS LLC added | 70,604 | $3M | 1.0% | 2026-Q1 |
| ARKANSAS FINANCIAL GROUP, INC. added | 61,463 | $3M | 0.9% | 2026-Q1 |
| Inspire Advisors, LLC new | 61,666 | $3M | 0.9% | 2026-Q1 |
| Kestra Advisory Services, LLC added | 45,860 | $2M | 0.6% | 2026-Q1 |
| OSAIC HOLDINGS, INC. added | 28,690 | $1M | 0.4% | 2026-Q1 |
| Janney Montgomery Scott LLC added | 24,972 | $1M | 0.4% | 2026-Q1 |
| Hilltop Holdings Inc. trimmed | 24,529 | $1M | 0.3% | 2026-Q1 |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP added | 23,652 | $1M | 0.3% | 2026-Q1 |
| COMMONWEALTH EQUITY SERVICES, LLC added | 23,184 | $1M | 0.3% | 2026-Q1 |
| SUMMIT WEALTH GROUP LLC / CO added | 22,815 | $1M | 0.3% | 2026-Q1 |
| J.W. COLE ADVISORS, INC. trimmed | 21,104 | $946K | 0.3% | 2026-Q1 |
| Geneos Wealth Management Inc. added | 20,866 | $936K | 0.3% | 2026-Q1 |
| SITTNER & NELSON, LLC | 20,233 | $907K | 0.3% | 2026-Q1 |
| Envestnet Portfolio Solutions, Inc. new | 18,507 | $830K | 0.3% | 2026-Q1 |
| Prospera Financial Services Inc trimmed | 17,765 | $797K | 0.2% | 2026-Q1 |
| Atlas Wealth LLC | 16,847 | $755K | 0.2% | 2026-Q1 |
| STIFEL FINANCIAL CORP trimmed | 15,370 | $689K | 0.2% | 2026-Q1 |
| Rockefeller Capital Management L.P. added | 13,885 | $623K | 0.2% | 2026-Q1 |
| DAVENPORT & Co LLC added | 12,308 | $552K | 0.2% | 2026-Q1 |
| Melone Private Wealth, LLC | 11,525 | $517K | 0.2% | 2026-Q1 |
| Kovack Advisors, Inc. added | 9,435 | $423K | 0.1% | 2026-Q1 |
| Strategic Wealth Investment Group, LLC new | 9,419 | $422K | 0.1% | 2026-Q1 |
| CAPTRUST FINANCIAL ADVISORS | 8,075 | $362K | 0.1% | 2026-Q1 |
| MERCER GLOBAL ADVISORS INC /ADV trimmed | 7,717 | $346K | 0.1% | 2026-Q1 |
| Modern Wealth Management, LLC trimmed | 7,308 | $330K | 0.1% | 2026-Q1 |
| FLAGSHIP HARBOR ADVISORS, LLC trimmed | 6,119 | $274K | 0.1% | 2026-Q1 |
| Carson Advisory Inc. | 5,500 | $247K | 0.1% | 2026-Q1 |
| Diligent Investors, LLC | 5,446 | $244K | 0.1% | 2026-Q1 |
| FORESIGHT CAPITAL MANAGEMENT ADVISORS, INC. new | 5,075 | $228K | 0.1% | 2026-Q1 |
| Private Advisor Group, LLC added | 5,008 | $225K | 0.1% | 2026-Q1 |
| &PARTNERS new | 4,813 | $216K | 0.1% | 2026-Q1 |
| Millstone Evans Group, LLC | 3,300 | $148K | 0.0% | 2026-Q1 |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC new | 2,548 | $114K | 0.0% | 2026-Q1 |
| Key Financial Inc | 2,497 | $112K | 0.0% | 2026-Q1 |
| CWM, LLC added | 1,770 | $79K | 0.0% | 2026-Q1 |
| Capital Investment Advisory Services, LLC | 1,577 | $71K | 0.0% | 2026-Q1 |
| FIFTH THIRD BANCORP added | 866 | $39K | 0.0% | 2026-Q1 |
| Steward Partners Investment Advisory, LLC | 723 | $32K | 0.0% | 2026-Q1 |
| Allworth Financial LP | 715 | $32K | 0.0% | 2026-Q1 |
| Coston, McIsaac & Partners added | 448 | $20K | 0.0% | 2026-Q1 |
| PNC FINANCIAL SERVICES GROUP, INC. | 349 | $16K | 0.0% | 2026-Q1 |
| Western Wealth Management, LLC new | 192 | $9K | 0.0% | 2026-Q1 |
| Central Pacific Bank - Trust Division | 80 | $4K | 0.0% | 2026-Q1 |
| FMR LLC | 37 | $2K | 0.0% | 2026-Q1 |
| WELLS FARGO & COMPANY/MN trimmed | 0 | $16 | 0.0% | 2026-Q1 |
| Axiom Financial Strategies, LLC | 26,368 | $1M | 0.4% | 2025-Q4 stale |
| Perigon Wealth Management, LLC new | 18,044 | $872K | 0.3% | 2025-Q4 stale |
| Cambridge Investment Research Advisors, Inc. new | 16,174 | $694K | 0.2% | 2025-Q2 stale |
| GWN SECURITIES INC. new | 13,783 | $564K | 0.2% | 2025-Q1 stale |
| FLOW TRADERS U.S. LLC added | 11,274 | $510K | 0.2% | 2025-Q3 stale |
| Ameritas Advisory Services, LLC trimmed | 7,937 | $341K | 0.1% | 2025-Q2 stale |
| GTS SECURITIES LLC trimmed | 4,581 | $207K | 0.1% | 2025-Q3 stale |
| Kathleen S. Wright Associates Inc. | 3,125 | $141K | 0.0% | 2025-Q3 stale |
| COMERICA BANK added | 1,280 | $62K | 0.0% | 2025-Q4 stale |
| CIBC Private Wealth Group LLC new | 200 | $10K | 0.0% | 2025-Q4 stale |
| LRI Investments, LLC new | 170 | $8K | 0.0% | 2025-Q4 stale |
| Lodestone Wealth Management LLC new | 165 | $8K | 0.0% | 2025-Q4 stale |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | 0 | — | 0.0% | 2025-Q2 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.