Vault-13

NATIONAL WESTN LIFE GROUP IN NWLI

CL A · Common Stock · CUSIP 638517102

118 institutional holders +5 vs Q1 2023
2,968,4893.0m shares reported held*
$1.2bnreported value*
18 new 32 added 39 reduced 14 sold out net sold ≈ $48.7m (-194.2k 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 ($6.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $415.46.

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

050100150Q3 22: 99Q4 22: 114Q1 23: 113Q2 23: 118118Q3 22Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q3 202299
Q4 2022114
Q1 2023113
Q2 2023118

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q4 22: 48 bought or addedQ4 22: 46 cut or sold outQ4 22Q1 23: 44 bought or addedQ1 23: 41 cut or sold outQ1 23Q2 23: 50 bought or addedQ2 23: 53 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q4 20224846
Q1 20234441
Q2 20235053

Biggest buyers

M3F, Inc. Added +43,425+43.4k
CONTINENTAL GENERAL INSURANCE CO Added +32,558+32.6k
Verition Fund Management LLC New +13,267+13.3k
Empowered Funds, LLC New +7,317+7.3k
Balyasny Asset Management L.P. New +7,079+7.1k
Invesco Ltd. Added +6,858+6.9k
Quinn Opportunity Partners LLC New +4,500+4.5k
Interval Partners, LP New +3,374+3.4k
CREDIT SUISSE AG/ Added +1,808+1.8k
DARK FOREST CAPITAL MANAGEMENT LP New +1,788+1.8k

Biggest sellers

FMR LLC Reduced -150,438-150.4k
ENVESTNET ASSET MANAGEMENT INC Sold out -77,013-77.0k
BRANDES INVESTMENT PARTNERS, LP Reduced -34,023-34.0k
Arbiter Partners Capital Management LLC Reduced -16,275-16.3k
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC Reduced -7,325-7.3k
Linden Thomas Advisory Services, LLC Sold out -6,049-6.0k
PRUDENTIAL FINANCIAL INC Reduced -4,500-4.5k
GOLDMAN SACHS GROUP INC Reduced -4,462-4.5k
MILLENNIUM MANAGEMENT LLC Sold out -3,515-3.5k
AMERIPRISE FINANCIAL INC Reduced -3,460-3.5k

