Davis Select Financial ETF
DFNL
46 hedge funds and large institutions have $212M invested in Davis Select Financial ETF in 2025 Q3 according to their latest regulatory filings, with 4 funds opening new positions, 11 increasing their positions, 16 reducing their positions, and 7 closing their positions.
1% more capital invested
Capital invested by funds: $210M → $212M (+$2.28M)
3.2% less ownership
Funds ownership: 73.43% → 70.23% (-3.2%)
6% less funds holding
Funds holding: 49 → 46 (-3)
31% less repeat investments, than reductions
Existing positions increased: 11 | Existing positions reduced: 16
43% less first-time investments, than exits
New positions opened: 4 | Existing positions closed: 7
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
KAS
Kestra Advisory Services
Austin,
Texas
|
+$1.68M |
| 2 |
LPL Financial
San Diego,
California
|
+$1.45M |
| 3 |
FTUS
Flow Traders U.S.
New York
|
+$499K |
| 4 |
Morgan Stanley
New York
|
+$487K |
| 5 |
Bank of America
Charlotte,
North Carolina
|
+$303K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
AFS
Axiom Financial Strategies
New Albany,
Indiana
|
-$4.35M |
| 2 |
Jane Street
New York
|
-$2.15M |
| 3 |
Commonwealth Equity Services
Waltham,
Massachusetts
|
-$1.7M |
| 4 |
SWGC
Summit Wealth Group (Colorado)
Colorado Springs,
Colorado
|
-$1.16M |
| 5 |
Cambridge Investment Research Advisors
Fairfield,
Iowa
|
-$694K |
| Name | Holding | Trade Value |
Shares Change |
Change in Stake |
|
|---|---|---|---|---|---|
51
Citadel Advisors
Miami,
Florida
| – | -$481K | -11,199 | Closed |
|
52
Envestnet Asset Management
Chicago,
Illinois
| – | -$430K | -10,017 | Closed |
|
|
AAS
53
Ameritas Advisory Services
Lincoln,
Nebraska
| – | -$341K | -7,937 | Closed |
|
DFNL Hedge Fund Activity: Q3 2025 in Review
46 of the 7,621 institutional investors tracked by Wall St. Rank reported a position in Davis Select Financial ETF (DFNL) for Q3 2025, worth a combined $212M — up 1.1% from $210M a quarter earlier.
Sellers outnumbered buyers: 7 funds closed out of DFNL and 4 opened new positions — a net loss of 3 holders — while 16 trimmed existing stakes and 11 added.
The largest buyer was Kestra Advisory Services, opening a new position worth an estimated $1.68M. The largest seller was Axiom Financial Strategies, cutting an estimated $4.35M.
- 46 institutional investors held Davis Select Financial ETF (DFNL) as of Q3 2025, down from 49 in Q2 2025.
- Funds reported $212M of Davis Select Financial ETF stock for Q3 2025, up 1.1% quarter-over-quarter.
- 4 funds opened new Davis Select Financial ETF positions in Q3 2025 and 7 closed out, a net change of -3 holders.
- The largest Davis Select Financial ETF buyer in Q3 2025 was Kestra Advisory Services, an estimated $1.68M added.
- The largest Davis Select Financial ETF seller in Q3 2025 was Axiom Financial Strategies, an estimated $4.35M sold.
Based on aggregated 13F filings for Q3 2025.