Who owns DNL (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-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
The tracked-fund tape on DNL is one-sided between 2025-Q4 and 2026-Q1: 3 added or opened and 20 trimmed or exited — on balance reducing.
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 2025-Q4 and 2026-Q1, across 95 tracked filers holding DNL, 42 increased or opened the position and 43 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 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 2
- HRT FINANCIAL LP$2M
- MERCER GLOBAL ADVISORS INC /ADV$838K
Full exits 2
- Wealth Watch Advisors, INC$3M
- TECTONIC ADVISORS LLC$990K
Largest adds
- Kestra Advisory Services, LLC$2M
Largest trims
- NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO$31M
- AMERIPRISE FINANCIAL INC$10M
- COMMONWEALTH EQUITY SERVICES, LLC$9M
- ENVESTNET ASSET MANAGEMENT INC$8M
- Rockefeller Capital Management L.P.$8M
- WELLS FARGO & COMPANY/MN$4M
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 | 1,243,726 | $50M | 15.1% | 2026-Q1 |
| UBS Group AG trimmed | 693,294 | $28M | 8.4% | 2026-Q1 |
| LPL Financial LLC added | 530,055 | $21M | 6.4% | 2026-Q1 |
| AMERIPRISE FINANCIAL INC trimmed | 496,529 | $21M | 6.2% | 2026-Q1 |
| Private Advisor Group, LLC added | 502,178 | $20M | 6.1% | 2026-Q1 |
| Key Financial Inc added | 462,832 | $19M | 5.6% | 2026-Q1 |
| ROYAL BANK OF CANADA trimmed | 435,136 | $18M | 5.3% | 2026-Q1 |
| BANK OF AMERICA CORP /DE/ trimmed | 420,498 | $17M | 5.1% | 2026-Q1 |
| WELLS FARGO & COMPANY/MN trimmed | 246,720 | $10M | 3.0% | 2026-Q1 |
| BIP Wealth, LLC trimmed | 242,369 | $10M | 2.9% | 2026-Q1 |
| CAPTRUST FINANCIAL ADVISORS added | 221,797 | $9M | 2.7% | 2026-Q1 |
| JPMORGAN CHASE & CO added | 204,780 | $8M | 2.4% | 2026-Q1 |
| COMMONWEALTH EQUITY SERVICES, LLC trimmed | 193,315 | $8M | 2.3% | 2026-Q1 |
| ShoreHaven Wealth Partners, LLC added | 173,366 | $7M | 2.1% | 2026-Q1 |
| Kestra Advisory Services, LLC added | 116,835 | $5M | 1.4% | 2026-Q1 |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO trimmed | 86,781 | $4M | 1.1% | 2026-Q1 |
| IEQ CAPITAL, LLC | 76,836 | $3M | 0.9% | 2026-Q1 |
| Cetera Investment Advisers trimmed | 75,910 | $3M | 0.9% | 2026-Q1 |
| FLOW TRADERS U.S. LLC trimmed | 60,479 | $2M | 0.7% | 2026-Q1 |
| Collaborative Wealth Managment Inc. added | 59,333 | $2M | 0.7% | 2026-Q1 |
| Cambridge Investment Research Advisors, Inc. added | 56,808 | $2M | 0.7% | 2026-Q1 |
| NewEdge Wealth, LLC added | 51,503 | $2M | 0.6% | 2026-Q1 |
| CWM, LLC added | 49,494 | $2M | 0.6% | 2026-Q1 |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP added | 48,937 | $2M | 0.6% | 2026-Q1 |
| JANE STREET GROUP, LLC trimmed | 46,869 | $2M | 0.6% | 2026-Q1 |
