Institutional HoldersBeta

Who holds a company, from every 13F filed for the quarter, one row per filer exactly as filed, against the latest share count the company reported.

Diversified Energy Co

CIK 0001922446DEC· quarter ending 2026-06-30

Shares outstanding

70,769,563

as of 2026-08-05 · 10-Q cover page, filed 2026-08-05

Held by 13F filers

51,030,498

72.1% of shares outstanding

Holders

184

+2 vs 2026-03-31 · 37 new, 35 exited

Value

$706.2M

shares +1.9% vs prior quarter

Share classes (cover page of the 10-Q filed 2026-08-05, as of 2026-08-05)

Class	Listed	Shares outstanding	Held by 13F filers	% of class	Holders	CUSIP
Common stock	DEC · NYSE	70,769,563	51,030,498	72.1%	184	25520W107

Each class is compared with its own share count; classes are not added together. A class that is not exchange-listed cannot be held by 13F filers.

Securities (CUSIPs held in 13F this quarter)

tick to combine

Count	CUSIP	Class (as filers write it)	Holders	Shares held	Class shares	% of class	Value	Options	Mapped via
	25520W107	COMMON STOCK	184	51,030,498	70,769,563	72.1%	$706.2M	—	13DG	holders →

Totals combine the ticked CUSIPs and update as you tick: common-stock classes by default; preferreds, notes, warrants and depositary shares are listed but not counted. "holders →" shows a single CUSIP on its own. Bonds are held as a principal amount, not shares. Options positions are never counted as holdings. 2 further CUSIPs map to this company (mostly bonds) but no 13F filer held them this quarter.

Top holders (184 of 184 · 25520W107)

