Vault-13

DAVIS FUNDAMENTAL ETF TR DFNL

SELECT FINL · ETP · CUSIP 23908L108

55 institutional holders +9 vs Q3 2025
5,779,9275.8m shares reported held*
$279.5mreported value*
12 new 23 added 11 reduced 2 sold out net bought ≈ $48.9m (+1.0m 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 ≈ $48.36.

Trends to Q4 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: 46Q4 25: 5555Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 202555

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q1 24: 17 bought or addedQ1 24: 20 cut or sold outQ2 24: 12 bought or addedQ2 24: 21 cut or sold outQ2 24Q3 24: 19 bought or addedQ3 24: 15 cut or sold outQ4 24: 22 bought or addedQ4 24: 13 cut or sold outQ4 24Q1 25: 19 bought or addedQ1 25: 16 cut or sold outQ2 25: 17 bought or addedQ2 25: 22 cut or sold outQ2 25Q3 25: 16 bought or addedQ3 25: 22 cut or sold outQ4 25: 35 bought or addedQ4 25: 13 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20241720
Q2 20241221
Q3 20241915
Q4 20242213
Q1 20251916
Q2 20251722
Q3 20251622
Q4 20253513

Biggest buyers

Thrivent Financial for Lutherans New +858,982+859.0k
MORGAN STANLEY Added +50,255+50.3k
RAYMOND JAMES FINANCIAL INC Added +50,220+50.2k
LPL Financial LLC Added +30,475+30.5k
Hilltop Holdings Inc. New +29,239+29.2k
SUMMIT WEALTH GROUP LLC / CO New +22,449+22.4k
Perigon Wealth Management, LLC New +18,044+18.0k
CITADEL ADVISORS LLC New +16,821+16.8k
Kovack Advisors, Inc. New +9,434+9.4k
Kestra Advisory Services, LLC Added +5,464+5.5k

Biggest sellers

Sanctuary Advisors, LLC Reduced -81,739-81.7k
FLOW TRADERS U.S. LLC Sold out -11,274-11.3k
UBS Group AG Reduced -5,715-5.7k
GTS SECURITIES LLC Sold out -4,581-4.6k
STIFEL FINANCIAL CORP Reduced -3,642-3.6k
Prospera Financial Services Inc Reduced -1,214-1.2k
Atlas Wealth LLC Reduced -1,051-1.1k
Next Level Private LLC Reduced -728-728
Diligent Investors, LLC Reduced -293-293
Rockefeller Capital Management L.P. Reduced -175-175