| Breakwater Capital Group added | 46,848 | $2M | 0.6% | 2026-Q1 |
| Well Done, LLC added | 45,089 | $2M | 0.5% | 2026-Q1 |
| Michels Family Financial, LLC added | 44,656 | $2M | 0.5% | 2026-Q1 |
| HighTower Advisors, LLC trimmed | 41,544 | $2M | 0.5% | 2026-Q1 |
| RAYMOND JAMES FINANCIAL INC trimmed | 38,798 | $2M | 0.5% | 2026-Q1 |
| Rockefeller Capital Management L.P. trimmed | 37,864 | $2M | 0.5% | 2026-Q1 |
| HRT FINANCIAL LP added | 37,460 | $2M | 0.5% | 2026-Q1 |
| CITADEL ADVISORS LLC added | 34,112 | $1M | 0.4% | 2026-Q1 |
| Stratos Wealth Partners, LTD. trimmed | 30,739 | $1M | 0.4% | 2026-Q1 |
| SENTINEL PENSION ADVISORS, LLC added | 29,378 | $1M | 0.4% | 2026-Q1 |
| Element Wealth, LLC added | 27,925 | $1M | 0.3% | 2026-Q1 |
| 5T Wealth, LLC added | 24,722 | $998K | 0.3% | 2026-Q1 |
| MERCER GLOBAL ADVISORS INC /ADV new | 20,754 | $838K | 0.3% | 2026-Q1 |
| DRIVE WEALTH MANAGEMENT, LLC added | 20,148 | $813K | 0.2% | 2026-Q1 |
| STIFEL FINANCIAL CORP added | 18,544 | $749K | 0.2% | 2026-Q1 |
| Creative Planning added | 18,326 | $740K | 0.2% | 2026-Q1 |
| Sowa Financial Group, Inc. added | 17,608 | $711K | 0.2% | 2026-Q1 |
| Argent Trust Co | 16,560 | $669K | 0.2% | 2026-Q1 |
| Arax Advisory Partners trimmed | 15,901 | $642K | 0.2% | 2026-Q1 |
| ENVESTNET ASSET MANAGEMENT INC trimmed | 15,652 | $632K | 0.2% | 2026-Q1 |
| WealthPlan Investment Management, LLC trimmed | 15,049 | $608K | 0.2% | 2026-Q1 |
| Manske Wealth Management | 14,761 | $596K | 0.2% | 2026-Q1 |
| HOWARD WEALTH MANAGEMENT, LLC | 13,874 | $560K | 0.2% | 2026-Q1 |
| Integrity Financial Corp /WA trimmed | 13,450 | $543K | 0.2% | 2026-Q1 |
| Onyx Bridge Wealth Group LLC trimmed | 12,815 | $517K | 0.2% | 2026-Q1 |
| US BANCORP \DE\ | 12,020 | $485K | 0.1% | 2026-Q1 |
| United Advisor Group, LLC added | 11,432 | $462K | 0.1% | 2026-Q1 |
| Raab & Moskowitz Asset Management LLC added | 11,400 | $460K | 0.1% | 2026-Q1 |
| CHERRYDALE WEALTH MANAGEMENT, LLC added | 10,381 | $419K | 0.1% | 2026-Q1 |
| INTEGRITY ALLIANCE, LLC. | 10,364 | $418K | 0.1% | 2026-Q1 |
| AQR CAPITAL MANAGEMENT LLC | 10,080 | $407K | 0.1% | 2026-Q1 |
| OSAIC HOLDINGS, INC. trimmed | 9,701 | $392K | 0.1% | 2026-Q1 |
| TD Capital Management LLC trimmed | 8,855 | $357K | 0.1% | 2026-Q1 |
| PRINCIPAL SECURITIES, INC. added | 8,431 | $340K | 0.1% | 2026-Q1 |
| FMR LLC trimmed | 7,455 | $301K | 0.1% | 2026-Q1 |
| Baird Financial Group, Inc. trimmed | 7,427 | $300K | 0.1% | 2026-Q1 |
| JONES FINANCIAL COMPANIES LLLP added | 7,446 | $292K | 0.1% | 2026-Q1 |
| VestGen Advisors, LLC added | 6,034 | $266K | 0.1% | 2026-Q1 |
| LEVEL FOUR ADVISORY SERVICES, LLC trimmed | 6,175 | $249K | 0.1% | 2026-Q1 |