change vs 2026-03-31

#	Filer	Shares	% of class	Value	Change
1	BlackRock, Inc.	5,774,418	8.16%	$80.0M	+852,555 (+17.3%)
2	Artemis Investment Management LLP	5,677,235	8.02%	$78.5M	+232,357 (+4.3%)
3	AMERIPRISE FINANCIAL INC	4,570,807	6.46%	$63.3M	+50,535 (+1.1%)
4	STATE STREET CORP	3,133,776	4.43%	$43.4M	+1,892,420 (+152.4%)
5	JUPITER ASSET MANAGEMENT LTD	3,129,540	4.42%	$42.9M	-39,019 (-1.2%)
6	Tejara Capital Ltd	1,828,668	2.58%	$25.3M	+158,837 (+9.5%)
7	M&G PLC	1,759,706	2.49%	$24.6M	—
8	GEODE CAPITAL MANAGEMENT, LLC	1,699,673	2.40%	$23.6M	+219,467 (+14.8%)
9	Man Group plc	1,677,344	2.37%	$23.0M	-360,865 (-17.7%)
10	CITADEL ADVISORS LLC	1,388,337	1.96%	$19.2M	-142,698 (-9.3%)
11	Millstreet Capital Management LLC	1,378,421	1.95%	$19.1M	—
12	AMERICAN CENTURY COMPANIES INC	1,228,790	1.74%	$16.9M	+509 (+0.0%)
13	BARCLAYS PLC	1,192,263	1.68%	$16.5M	-641,218 (-35.0%)
14	UBS Group AG	1,179,531	1.67%	$16.3M	+841,399 (+248.8%)
15	CHARLES SCHWAB INVESTMENT MANAGEMENT INC	817,197	1.15%	$11.3M	+62,629 (+8.3%)
16	VANGUARD CAPITAL MANAGEMENT LLC	664,462	0.94%	$9.2M	-120,846 (-15.4%)
17	Bank of New York Mellon Corp	654,942	0.93%	$9.1M	+37,214 (+6.0%)
18	VANGUARD PORTFOLIO MANAGEMENT LLC	607,218	0.86%	$8.4M	+243,159 (+66.8%)
19	Premier Fund Managers Ltd	598,968	0.85%	$8.1M	-294,144 (-32.9%)
20	MORGAN STANLEY	586,766	0.83%	$8.1M	-296,699 (-33.6%)
21	FIRST TRUST ADVISORS LP	577,408	0.82%	$8.0M	-27,284 (-4.5%)
22	NORTHERN TRUST CORP	566,257	0.80%	$7.8M	+86,082 (+17.9%)
23	Pacer Advisors, Inc.	540,112	0.76%	$7.5M	NEW
24	AQR CAPITAL MANAGEMENT LLC	453,500	0.64%	$6.3M	+284,646 (+168.6%)
25	Aberdeen Group plc	404,163	0.57%	$5.6M	-409,898 (-50.4%)
26	Prescott Group Capital Management, L.L.C.	382,058	0.54%	$5.3M	+80,000 (+26.5%)
27	WELLS FARGO & COMPANY/MN	365,182	0.52%	$5.1M	+297,004 (+435.6%)
28	DIMENSIONAL FUND ADVISORS LP	363,923	0.51%	$5.0M	+268,777 (+282.5%)
29	Alyeska Investment Group, L.P.	357,929	0.51%	$5.0M	+125,204 (+53.8%)
30	VANGUARD FIDUCIARY TRUST CO	343,316	0.49%	$4.8M	-37,011 (-9.7%)
31	VICTORY CAPITAL MANAGEMENT INC	269,088	0.38%	$3.7M	+126,464 (+88.7%)
32	MILLENNIUM MANAGEMENT LLC	267,785	0.38%	$3.7M	-405,356 (-60.2%)
33	ACADIAN ASSET MANAGEMENT LLC	263,793	0.37%	$3.7M	+207,003 (+364.5%)
34	Invesco Ltd.	254,288	0.36%	$3.5M	+168,167 (+195.3%)
35	Quantinno Capital Management LP	251,559	0.36%	$3.5M	+185,466 (+280.6%)
36	BANK OF AMERICA CORP /DE/	241,261	0.34%	$3.3M	-63,352 (-20.8%)
37	SG Americas Securities, LLC	239,103	0.34%	$3.3M	+220,008 (+1152.2%)
38	GOLDMAN SACHS GROUP INC	227,266	0.32%	$3.1M	-202,006 (-47.1%)
39	BNP PARIBAS FINANCIAL MARKETS	222,607	0.31%	$3.1M	+36,795 (+19.8%)
40	Rathbones Group PLC	218,643	0.31%	$3.0M	-225,967 (-50.8%)
41	CITIGROUP INC	193,325	0.27%	$2.7M	+4,253 (+2.2%)
42	Nuveen, LLC	190,106	0.27%	$2.6M	—
43	HRT FINANCIAL LP	178,916	0.25%	$2.5M	NEW
44	Mraz, Amerine & Associates, Inc.	167,445	0.24%	$2.3M	—
