Who owns DNL
Which tracked institutional funds hold DNL, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See DNL company fundamentals →
Ownership as of the 2026-Q2 13F filings (latest filed 2026-08-27). 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
20 tracked funds added or opened DNL while 12 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
DNL’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 DNL more heavily than its largest holder by dollar value does.
Book-share is each fund’s reported value in DNL 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 96 tracked filers holding DNL, 38 increased or opened the position and 46 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 DNL 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 2
- Wealth Watch Advisors, INC$2M
- Ameritas Advisory Services, LLC$633K
Full exits 7
- FLOW TRADERS U.S. LLC$2M
- Cambridge Investment Research Advisors, Inc.$2M
- CWM, LLC$2M
- HighTower Advisors, LLC$2M
- HRT FINANCIAL LP$2M
- CITADEL ADVISORS LLC$1M
Largest adds
- MORGAN STANLEY$8M
- Private Advisor Group, LLC$5M
- UBS Group AG$4M
- NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO$4M
- AMERIPRISE FINANCIAL INC$2M
- ROYAL BANK OF CANADA$2M
Largest trims
- JANE STREET GROUP, LLC$763K
- SUSQUEHANNA INTERNATIONAL GROUP, LLP$727K
- PENSION & WEALTH MANAGEMENT ADVISORS, INC.$408K
- Kestra Advisory Services, LLC$404K
- MERCER GLOBAL ADVISORS INC /ADV$300K
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 | 1,265,014 | $58M | 16.4% | 2026-Q2 |
| UBS Group AG added | 696,129 | $32M | 9.0% | 2026-Q2 |
| Private Advisor Group, LLC added | 541,897 | $25M | 7.0% | 2026-Q2 |
| AMERIPRISE FINANCIAL INC trimmed | 494,824 | $23M | 6.4% | 2026-Q2 |
| LPL Financial LLC trimmed | 483,790 | $22M | 6.3% | 2026-Q2 |
| Key Financial Inc trimmed | 452,268 | $21M | 5.9% | 2026-Q2 |
| ROYAL BANK OF CANADA trimmed | 430,459 | $20M | 5.6% | 2026-Q2 |
| BANK OF AMERICA CORP /DE/ trimmed | 415,717 | $19M | 5.4% | 2026-Q2 |
| BIP Wealth, LLC added | 258,717 | $12M | 3.3% | 2026-Q2 |
| CAPTRUST FINANCIAL ADVISORS added | 228,542 | $11M | 3.0% | 2026-Q2 |
| WELLS FARGO & COMPANY/MN trimmed | 220,712 | $10M | 2.9% | 2026-Q2 |
| JPMORGAN CHASE & CO added | 206,435 | $9M | 2.6% | 2026-Q2 |
| ShoreHaven Wealth Partners, LLC added | 176,021 | $8M | 2.3% | 2026-Q2 |
| COMMONWEALTH EQUITY SERVICES, LLC trimmed | 172,379 | $8M | 2.2% | 2026-Q2 |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO added | 155,092 | $7M | 2.0% | 2026-Q2 |
| Kestra Advisory Services, LLC trimmed | 93,394 | $4M | 1.2% | 2026-Q2 |
| Cetera Investment Advisers added | 77,551 | $4M | 1.0% | 2026-Q2 |
| IEQ CAPITAL, LLC | 76,836 | $4M | 1.0% | 2026-Q2 |
| Wealth Watch Advisors, INC trimmed | 51,756 | $2M | 0.7% | 2026-Q2 |
| Collaborative Wealth Managment Inc. trimmed | 49,192 | $2M | 0.6% | 2026-Q2 |