| OneAscent Financial Services LLC | 5,790 | $234K | 0.1% | 2026-Q1 |
| Lido Advisors, LLC new | 5,756 | $232K | 0.1% | 2026-Q1 |
| VERUS CAPITAL PARTNERS, LLC | 5,315 | $215K | 0.1% | 2026-Q1 |
| J.W. COLE ADVISORS, INC. added | 5,288 | $213K | 0.1% | 2026-Q1 |
| FIFTH THIRD BANCORP added | 5,257 | $212K | 0.1% | 2026-Q1 |
| Integrated Wealth Concepts LLC trimmed | 5,219 | $211K | 0.1% | 2026-Q1 |
| Colonial Trust Co / SC | 4,900 | $191K | 0.1% | 2026-Q1 |
| Steward Partners Investment Advisory, LLC | 3,475 | $140K | 0.0% | 2026-Q1 |
| Allworth Financial LP trimmed | 3,386 | $137K | 0.0% | 2026-Q1 |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC new | 3,153 | $127K | 0.0% | 2026-Q1 |
| Cerro Pacific Wealth Advisors LLC added | 204,989 | $8M | 2.5% | 2025-Q3 stale |
| Wealth Watch Advisors, INC trimmed | 71,071 | $3M | 0.9% | 2025-Q4 stale |
| IHT Wealth Management, LLC added | 58,911 | $2M | 0.6% | 2025-Q1 stale |
| Financial Strategies Group, Inc. trimmed | 40,783 | $2M | 0.5% | 2025-Q2 stale |
| Ruggaard & Associates LLC added | 24,588 | $990K | 0.3% | 2025-Q2 stale |
| TECTONIC ADVISORS LLC | 24,008 | $990K | 0.3% | 2025-Q4 stale |
| Cyr Financial Inc. trimmed | 27,209 | $971K | 0.3% | 2025-Q1 stale |
| TFG Advisers LLC trimmed | 22,042 | $888K | 0.3% | 2025-Q2 stale |
| AVANTAX ADVISORY SERVICES, INC. added | 17,940 | $722K | 0.2% | 2025-Q2 stale |
| TOWNSQUARE CAPITAL LLC trimmed | 15,933 | $568K | 0.2% | 2025-Q1 stale |
| Lion Street Advisors, LLC added | 12,642 | $532K | 0.2% | 2025-Q3 stale |
| B. Riley Wealth Advisors, Inc. added | 11,256 | $464K | 0.1% | 2025-Q4 stale |
| Equitable Holdings, Inc. trimmed | 11,415 | $462K | 0.1% | 2025-Q3 stale |
| Virtu Financial LLC trimmed | 7,617 | $314K | 0.1% | 2025-Q4 stale |
| NORTHERN TRUST CORP new | 6,516 | $262K | 0.1% | 2025-Q2 stale |
| RMR Wealth Builders trimmed | 6,281 | $254K | 0.1% | 2025-Q3 stale |
| SageView Advisory Group, LLC | 5,985 | $247K | 0.1% | 2025-Q4 stale |
| Revolve Wealth Partners, LLC trimmed | 5,987 | $241K | 0.1% | 2025-Q2 stale |
| INSPIRION WEALTH ADVISORS, LLC | 5,864 | $231K | 0.1% | 2025-Q3 stale |
| WealthPLAN Partners, LLC trimmed | 6,308 | $225K | 0.1% | 2025-Q1 stale |
| Legacy Financial Advisors, Inc. trimmed | 6,132 | $219K | 0.1% | 2025-Q1 stale |
| COMERICA BANK trimmed | 5,286 | $218K | 0.1% | 2025-Q4 stale |
| Monterey Private Wealth, Inc. new | 5,938 | $212K | 0.1% | 2025-Q1 stale |
| Vertex Planning Partners, LLC trimmed | 5,627 | $201K | 0.1% | 2025-Q1 stale |
| Wayfinding Financial, LLC new | 3,544 | $126K | 0.0% | 2025-Q1 stale |
| Plante Moran Financial Advisors, LLC new | 1,723 | $69K | 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.