Vault-13

DAVIS FUNDAMENTAL ETF TR DFNL

SELECT FINL · ETP · CUSIP 23908L108

61 institutional holders +6 vs Q4 2025
7,002,9927.0m shares reported held*
$314.1mreported value*
12 new 22 added 12 reduced 4 sold out net bought ≈ $55.0m (+1.2m 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 ($114.3k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $44.86.

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

0255075Q3 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: 55Q1 26: 6161Q3 22Q3 23Q3 24Q3 25Q1 26
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
Q1 202661

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q2 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 25Q4 25: 35 bought or addedQ4 25: 13 cut or sold outQ1 26: 34 bought or addedQ1 26: 16 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 20241221
Q3 20241915
Q4 20242213
Q1 20251916
Q2 20251722
Q3 20251622
Q4 20253513
Q1 20263416

Biggest buyers

Thrivent Financial for Lutherans Added +565,765+565.8k
ENVESTNET ASSET MANAGEMENT INC New +141,855+141.9k
TRUIST FINANCIAL CORP New +138,949+138.9k
Willow Financial LLC New +117,411+117.4k
JANE STREET GROUP, LLC New +115,498+115.5k
ROYAL BANK OF CANADA Added +75,169+75.2k
Inspire Advisors, LLC New +61,666+61.7k
CITADEL ADVISORS LLC Added +53,783+53.8k
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +39,894+39.9k
SUSQUEHANNA INTERNATIONAL GROUP, LLP New +23,652+23.7k

Biggest sellers

MORGAN STANLEY Reduced -146,461-146.5k
Axiom Financial Strategies, LLC Sold out -26,368-26.4k
Perigon Wealth Management, LLC Sold out -18,044-18.0k
STIFEL FINANCIAL CORP Reduced -7,411-7.4k
Hilltop Holdings Inc. Reduced -4,710-4.7k
RAYMOND JAMES FINANCIAL INC Reduced -2,566-2.6k
Modern Wealth Management, LLC Reduced -2,252-2.3k
J.W. COLE ADVISORS, INC. Reduced -2,212-2.2k
HighTower Advisors, LLC Reduced -1,986-2.0k
WELLS FARGO & COMPANY/MN Reduced -1,378-1.4k