Holders, Q2 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MOODY NATIONAL BANK TRUST DIVISION 33.27% of their portfolio GALVESTON, TX 1,167,1611.2m $485.0m $485.0m 33.27% Unchanged
2 DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio AUSTIN, TX 227,742227.7k $94.6m $94.6m 0.03% Reduced -3.0k -3,037
3 CONTINENTAL GENERAL INSURANCE CO 30.39% of their portfolio Austin, TX 202,944202.9k $84.3m $84.3m 30.39% Added +32.6k +32,558
4 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 191,497191.5k $79.6m $79.6m 0.00% Reduced -2.5k -2,547
5 BlackRock Inc. 0.00% of their portfolio New York, NY 176,549176.5k $73.4m $73.4m 0.00% Reduced -1.8k -1,792
6 FMR LLC 0.01% of their portfolio BOSTON, MA 150,322150.3k $62.5m $62.5m 0.01% Reduced -150.4k -150,438
7 M3F, Inc. 10.83% of their portfolio SALT LAKE CITY, UT 82,95083.0k $34.5m $34.5m 10.83% Added +43.4k +43,425
8 Allspring Global Investments Holdings, LLC 0.05% of their portfolio CHARLOTTE, NC 80,81480.8k $33.6m $33.6m 0.05% Reduced -870 -870
9 BRANDES INVESTMENT PARTNERS, LP 0.61% of their portfolio LA JOLLA, CA 73,00573.0k $30.3m $30.3m 0.61% Reduced -34.0k -34,023
10 COOKE & BIELER LP 0.24% of their portfolio PHILADELPHIA, PA 62,09562.1k $25.8m $25.8m 0.24% Reduced -330 -330
11 RK Asset Management, LLC 21.40% of their portfolio GROSSE POINTE FARMS, MI 55,63955.6k $23.1m $23.1m 21.40% Reduced -1.4k -1,438
12 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 51,30751.3k $21.3m $21.3m 0.01% Reduced -3.5k -3,460
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 49,95050.0k $20.8m $20.8m 0.00% Added +254 +254
14 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 48,03648.0k $20.0m $20.0m 0.00% Added +1.5k +1,517
15 Tweedy, Browne Co LLC 0.97% of their portfolio Stamford, CT 44,26944.3k $18.4m $18.4m 0.97% Reduced -49 -49
16 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 25,48325.5k $10.6m $10.6m 0.00% Added +1.1k +1,074
17 HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 0.03% of their portfolio Los Angeles, CA 20,98721.0k $8.7m $8.7m 0.03% Reduced -7.3k -7,325
18 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 20,31320.3k $8.4m $8.4m 0.00% Reduced -2.7k -2,655
19 BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.18% of their portfolio HOUSTON, TX 18,09518.1k $7.5m $7.5m 0.18% Added +248 +248
20 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 15,78515.8k $6.6m $6.6m 0.00% Reduced -250 -250
21 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 14,62514.6k $6.1m $6.1m 0.00% Added +1.2k +1,228
22 Verition Fund Management LLC 0.09% of their portfolio GREENWICH, CT 13,26713.3k $5.5m $5.5m 0.09% New
23 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 12,13712.1k $5.0m $5.0m 0.00% Added +6.9k +6,858
24 FCA CORP /TX 1.59% of their portfolio HOUSTON, TX 10,34610.3k $4.3m $4.3m 1.59% Reduced -349 -349
25 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 8,5218.5k $3.5m $3.5m 0.00% Reduced -377 -377
26 Empowered Funds, LLC 0.11% of their portfolio NEWTOWN SQUARE, PA 7,3177.3k $3.0m $3.0m 0.11% New
27 EA Series Trust 0.11% of their portfolio HAVERTOWN, PA 7,3177.3k $3.0m $3.0m 0.11% First filing
28 Balyasny Asset Management L.P. 0.01% of their portfolio Chicago, IL 7,0797.1k $2.9m $2.9m 0.01% New
29 Nuveen Asset Management, LLC 0.00% of their portfolio CHICAGO, IL 6,6086.6k $2.7m $2.7m 0.00% Added +140 +140
30 FIRST TRUST ADVISORS LP 0.00% of their portfolio Wheaton, IL 6,4516.5k $2.7m $2.7m 0.00% Added +48 +48
31 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 5,9135.9k $2.5m $2.5m 0.00% Reduced -3.0k -2,970
32 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 5,6545.7k $2.3m $2.3m 0.00% Reduced -4.5k -4,462