| Well Done, LLC added | 47,681 | $2M | 0.6% | 2026-Q2 |
| NewEdge Wealth, LLC trimmed | 47,586 | $2M | 0.6% | 2026-Q2 |
| Michels Family Financial, LLC added | 46,264 | $2M | 0.6% | 2026-Q2 |
| Breakwater Capital Group trimmed | 46,237 | $2M | 0.6% | 2026-Q2 |
| RAYMOND JAMES FINANCIAL INC added | 39,320 | $2M | 0.5% | 2026-Q2 |
| Rockefeller Capital Management L.P. trimmed | 37,473 | $2M | 0.5% | 2026-Q2 |
| Stratos Wealth Partners, LTD. added | 33,402 | $2M | 0.4% | 2026-Q2 |
| SENTINEL PENSION ADVISORS, LLC trimmed | 29,356 | $1M | 0.4% | 2026-Q2 |
| Element Wealth, LLC trimmed | 27,467 | $1M | 0.4% | 2026-Q2 |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP trimmed | 27,028 | $1M | 0.3% | 2026-Q2 |
| JANE STREET GROUP, LLC trimmed | 24,443 | $1M | 0.3% | 2026-Q2 |
| 5T Wealth, LLC trimmed | 24,083 | $1M | 0.3% | 2026-Q2 |
| DRIVE WEALTH MANAGEMENT, LLC trimmed | 19,520 | $901K | 0.3% | 2026-Q2 |
| Creative Planning added | 18,894 | $873K | 0.2% | 2026-Q2 |
| STIFEL FINANCIAL CORP added | 18,851 | $870K | 0.2% | 2026-Q2 |
| Argent Trust Co | 16,560 | $765K | 0.2% | 2026-Q2 |
| ENVESTNET ASSET MANAGEMENT INC trimmed | 15,400 | $711K | 0.2% | 2026-Q2 |
| Arax Advisory Partners trimmed | 15,060 | $695K | 0.2% | 2026-Q2 |
| Manske Wealth Management trimmed | 14,662 | $677K | 0.2% | 2026-Q2 |
| WealthPlan Investment Management, LLC trimmed | 14,521 | $671K | 0.2% | 2026-Q2 |
| AQR CAPITAL MANAGEMENT LLC added | 14,180 | $655K | 0.2% | 2026-Q2 |
| HOWARD WEALTH MANAGEMENT, LLC | 13,874 | $641K | 0.2% | 2026-Q2 |
| Ameritas Advisory Services, LLC added | 13,702 | $633K | 0.2% | 2026-Q2 |
| Onyx Bridge Wealth Group LLC trimmed | 12,152 | $561K | 0.2% | 2026-Q2 |
| US BANCORP \DE\ | 12,020 | $555K | 0.2% | 2026-Q2 |
| MERCER GLOBAL ADVISORS INC /ADV trimmed | 11,653 | $538K | 0.2% | 2026-Q2 |
| United Advisor Group, LLC added | 11,478 | $530K | 0.1% | 2026-Q2 |
| Raab & Moskowitz Asset Management LLC trimmed | 10,550 | $487K | 0.1% | 2026-Q2 |
| Integrity Financial Corp /WA trimmed | 10,441 | $482K | 0.1% | 2026-Q2 |
| CHERRYDALE WEALTH MANAGEMENT, LLC added | 10,420 | $481K | 0.1% | 2026-Q2 |
| INTEGRITY ALLIANCE, LLC. added | 10,368 | $479K | 0.1% | 2026-Q2 |
| TD Capital Management LLC added | 9,999 | $462K | 0.1% | 2026-Q2 |
| OSAIC HOLDINGS, INC. trimmed | 9,527 | $440K | 0.1% | 2026-Q2 |
| PRINCIPAL SECURITIES, INC. added | 8,612 | $398K | 0.1% | 2026-Q2 |
| JONES FINANCIAL COMPANIES LLLP added | 8,239 | $373K | 0.1% | 2026-Q2 |
| FIRST TRUST ADVISORS LP new | 7,600 | $351K | 0.1% | 2026-Q2 |
| Boyer Financial Services, Inc. new | 7,600 | $347K | 0.1% | 2026-Q2 |
| FMR LLC added | 7,458 | $344K | 0.1% | 2026-Q2 |
| Baird Financial Group, Inc. | 7,427 | $343K | 0.1% | 2026-Q2 |
| J.W. COLE ADVISORS, INC. added | 6,615 | $305K | 0.1% | 2026-Q2 |
| TUCKER ASSET MANAGEMENT LLC added | 6,489 | $300K | 0.1% | 2026-Q2 |
