Vault-13

DAVIS FUNDAMENTAL ETF TR DFNL

SELECT FINL · ETP · CUSIP 23908L108

46 institutional holders -4 vs Q2 2025
4,771,2104.8m shares reported held*
$215.2mreported value*
4 new 12 added 15 reduced 7 sold out net sold ≈ $8.2m (-180.6k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $45.11.

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 41Q4 22: 42Q1 23: 39Q2 23: 38Q3 23: 35Q4 23: 42Q1 24: 45Q2 24: 44Q3 24: 45Q4 24: 46Q1 25: 47Q2 25: 50Q3 25: 4646Q3 22Q2 23Q1 24Q4 24Q3 25
Numbers
QuarterHolders
Q3 202241
Q4 202242
Q1 202339
Q2 202338
Q3 202335
Q4 202342
Q1 202445
Q2 202444
Q3 202445
Q4 202446
Q1 202547
Q2 202550
Q3 202546

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q4 23: 16 bought or addedQ4 23: 17 cut or sold outQ1 24: 17 bought or addedQ1 24: 20 cut or sold outQ1 24Q2 24: 12 bought or addedQ2 24: 21 cut or sold outQ3 24: 19 bought or addedQ3 24: 15 cut or sold outQ3 24Q4 24: 22 bought or addedQ4 24: 13 cut or sold outQ1 25: 19 bought or addedQ1 25: 16 cut or sold outQ1 25Q2 25: 17 bought or addedQ2 25: 22 cut or sold outQ3 25: 16 bought or addedQ3 25: 22 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 20231617
Q1 20241720
Q2 20241221
Q3 20241915
Q4 20242213
Q1 20251916
Q2 20251722
Q3 20251622

Biggest buyers

Sanctuary Advisors, LLC Added +81,911+81.9k
Kestra Advisory Services, LLC New +37,923+37.9k
LPL Financial LLC Added +32,650+32.6k
FLOW TRADERS U.S. LLC New +11,274+11.3k
MORGAN STANLEY Added +11,004+11.0k
BANK OF AMERICA CORP /DE/ Added +6,857+6.9k
ARKANSAS FINANCIAL GROUP, INC. Added +6,162+6.2k
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +5,757+5.8k
HighTower Advisors, LLC Added +3,011+3.0k
Capital Investment Advisory Services, LLC New +1,028+1.0k

Biggest sellers

Axiom Financial Strategies, LLC Reduced -98,385-98.4k
ROYAL BANK OF CANADA Reduced -66,082-66.1k
JANE STREET GROUP, LLC Sold out -50,000-50.0k
COMMONWEALTH EQUITY SERVICES, LLC Reduced -38,427-38.4k
SUMMIT WEALTH GROUP LLC / CO Sold out -27,113-27.1k
Cambridge Investment Research Advisors, Inc. Sold out -16,174-16.2k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Sold out -15,564-15.6k
RAYMOND JAMES FINANCIAL INC Reduced -14,893-14.9k
Rockefeller Capital Management L.P. Reduced -12,605-12.6k
CITADEL ADVISORS LLC Sold out -11,199-11.2k