33 WESTPORT ASSET MANAGEMENT INC 1.29% of their portfolio SOUTHPORT, CT 5,5425.5k $2.3m $2.3m 1.29% Unchanged
34 Swiss National Bank 0.00% of their portfolio ZURICH, V8 5,2495.2k $2.2m $2.2m 0.00% Unchanged
35 PRUDENTIAL FINANCIAL INC 0.00% of their portfolio NEWARK, NJ 5,1215.1k $2.1m $2.1m 0.00% Reduced -4.5k -4,500
36 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 4,6004.6k $1.9m $1.9m 0.00% Added +1.8k +1,808
37 Quinn Opportunity Partners LLC 0.26% of their portfolio CHARLOTTESVILLE, VA 4,5004.5k $1.9m $1.9m 0.26% New
38 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 3,8403.8k $1.6m $1.6m 0.00% Reduced -156 -156
39 Arbiter Partners Capital Management LLC 2.61% of their portfolio NEW YORK, NY 3,7553.8k $1.6m $1.6m 2.61% Reduced -16.3k -16,275
40 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 3,6273.6k $1.5m $1.5m 0.00% Added +198 +198
41 Interval Partners, LP 0.07% of their portfolio NEW YORK, NY 3,3743.4k $1.4m $1.4m 0.07% New
42 JUPITER ASSET MANAGEMENT LTD 0.01% of their portfolio London, X0 3,0603.1k $1.3m $1.3m 0.01% Unchanged
43 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio WEST SACRAMENTO, CA 2,8742.9k $1.2m $1.2m 0.00% Reduced -83 -83
44 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 2,7372.7k $1.1m $1.1m 0.00% Added +403 +403
45 Westhampton Capital, LLC 0.74% of their portfolio WINSTON-SALEM, NC 2,7252.7k $1.1m $1.1m 0.74% Reduced -590 -590
46 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 2,7002.7k $1.1m $1.1m 0.00% Added +600 +600
47 CALDWELL SUTTER CAPITAL, INC. 0.52% of their portfolio SAUSALITO, CA 2,4002.4k $997.3k $997.3k 0.52% Unchanged
48 DENALI ADVISORS LLC 0.35% of their portfolio SAN DIEGO, CA 2,4002.4k $997.3k $997.3k 0.35% Added +1.1k +1,100
49 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 2,0002.0k $831.1k $831.1k 0.00% Unchanged
50 GARRISON POINT ADVISORS, LLC 0.60% of their portfolio Walnut Creek, CA 2,0002.0k $831.1k $831.1k 0.60% Unchanged
51 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 1,9652.0k $816.6k $816.6k 0.00% Added +100 +100
52 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 1,9071.9k $793.0k $793.0k 0.00% Reduced -60 -60
53 Legal & General Group Plc 0.00% of their portfolio London, X0 1,8151.8k $754.2k $754.2k 0.00% Added +908 +908
54 DARK FOREST CAPITAL MANAGEMENT LP 0.08% of their portfolio NEW YORK, NY 1,7881.8k $743.0k $743.0k 0.08% New
55 TWO SIGMA ADVISERS, LP 0.00% of their portfolio NEW YORK, NY 1,7001.7k $706.5k $706.5k 0.00% Reduced -700 -700
56 PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO 0.00% of their portfolio DENVER, CO 1,6971.7k $705.0k $705.0k 0.00% New
57 New York Life Investment Management LLC 0.01% of their portfolio New York, NY 1,6871.7k $701.0k $701.0k 0.01% Reduced -281 -281
58 MARTINGALE ASSET MANAGEMENT L P 0.01% of their portfolio BOSTON, MA 1,6851.7k $700.2k $700.2k 0.01% Unchanged
59 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 1,6371.6k $397.2k $397.2k 0.00% Unchanged
60 LOS ANGELES CAPITAL MANAGEMENT LLC 0.00% of their portfolio LOS ANGELES, CA 1,6251.6k $675.3k $675.3k 0.00% Added +135 +135
61 UBS Group AG 0.00% of their portfolio ZURICH, V8 1,5731.6k $653.7k $653.7k 0.00% Added +627 +627
62 RBF Capital, LLC 0.04% of their portfolio RENO, NV 1,5001.5k $623.3k $623.3k 0.04% Unchanged
63 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 1,3881.4k $576.8k $576.8k 0.00% Reduced -501 -501
64 MACKENZIE FINANCIAL CORP 0.00% of their portfolio TORONTO ONTARIO, A6 1,1991.2k $495.2k $495.2k 0.00% Reduced -450 -450
65 MetLife Investment Management, LLC 0.00% of their portfolio Whippany, NJ 1,1981.2k $497.8k $497.8k 0.00% Added +60 +60