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Davis Selected Advisers 0.46% of their portfolio Tucson, AZ 2,130,3612.1m $103.0m $103.0m 0.46% Added +501 +501
2 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 998,160998.2k $48.2m $48.2m 0.00% Added +50.3k +50,255
3 Thrivent Financial for Lutherans 0.07% of their portfolio Minneapolis, MN 858,982859.0k $41.6m $41.6m 0.07% New
4 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 396,816396.8k $19.2m $19.2m 0.01% Added +30.5k +30,475
5 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 199,241199.2k $9.6m $9.6m 0.00% Added +144 +144
6 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 128,853128.9k $6.2m $6.2m 0.01% Added +1.0k +1,004
7 UBS Group AG 0.00% of their portfolio ZURICH, V8 90,97291.0k $4.4m $4.4m 0.00% Reduced -5.7k -5,715
8 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 90,96691.0k $4.4m $4.4m 0.00% Added +5.2k +5,232
9 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 85,51485.5k $4.1m $4.1m 0.00% Added +50.2k +50,220
10 Sanctuary Advisors, LLC 0.02% of their portfolio INDIANAPOLIS, IN 85,47585.5k $4.1m $4.1m 0.02% Reduced -81.7k -81,739
11 Next Level Private LLC 1.04% of their portfolio HARRISON, NY 81,72381.7k $3.9m $3.9m 1.04% Reduced -728 -728
12 D.A. DAVIDSON & CO. 0.02% of their portfolio GREAT FALLS, MT 78,71278.7k $3.8m $3.8m 0.02% Added +88 +88
13 ARKANSAS FINANCIAL GROUP, INC. 0.40% of their portfolio LITTLE ROCK, AR 57,28457.3k $2.8m $2.8m 0.40% Added +5.0k +4,990
14 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 51,80651.8k $2.5m $2.5m 0.00% Added +3.3k +3,274
15 Kestra Advisory Services, LLC 0.01% of their portfolio AUSTIN, TX 43,38743.4k $2.1m $2.1m 0.01% Added +5.5k +5,464
16 Hilltop Holdings Inc. 0.08% of their portfolio DALLAS, TX 29,23929.2k $1.4m $1.4m 0.08% New
17 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 27,77427.8k $1.3m $1.3m 0.00% Added +1.4k +1,437
18 Axiom Financial Strategies, LLC 0.54% of their portfolio NEW ALBANY, IN 26,36826.4k $1.3m $1.3m 0.54% Unchanged
19 J.W. COLE ADVISORS, INC. 0.03% of their portfolio TAMPA, FL 23,31623.3k $1.1m $1.1m 0.03% Added +215 +215
20 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 22,78122.8k $1.1m $1.1m 0.00% Reduced -3.6k -3,642
21 SUMMIT WEALTH GROUP LLC / CO 0.14% of their portfolio COLORADO SPRINGS, CO 22,44922.4k $1.1m $1.1m 0.14% New
22 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 20,99321.0k $1.0m $1.0m 0.00% Added +2.8k +2,773
23 Geneos Wealth Management Inc. 0.02% of their portfolio ENGLEWOOD, CO 20,65820.7k $998.4k $998.4k 0.02% Added +2.8k +2,841
24 SITTNER & NELSON, LLC 0.36% of their portfolio EUGENE, OR 20,23320.2k $1.0m $1.0m 0.36% Unchanged
25 Prospera Financial Services Inc 0.01% of their portfolio Dallas, TX 18,20818.2k $880.0k $880.0k 0.01% Reduced -1.2k -1,214
26 Perigon Wealth Management, LLC 0.02% of their portfolio SAN FRANCISCO, CA 18,04418.0k $872.1k $872.1k 0.02% New
27 Atlas Wealth LLC 0.25% of their portfolio CINCINNATI, OH 16,84716.8k $814.2k $814.2k 0.25% Reduced -1.1k -1,051
28 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 16,82116.8k $813.0k $813.0k 0.00% New
29 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 13,18913.2k $637.4k $637.4k 0.00% Added +94 +94
30 Melone Private Wealth, LLC 0.24% of their portfolio AUBURN HILLS, MI 11,52511.5k $557.0k $557.0k 0.24% Added +1.1k +1,075
31 Rockefeller Capital Management L.P. 0.00% of their portfolio NEW YORK, NY 10,08010.1k $487.2k $487.2k 0.00% Reduced -175 -175
32 DAVENPORT & Co LLC 0.00% of their portfolio RICHMOND, VA 9,8029.8k $473.7k $473.7k 0.00% Added +691 +691
33 Modern Wealth Management, LLC 0.01% of their portfolio KANSAS CITY, MO 9,5609.6k $462.0k $462.0k 0.01% Unchanged
34 Kovack Advisors, Inc. 0.02% of their portfolio FT. LAUDERDALE, FL 9,4349.4k $456.0k $456.0k 0.02% New
35 MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio DENVER, CO 8,8188.8k $426.2k $426.2k 0.00% Reduced -8 -8
36 CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio RALEIGH, NC 8,0758.1k $390.3k $390.3k 0.00% Reduced -25 -25
37 FLAGSHIP HARBOR ADVISORS, LLC 0.02% of their portfolio BOSTON, MA 7,3197.3k $353.7k $353.7k 0.02% Unchanged
38 Carson Advisory Inc. 0.14% of their portfolio ATHENS, GA 5,5005.5k $265.8k $265.8k 0.14% Unchanged
39 Diligent Investors, LLC 0.06% of their portfolio REDLANDS, CA 5,4465.4k $263.2k $263.2k 0.06% Reduced -293 -293
40 Private Advisor Group, LLC 0.00% of their portfolio MORRISTOWN, NJ 4,6784.7k $226.1k $226.1k 0.00% New
41 Millstone Evans Group, LLC 0.09% of their portfolio BOULDER, CO 3,3003.3k $159.5k $159.5k 0.09% Unchanged
42 Key Financial Inc 0.02% of their portfolio WEST CHESTER, PA 2,4972.5k $120.7k $120.7k 0.02% Unchanged
43 CWM, LLC 0.00% of their portfolio OMAHA, NE 1,7411.7k $84.0k $84.0k 0.00% Reduced -9 -9
44 Capital Investment Advisory Services, LLC 0.01% of their portfolio RALEIGH, NC 1,5771.6k $76.2k $76.2k 0.01% Added +549 +549
45 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 1,3781.4k $66.6k $66.6k 0.00% Added +280 +280
46 COMERICA BANK 0.00% of their portfolio DALLAS, TX 1,2801.3k $61.9k $61.9k 0.00% Added +144 +144
47 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 723723 $34.9k $34.9k 0.00% Unchanged
48 Allworth Financial LP 0.00% of their portfolio FOLSOM, CA 715715 $34.6k $34.6k 0.00% Unchanged
49 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 349349 $16.9k $16.9k 0.00% Added +200 +200
50 Coston, McIsaac & Partners 0.00% of their portfolio BAR HARBOR, ME 306306 $14.0k $14.0k 0.00% Added +51 +51
51 CIBC Private Wealth Group LLC 0.00% of their portfolio ATLANTA, GA 200200 $9.7k $9.7k 0.00% New
52 LRI Investments, LLC 0.00% of their portfolio PALM BEACH GARDENS, FL 170170 $8.2k $8.2k 0.00% New
53 Lodestone Wealth Management LLC 0.00% of their portfolio SPOKANE, WA 165165 $8.0k $8.0k 0.00% New
54 Central Pacific Bank - Trust Division 0.00% of their portfolio HONOLULU, HI 8080 $3.9k $3.9k 0.00% New
55 FMR LLC 0.00% of their portfolio BOSTON, MA 3737 $1.8k $1.8k 0.00% New