45	Skylands Capital, LLC	155,500	0.22%	$2.2M	+123,950 (+392.9%)
46	ROYAL BANK OF CANADA	142,394	0.20%	$2.0M	+2,234 (+1.6%)
47	Swiss National Bank	141,691	0.20%	$2.0M	+9,800 (+7.4%)
48	Schonfeld Strategic Advisors LLC	133,176	0.19%	$1.8M	+55,735 (+72.0%)
49	D. E. Shaw & Co., Inc.	126,277	0.18%	$1.8M	-163,155 (-56.4%)
50	MANUFACTURERS LIFE INSURANCE COMPANY, THE	119,393	0.17%	$1.7M	+1,302 (+1.1%)
51	TWO SIGMA INVESTMENTS, LP	115,577	0.16%	$1.6M	-750,882 (-86.7%)
52	Vanguard Global Advisers, LLC	107,461	0.15%	$1.5M	+67,792 (+170.9%)
53	Point72 Asset Management, L.P.	106,198	0.15%	$1.5M	-243,937 (-69.7%)
54	Edgestream Partners, L.P.	98,741	0.14%	$1.4M	NEW
55	RHUMBLINE ADVISERS	96,914	0.14%	$1.3M	+16,490 (+20.5%)
56	Farringdon Capital, Ltd.	94,134	0.13%	$1.3M	—
57	CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM	82,308	0.12%	$1.1M	+20,923 (+34.1%)
58	Rafferty Asset Management, LLC	79,341	0.11%	$1.1M	NEW
59	Graham Capital Management, L.P.	78,392	0.11%	$1.1M	+18,432 (+30.7%)
60	Freestone Grove Partners LP	75,645	0.11%	$1.0M	+46,325 (+158.0%)
61	Tidal Investments LLC	71,299	0.10%	$988K	NEW
62	DEUTSCHE BANK AG\	70,791	0.10%	$981K	+18,095 (+34.3%)
63	Brevan Howard Capital Management LP	69,965	0.10%	$970K	+31,301 (+81.0%)
64	MARSHALL WACE, LLP	68,866	0.10%	$954K	-364,902 (-84.1%)
65	ALLIANCEBERNSTEIN L.P.	64,870	0.09%	$1.1M	+15,700 (+31.9%)
66	UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC	63,474	0.09%	$880K	—
67	De Lisle Partners LLP	60,583	0.09%	$840K	+10,000 (+19.8%)
68	MACKENZIE FINANCIAL CORP	60,470	0.09%	$625K	-7,470 (-11.0%)
69	Russell Investments Group, Ltd.	59,362	0.08%	$823K	+38,769 (+188.3%)
70	PRICE T ROWE ASSOCIATES INC /MD/	59,069	0.08%	$819K	+13,797 (+30.5%)
71	JPMORGAN CHASE & CO	57,940	0.08%	$781K	-356,083 (-86.0%)
72	SUSQUEHANNA INTERNATIONAL GROUP, LLP	54,608	0.08%	$757K	-33,154 (-37.8%)
73	SPROTT INC.	53,000	0.07%	$735K	—
74	ALGERT GLOBAL LLC	49,530	0.07%	$686K	-148,019 (-74.9%)
75	PRUDENTIAL FINANCIAL INC	46,175	0.07%	$640K	NEW
76	MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	44,969	0.06%	$623K	+15,099 (+50.5%)
77	VANGUARD ASSET MANAGEMENT, Ltd	44,720	0.06%	$620K	-499 (-1.1%)
78	MetLife Investment Management, LLC	42,081	0.06%	$583K	+7,156 (+20.5%)
79	LOS ANGELES CAPITAL MANAGEMENT LLC	41,250	0.06%	$572K	NEW
80	XTX Topco Ltd	40,030	0.06%	$555K	+28,291 (+241.0%)
81	Zurcher Kantonalbank (Zurich Cantonalbank)	39,969	0.06%	$554K	+19,201 (+92.5%)
82	IEQ CAPITAL, LLC	38,085	0.05%	$528K	+18,623 (+95.7%)
83	Legal & General Group Plc	36,865	0.05%	$511K	-58,945 (-61.5%)
84	PANAGORA ASSET MANAGEMENT INC	36,658	0.05%	$508K	+11,922 (+48.2%)
85	SummitTX Capital, L.P.	36,023	0.05%	$499K	NEW
86	CoreCommodity Management, LLC	34,702	0.05%	$481K	NEW
87	O'SHAUGHNESSY ASSET MANAGEMENT, LLC	30,750	0.04%	$426K	-5,500 (-15.2%)
88	Jupiter Topco LLC	29,000	0.04%	$402K	NEW
89	Allspring Global Investments Holdings, LLC	28,511	0.04%	$387K	+1,356 (+5.0%)