66 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 1,1841.2k $492.0k $492.0k 0.00% Reduced -544 -544
67 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 1,1121.1k $462.1k $462.1k 0.00% Added +339 +339
68 AMERICAN INTERNATIONAL GROUP, INC. 0.00% of their portfolio New York, NY 1,0961.1k $455.5k $455.5k 0.00% Added +1 +1
69 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 1,0861.1k $451.0k $451.0k 0.00% Added +22 +22
70 State of Wyoming 0.13% of their portfolio CHEYENNE, WY 1,0611.1k $440.9k $440.9k 0.13% Added +349 +349
71 JANUS HENDERSON GROUP PLC 0.00% of their portfolio LONDON, X0 1,0591.1k $438.3k $438.3k 0.00% Unchanged
72 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 1,0571.1k $439.2k $439.2k 0.00% Added +810 +810
73 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 1,0111.0k $420.1k $420.1k 0.00% New
74 &PARTNERS 0.19% of their portfolio NASHVILLE, TN 1,0001.0k $415.6k $415.6k 0.19% Unchanged
75 Schonfeld Strategic Advisors LLC 0.00% of their portfolio NEW YORK, NY 1,0001.0k $415.6k $415.6k 0.00% New
76 Quadrature Capital Ltd 0.01% of their portfolio LONDON, X0 952952 $394.1k $394.1k 0.01% New
77 VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio ATLANTA, GA 949949 $394.4k $394.4k 0.00% Added +41 +41
78 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 940940 $390.6k $390.6k 0.00% Reduced -452 -452
79 KARPAS STRATEGIES, LLC 0.13% of their portfolio LITCHFIELD, CT 926926 $385.0k $385.0k 0.13% Unchanged
80 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 897897 $372.8k $372.8k 0.00% Reduced -255 -255
81 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio Toronto, A6 879879 $365.3k $365.3k 0.00% Added +44 +44
82 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 831831 $345.3k $345.3k 0.00% Reduced -749 -749
83 STRS OHIO 0.00% of their portfolio COLUMBUS, OH 800800 $332.0k $332.0k 0.00% New
84 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 778778 $323.3k $323.3k 0.00% Reduced -382 -382
85 Inspire Investing, LLC 0.04% of their portfolio MERIDIAN, ID 760760 $315.8k $315.8k 0.04% New
86 LSV ASSET MANAGEMENT 0.00% of their portfolio CHICAGO, IL 700700 $291.0k $291.0k 0.00% Unchanged
87 ARIZONA STATE RETIREMENT SYSTEM 0.00% of their portfolio PHOENIX, AZ 676676 $280.9k $280.9k 0.00% New
88 D. E. Shaw & Co., Inc. 0.00% of their portfolio New York, NY 669669 $278.0k $278.0k 0.00% Reduced -320 -320
89 ALGERT GLOBAL LLC 0.01% of their portfolio SAN FRANCISCO, CA 653653 $271.4k $271.4k 0.01% New
90 STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.00% of their portfolio TALLAHASSEE, FL 650650 $270.1k $270.1k 0.00% New
91 TEACHER RETIREMENT SYSTEM OF TEXAS 0.00% of their portfolio AUSTIN, TX 543543 $226.0k $226.0k 0.00% Reduced -541 -541
92 FIRST FINANCIAL BANK - TRUST DIVISION 0.02% of their portfolio HAMILTON, OH 500500 $207.8k $207.8k 0.02% Not comparable
93 STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio MADISON, WI 489489 $203.2k $203.2k 0.00% New
94 AMALGAMATED BANK 0.00% of their portfolio NEW YORK, NY 223223 $93.0k $93.0k 0.00% Reduced -24 -24
95 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 204204 $84.8k $84.8k 0.00% Added +25 +25
96 Ameritas Investment Partners, Inc. 0.00% of their portfolio LINCOLN, NE 193193 $80.2k $80.2k 0.00% Unchanged
97 ELKHORN PARTNERS LIMITED PARTNERSHIP 0.04% of their portfolio OMAHA, NE 159159 $66.0k $66.0k 0.04% Reduced -41 -41
98 Ancora Advisors LLC 0.00% of their portfolio Cleveland, OH 135135 $56.1k $56.1k 0.00% Reduced -35 -35
99 Metropolitan Life Insurance Co/NY 0.00% of their portfolio New York, NY 129129 $53.6k $53.6k 0.00% Unchanged
100 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 128128 $53.2k $53.2k 0.00% Added +14 +14