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Davis Selected Advisers 0.50% of their portfolio Tucson, AZ 2,129,8602.1m $96.3m $96.3m 0.50% Unchanged
2 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 947,905947.9k $42.9m $42.9m 0.00% Added +11.0k +11,004
3 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 366,341366.3k $16.6m $16.6m 0.00% Added +32.6k +32,650
4 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 199,097199.1k $9.0m $9.0m 0.00% Added +6.9k +6,857
5 Sanctuary Advisors, LLC 0.02% of their portfolio INDIANAPOLIS, IN 167,214167.2k $7.1m $7.1m 0.02% Added +81.9k +81,911
6 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 127,849127.8k $5.8m $5.8m 0.01% Added +3.0k +3,011
7 UBS Group AG 0.00% of their portfolio ZURICH, V8 96,68796.7k $4.4m $4.4m 0.00% Added +676 +676
8 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 85,73485.7k $3.9m $3.9m 0.00% Added +5.8k +5,757
9 Next Level Private LLC 1.07% of their portfolio HARRISON, NY 82,45182.5k $3.7m $3.7m 1.07% Reduced -575 -575
10 D.A. DAVIDSON & CO. 0.02% of their portfolio GREAT FALLS, MT 78,62478.6k $3.6m $3.6m 0.02% Reduced -325 -325
11 ARKANSAS FINANCIAL GROUP, INC. 0.35% of their portfolio LITTLE ROCK, AR 52,29452.3k $2.4m $2.4m 0.35% Added +6.2k +6,162
12 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 48,53248.5k $2.2m $2.2m 0.00% Reduced -66.1k -66,082
13 Kestra Advisory Services, LLC 0.01% of their portfolio AUSTIN, TX 37,92337.9k $1.7m $1.7m 0.01% New
14 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 35,29435.3k $1.6m $1.6m 0.00% Reduced -14.9k -14,893
15 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 26,42326.4k $1.2m $1.2m 0.00% Reduced -6.0k -5,996
16 Axiom Financial Strategies, LLC 0.51% of their portfolio NEW ALBANY, IN 26,36826.4k $1.2m $1.2m 0.51% Reduced -98.4k -98,385
17 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 26,33726.3k $1.2m $1.2m 0.00% Added +664 +664
18 J.W. COLE ADVISORS, INC. 0.02% of their portfolio TAMPA, FL 23,10123.1k $1.0m $1.0m 0.02% Unchanged
19 SITTNER & NELSON, LLC 0.33% of their portfolio EUGENE, OR 20,23320.2k $914.9k $914.9k 0.33% Unchanged
20 Prospera Financial Services Inc 0.01% of their portfolio Dallas, TX 19,42219.4k $878.3k $878.3k 0.01% Reduced -720 -720
21 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 18,22018.2k $824.0k $824.0k 0.00% Reduced -45 -45
22 Atlas Wealth LLC 0.26% of their portfolio CINCINNATI, OH 17,89817.9k $809.3k $809.3k 0.26% Unchanged
23 Geneos Wealth Management Inc. 0.02% of their portfolio ENGLEWOOD, CO 17,81717.8k $805.7k $805.7k 0.02% Added +950 +950
24 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 13,09513.1k $592.0k $592.0k 0.00% Reduced -38.4k -38,427
25 FLOW TRADERS U.S. LLC 0.02% of their portfolio NEW YORK, NY 11,27411.3k $510.0k $510.0k 0.02% New
26 Melone Private Wealth, LLC 0.21% of their portfolio AUBURN HILLS, MI 10,45010.4k $472.5k $472.5k 0.21% Unchanged
27 Rockefeller Capital Management L.P. 0.00% of their portfolio NEW YORK, NY 10,25510.3k $463.8k $463.8k 0.00% Reduced -12.6k -12,605
28 Modern Wealth Management, LLC 0.01% of their portfolio KANSAS CITY, MO 9,5609.6k $432.3k $432.3k 0.01% Unchanged
29 DAVENPORT & Co LLC 0.00% of their portfolio RICHMOND, VA 9,1119.1k $412.0k $412.0k 0.00% Reduced -53 -53
30 MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio DENVER, CO 8,8268.8k $399.1k $399.1k 0.00% Reduced -700 -700
31 CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio RALEIGH, NC 8,1008.1k $366.3k $366.3k 0.00% Unchanged
32 FLAGSHIP HARBOR ADVISORS, LLC 0.01% of their portfolio BOSTON, MA 7,3197.3k $331.0k $331.0k 0.01% Unchanged
33 Diligent Investors, LLC 0.07% of their portfolio REDLANDS, CA 5,7395.7k $259.5k $259.5k 0.07% Reduced -100 -100
34 Carson Advisory Inc. 0.13% of their portfolio ATHENS, GA 5,5005.5k $248.7k $248.7k 0.13% Unchanged
35 GTS SECURITIES LLC 0.01% of their portfolio NEW YORK, NY 4,5814.6k $207.2k $207.2k 0.01% Reduced -4.6k -4,609
36 Millstone Evans Group, LLC 0.09% of their portfolio BOULDER, CO 3,3003.3k $149.2k $149.2k 0.09% Unchanged
37 Kathleen S. Wright Associates Inc. 0.05% of their portfolio PITTSBURGH, PA 3,1253.1k $141.3k $141.3k 0.05% Unchanged
38 Key Financial Inc 0.02% of their portfolio WEST CHESTER, PA 2,4972.5k $112.6k $112.6k 0.02% Unchanged
39 CWM, LLC 0.00% of their portfolio OMAHA, NE 1,7501.8k $79.0k $79.0k 0.00% Added +450 +450
40 COMERICA BANK 0.00% of their portfolio DALLAS, TX 1,1361.1k $51.4k $51.4k 0.00% Reduced -222 -222
41 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 1,0981.1k $49.7k $49.7k 0.00% Added +598 +598
42 Capital Investment Advisory Services, LLC 0.00% of their portfolio RALEIGH, NC 1,0281.0k $46.5k $46.5k 0.00% New
43 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 723723 $32.7k $32.7k 0.00% Unchanged
44 Allworth Financial LP 0.00% of their portfolio FOLSOM, CA 715715 $32.3k $32.3k 0.00% Unchanged
45 Coston, McIsaac & Partners 0.00% of their portfolio BAR HARBOR, ME 255255 $11.0k $11.0k 0.00% New
46 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 149149 $6.7k $6.7k 0.00% Unchanged