90	Y-Intercept (Hong Kong) Ltd	23,569	0.03%	$327K	NEW
91	Aigen Investment Management, LP	23,061	0.03%	$320K	NEW
92	MERCER GLOBAL ADVISORS INC /ADV	22,830	0.03%	$316K	NEW
93	NEW YORK STATE COMMON RETIREMENT FUND	22,200	0.03%	$308K	+3,800 (+20.7%)
94	Police & Firemen's Retirement System of New Jersey	21,704	0.03%	$301K	+3,509 (+19.3%)
95	Integrated Quantitative Investments LLC	21,659	0.03%	$300K	NEW
96	Engineers Gate Manager LP	21,590	0.03%	$299K	-17,231 (-44.4%)
97	MIRABELLA FINANCIAL SERVICES LLP	21,166	0.03%	$293K	NEW
98	JANE STREET GROUP, LLC	20,645	0.03%	$286K	-946,233 (-97.9%)
99	ARIZONA STATE RETIREMENT SYSTEM	19,483	0.03%	$270K	+1,261 (+6.9%)
100	OSAIC HOLDINGS, INC.	18,979	0.03%	$263K	+11,689 (+160.3%)
101	Arax Advisory Partners	18,730	0.03%	$260K	+18,474 (+7216.4%)
102	Redhawk Wealth Advisors, Inc.	18,683	0.03%	$259K	NEW
103	Vanguard Investments Australia, Ltd.	18,514	0.03%	$257K	—
104	PRELUDE CAPITAL MANAGEMENT, LLC	18,005	0.03%	$250K	NEW
105	Centiva Capital, LP	17,096	0.02%	$237K	-14,075 (-45.2%)
106	Glendon Capital Management LP	17,009	0.02%	$236K	—
107	Creative Planning	16,899	0.02%	$234K	+1,079 (+6.8%)
108	VIKING FUND MANAGEMENT LLC	15,000	0.02%	$208K	—
109	WEALTH ENHANCEMENT ADVISORY SERVICES, LLC	14,863	0.02%	$199K	+4,507 (+43.5%)
110	KLP KAPITALFORVALTNING AS	14,600	0.02%	$202K	—
111	SEI INVESTMENTS CO	14,423	0.02%	$200K	+136 (+1.0%)
112	Cerity Partners LLC	14,309	0.02%	$198K	NEW
113	Amundi	14,226	0.02%	$197K	NEW
114	Allworth Financial LP	14,128	0.02%	$196K	+574 (+4.2%)
115	Southern Financial Group, LLC	14,028	0.02%	$194K	+1,884 (+15.5%)
116	INTECH INVESTMENT MANAGEMENT LLC	13,908	0.02%	$193K	-3,423 (-19.8%)
117	VOYA INVESTMENT MANAGEMENT LLC	13,833	0.02%	$192K	+3,555 (+34.6%)
118	Pictet Asset Management Holding SA	13,515	0.02%	$186K	—
119	Mitsubishi UFJ Trust & Banking Corp	13,503	0.02%	$187K	NEW
120	Kendall Capital Management	13,440	0.02%	$186K	NEW
121	GF FUND MANAGEMENT CO. LTD.	13,162	0.02%	$182K	NEW
122	Cetera Investment Advisers	12,661	0.02%	$175K	NEW
123	LPL Financial LLC	12,521	0.02%	$174K	-1,701 (-12.0%)
124	Empowered Funds, LLC	12,424	0.02%	$172K	-111,031 (-89.9%)
125	State of Alaska, Department of Revenue	11,811	0.02%	$163K	—
126	Olympiad Research LP	11,805	0.02%	$164K	NEW
127	Jump Financial, LLC	11,200	0.02%	$155K	NEW
128	FMR LLC	11,189	0.02%	$155K	+5,279 (+89.3%)
129	Mariner, LLC	11,140	0.02%	$154K	-2,556 (-18.7%)
130	Cambridge Investment Research Advisors, Inc.	10,988	0.02%	$152K	+675 (+6.5%)
131	Purkiss Capital Advisors LLC	10,965	0.02%	$152K	-498 (-4.3%)
132	AXQ CAPITAL, LP	10,396	0.01%	$144K	-596 (-5.4%)
133	FLAGSHIP HARBOR ADVISORS, LLC	10,346	0.01%	$143K	-4,116 (-28.5%)
134	Aquatic Capital Management LLC	7,061	0.01%	$98K	-7,824 (-52.6%)
135	Ameritas Investment Partners, Inc.	6,443	0.01%	$89K	+1,611 (+33.3%)
136	Tower Research Capital LLC (TRC)	5,535	0.01%	$77K	+57 (+1.0%)