| LEVEL FOUR ADVISORY SERVICES, LLC | 6,175 | $285K | 0.1% | 2026-Q2 |
| SageView Advisory Group, LLC | 5,985 | $276K | 0.1% | 2026-Q2 |
| OneAscent Financial Services LLC | 5,790 | $267K | 0.1% | 2026-Q2 |
| Lido Advisors, LLC | 5,756 | $266K | 0.1% | 2026-Q2 |
| VestGen Advisors, LLC trimmed | 5,658 | $261K | 0.1% | 2026-Q2 |
| VERUS CAPITAL PARTNERS, LLC trimmed | 5,180 | $239K | 0.1% | 2026-Q2 |
| FIFTH THIRD BANCORP trimmed | 5,125 | $237K | 0.1% | 2026-Q2 |
| Integrated Wealth Concepts LLC trimmed | 4,976 | $230K | 0.1% | 2026-Q2 |
| Colonial Trust Co / SC | 4,900 | $224K | 0.1% | 2026-Q2 |
| Summit Investment Advisory Services, LLC trimmed | 4,731 | $218K | 0.1% | 2026-Q2 |
| Capital Group Private Client Services, Inc. new | 4,377 | $202K | 0.1% | 2026-Q2 |
| Steward Partners Investment Advisory, LLC added | 4,290 | $198K | 0.1% | 2026-Q2 |
| Allworth Financial LP trimmed | 3,383 | $156K | 0.0% | 2026-Q2 |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 3,153 | $146K | 0.0% | 2026-Q2 |
| IFG Advisory, LLC new | 2,583 | $119K | 0.0% | 2026-Q2 |
| PENSION & WEALTH MANAGEMENT ADVISORS, INC. trimmed | 2,185 | $101K | 0.0% | 2026-Q2 |
| AdvisorNet Financial, Inc | 1,590 | $73K | 0.0% | 2026-Q2 |
| FIRST COMMUNITY TRUST NA | 1,500 | $69K | 0.0% | 2026-Q2 |
| WHITTIER TRUST CO OF NEVADA INC trimmed | 1,304 | $60K | 0.0% | 2026-Q2 |
| PRIVATE TRUST CO NA | 1,182 | $55K | 0.0% | 2026-Q2 |
| Larson Financial Group LLC added | 759 | $35K | 0.0% | 2026-Q2 |
| AE Wealth Management LLC trimmed | 510 | $24K | 0.0% | 2026-Q2 |
| Front Row Advisors LLC | 440 | $21K | 0.0% | 2026-Q2 |
| Institute for Wealth Management, LLC. new | 380 | $18K | 0.0% | 2026-Q2 |
| CoreCap Advisors, LLC | 304 | $14K | 0.0% | 2026-Q2 |
| INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC | 300 | $14K | 0.0% | 2026-Q2 |
| Geneos Wealth Management Inc. | 250 | $12K | 0.0% | 2026-Q2 |
| SIGNATUREFD, LLC | 215 | $10K | 0.0% | 2026-Q2 |
| Medallion Wealth Advisors, LLC added | 132 | $6K | 0.0% | 2026-Q2 |
| GAMMA Investing LLC | 125 | $6K | 0.0% | 2026-Q2 |
| CREATIVE FINANCIAL DESIGNS INC /ADV | 112 | $5K | 0.0% | 2026-Q2 |
| SIMPLEX TRADING, LLC added | 81 | $4K | 0.0% | 2026-Q2 |
| HARBOUR INVESTMENTS, INC. | 59 | $3K | 0.0% | 2026-Q2 |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC trimmed | 27 | $1K | 0.0% | 2026-Q2 |
| Capital Investment Advisory Services, LLC | 21 | $971 | 0.0% | 2026-Q2 |
| FLOW TRADERS U.S. LLC trimmed | 60,479 | $2M | 0.7% | 2026-Q1 stale (1 quarter behind) |
| Cambridge Investment Research Advisors, Inc. added | 56,808 | $2M | 0.6% | 2026-Q1 stale (1 quarter behind) |
| CWM, LLC added | 49,494 | $2M | 0.6% | 2026-Q1 stale (1 quarter behind) |
| Cerro Pacific Wealth Advisors LLC added | 204,989 | $8M | 2.3% | 2025-Q3 stale (3 quarters behind) |
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.