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Davis Selected Advisers 0.44% of their portfolio Tucson, AZ 2,130,6662.1m $95.5m $95.5m 0.44% Added +305 +305
2 Thrivent Financial for Lutherans 0.12% of their portfolio Minneapolis, MN 1,424,7471.4m $63.9m $63.9m 0.12% Added +565.8k +565,765
3 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 851,699851.7k $38.2m $38.2m 0.00% Reduced -146.5k -146,461
4 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 415,571415.6k $18.6m $18.6m 0.00% Added +18.8k +18,755
5 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 209,529209.5k $9.4m $9.4m 0.00% Added +10.3k +10,288
6 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 141,855141.9k $6.4m $6.4m 0.00% New
7 TRUIST FINANCIAL CORP 0.01% of their portfolio CHARLOTTE, NC 138,949138.9k $6.2m $6.2m 0.01% New
8 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 130,860130.9k $5.9m $5.9m 0.00% Added +39.9k +39,894
9 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 126,975127.0k $5.7m $5.7m 0.00% Added +75.2k +75,169
10 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 126,867126.9k $5.7m $5.7m 0.01% Reduced -2.0k -1,986
11 Willow Financial LLC 5.33% of their portfolio ROGERS, AR 117,411117.4k $5.3m $5.3m 5.33% New
12 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 115,498115.5k $5.2m $5.2m 0.01% New
13 UBS Group AG 0.00% of their portfolio ZURICH, V8 97,93997.9k $4.4m $4.4m 0.00% Added +7.0k +6,967
14 Sanctuary Advisors, LLC 0.02% of their portfolio INDIANAPOLIS, IN 89,38089.4k $4.0m $4.0m 0.02% Added +3.9k +3,905
15 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 82,94882.9k $3.7m $3.7m 0.00% Reduced -2.6k -2,566
16 Next Level Private LLC 0.83% of their portfolio HARRISON, NY 81,72381.7k $3.7m $3.7m 0.83% Unchanged
17 D.A. DAVIDSON & CO. 0.02% of their portfolio GREAT FALLS, MT 78,25378.3k $3.5m $3.5m 0.02% Reduced -459 -459
18 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 70,60470.6k $3.2m $3.2m 0.00% Added +53.8k +53,783
19 Inspire Advisors, LLC 0.23% of their portfolio Meridian, ID 61,66661.7k $2.8m $2.8m 0.23% New
20 ARKANSAS FINANCIAL GROUP, INC. 0.40% of their portfolio LITTLE ROCK, AR 61,46361.5k $2.9m $2.9m 0.40% Added +4.2k +4,179
21 Kestra Advisory Services, LLC 0.01% of their portfolio AUSTIN, TX 45,86045.9k $2.1m $2.1m 0.01% Added +2.5k +2,473
22 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 28,69028.7k $1.3m $1.3m 0.00% Added +916 +916
23 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 24,97225.0k $1.1m $1.1m 0.00% Added +4.0k +3,979
24 Hilltop Holdings Inc. 0.10% of their portfolio DALLAS, TX 24,52924.5k $1.1m $1.1m 0.10% Reduced -4.7k -4,710
25 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 23,65223.7k $1.1m $1.1m 0.00% New
26 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 23,18423.2k $1.0m $1.0m 0.00% Added +10.0k +9,995
27 SUMMIT WEALTH GROUP LLC / CO 0.11% of their portfolio COLORADO SPRINGS, CO 22,81522.8k $1.0m $1.0m 0.11% Added +366 +366
28 J.W. COLE ADVISORS, INC. 0.03% of their portfolio TAMPA, FL 21,10421.1k $946.3k $946.3k 0.03% Reduced -2.2k -2,212
29 Geneos Wealth Management Inc. 0.02% of their portfolio ENGLEWOOD, CO 20,86620.9k $935.6k $935.6k 0.02% Added +208 +208
30 SITTNER & NELSON, LLC 0.33% of their portfolio EUGENE, OR 20,23320.2k $907.2k $907.2k 0.33% Unchanged
31 Envestnet Portfolio Solutions, Inc. 0.00% of their portfolio BERWYN, PA 18,50718.5k $829.9k $829.9k 0.00% New
32 Prospera Financial Services Inc 0.01% of their portfolio Dallas, TX 17,76517.8k $796.6k $796.6k 0.01% Reduced -443 -443
33 Atlas Wealth LLC 0.23% of their portfolio CINCINNATI, OH 16,84716.8k $755.4k $755.4k 0.23% Unchanged
34 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 15,37015.4k $689.2k $689.2k 0.00% Reduced -7.4k -7,411
35 Rockefeller Capital Management L.P. 0.00% of their portfolio NEW YORK, NY 13,88513.9k $622.6k $622.6k 0.00% Added +3.8k +3,805
36 DAVENPORT & Co LLC 0.00% of their portfolio RICHMOND, VA 12,30812.3k $551.9k $551.9k 0.00% Added +2.5k +2,506
37 Melone Private Wealth, LLC 0.21% of their portfolio AUBURN HILLS, MI 11,52511.5k $516.8k $516.8k 0.21% Unchanged
38 Kovack Advisors, Inc. 0.02% of their portfolio FT. LAUDERDALE, FL 9,4359.4k $423.0k $423.0k 0.02% Added +1 +1
39 Strategic Wealth Investment Group, LLC 0.05% of their portfolio LOUISVILLE, KY 9,4199.4k $422.3k $422.3k 0.05% New
40 CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio RALEIGH, NC 8,0758.1k $362.1k $362.1k 0.00% Unchanged
41 MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio DENVER, CO 7,7177.7k $346.0k $346.0k 0.00% Reduced -1.1k -1,101
42 Modern Wealth Management, LLC 0.01% of their portfolio KANSAS CITY, MO 7,3087.3k $330.0k $330.0k 0.01% Reduced -2.3k -2,252
43 FLAGSHIP HARBOR ADVISORS, LLC 0.01% of their portfolio BOSTON, MA 6,1196.1k $274.4k $274.4k 0.01% Reduced -1.2k -1,200
44 Carson Advisory Inc. 0.13% of their portfolio ATHENS, GA 5,5005.5k $246.6k $246.6k 0.13% Unchanged
45 Diligent Investors, LLC 0.06% of their portfolio REDLANDS, CA 5,4465.4k $244.2k $244.2k 0.06% Unchanged
46 FORESIGHT CAPITAL MANAGEMENT ADVISORS, INC. 0.13% of their portfolio SALINE, MI 5,0755.1k $227.6k $227.6k 0.13% New
47 Private Advisor Group, LLC 0.00% of their portfolio MORRISTOWN, NJ 5,0085.0k $224.6k $224.6k 0.00% Added +330 +330
48 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 4,8134.8k $215.8k $215.8k 0.00% New
49 Millstone Evans Group, LLC 0.09% of their portfolio BOULDER, CO 3,3003.3k $148.0k $148.0k 0.09% Unchanged
50 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 2,5482.5k $114.3k $114.3k 0.00% New
51 Key Financial Inc 0.02% of their portfolio WEST CHESTER, PA 2,4972.5k $112.0k $112.0k 0.02% Unchanged
52 CWM, LLC 0.00% of their portfolio OMAHA, NE 1,7701.8k $79.4k $79.4k 0.00% Added +29 +29
53 Capital Investment Advisory Services, LLC 0.01% of their portfolio RALEIGH, NC 1,5771.6k $70.7k $70.7k 0.01% Unchanged
54 FIFTH THIRD BANCORP 0.00% of their portfolio CINCINNATI, OH 866866 $38.8k $38.8k 0.00% New
55 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 723723 $32.4k $32.4k 0.00% Unchanged
56 Allworth Financial LP 0.00% of their portfolio FOLSOM, CA 715715 $32.1k $32.1k 0.00% Unchanged
57 Coston, McIsaac & Partners 0.00% of their portfolio BAR HARBOR, ME 448448 $20.0k $20.0k 0.00% Added +142 +142
58 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 349349 $15.6k $15.6k 0.00% Unchanged
59 Central Pacific Bank - Trust Division 0.00% of their portfolio HONOLULU, HI 8080 $3.6k $3.6k 0.00% Unchanged
60 FMR LLC 0.00% of their portfolio BOSTON, MA 3737 $1.7k $1.7k 0.00% Unchanged
61 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 00 $16 $16 0.00% Reduced -1.4k -1,378