137	PNC Financial Services Group, Inc.	5,056	0.01%	$70K	+4,628 (+1081.3%)
138	OAKWORTH CAPITAL, INC.	5,000	0.01%	$69K	NEW
139	Versant Capital Management, Inc	4,909	0.01%	$68K	+3,256 (+197.0%)
140	Fulcrum Asset Management LLP	3,258	0.00%	$44K	NEW
141	SIGNATUREFD, LLC	3,126	0.00%	$43K	-240 (-7.1%)
142	UMB Bank, n.a.	2,200	0.00%	$30K	NEW
143	Caitong International Asset Management Co., Ltd	1,943	0.00%	$27K	-13,788 (-87.6%)
144	PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO	1,845	0.00%	$26K	+945 (+105.0%)
145	Sterling Capital Management LLC	1,431	0.00%	$20K	-668 (-31.8%)
146	HARBOUR INVESTMENTS, INC.	1,300	0.00%	$18K	+300 (+30.0%)
147	KERR FINANCIAL PLANNING Corp	1,000	0.00%	$14K	NEW
148	EverSource Wealth Advisors, LLC	983	0.00%	$14K	+43 (+4.6%)
149	MCF Advisors LLC	900	0.00%	$12K	-600 (-40.0%)
150	NISA INVESTMENT ADVISORS, LLC	792	0.00%	$11K	—
151	US BANCORP \DE\	687	0.00%	$10K	—
152	Farther Finance Advisors, LLC	597	0.00%	$8K	+40 (+7.2%)
153	MEEDER ASSET MANAGEMENT INC	586	0.00%	$8K	NEW
154	Parallel Advisors, LLC	581	0.00%	$8K	-43 (-6.9%)
155	SBI Securities Co., Ltd.	528	0.00%	$7K	+61 (+13.1%)
156	MCGUIRE CAPITAL ADVISORS INC	500	0.00%	$7K	NEW
157	IFP Advisors, Inc	397	0.00%	$6K	+348 (+710.2%)
158	FIFTH THIRD BANCORP	361	0.00%	$5K	NEW
159	GAMMA Investing LLC	353	0.00%	$5K	-222 (-38.6%)
160	Kilter Group LLC	309	0.00%	$4K	NEW
161	JONES FINANCIAL COMPANIES LLLP	292	0.00%	$4K	-554 (-65.5%)
162	WPG Advisers, LLC	278	0.00%	$4K	—
163	Quarry LP	258	0.00%	$4K	-17 (-6.2%)
164	MassMutual Private Wealth & Trust, FSB	234	0.00%	$3K	-68 (-22.5%)
165	Global Retirement Partners, LLC	232	0.00%	$3K	NEW
166	ROTHSCHILD INVESTMENT LLC	208	0.00%	$3K	+26 (+14.3%)
167	Essential Partners LLC	192	0.00%	$3K	-249 (-56.5%)
168	Basecamp Wealth Advisors LLC	161	0.00%	$2K	—
169	Cornerstone Planning Group LLC	157	0.00%	$2K	+55 (+53.9%)
170	EFG International AG	154	0.00%	$2K	—
171	Steward Partners Investment Advisory, LLC	102	0.00%	$1K	+2 (+2.0%)
172	Murphy & Mullick Capital Management Corp	100	0.00%	$1K	—
173	True Wealth Design, LLC	85	0.00%	$1K	-22 (-20.6%)
174	Keating Financial Advisory Services, Inc.	84	0.00%	$1K	—
175	WealthCollab, LLC	50	0.00%	$693	—
176	Smartleaf Asset Management LLC	45	0.00%	$607	—
177	GHP Investment Advisors, Inc.	32	0.00%	$444	—
178	Covestor Ltd	27	0.00%	$0	+20 (+285.7%)
179	Clearstead Advisors, LLC	18	0.00%	$250	NEW
180	Parkside Financial Bank & Trust	18	0.00%	$250	—
181	Stone House Investment Management, LLC	18	0.00%	$249	NEW
182	FINANCIAL CONSULATE, INC	10	0.00%	$139	—
183	Larson Financial Group LLC	4	0.00%	$55	NEW
184	EIG Asset Management, LLC	0	0.00%	$0	—

Exited since 2026-03-31 (35 filers; largest 25 shown)

Walleye Capital LLC	−230,694
SEGALL BRYANT & HAMILL, LLC	−142,124
BRIDGEWAY CAPITAL MANAGEMENT, LLC	−123,455
Qube Research & Technologies Ltd	−116,874
HighTower Advisors, LLC	−87,872
TUDOR INVESTMENT CORP ET AL	−75,334
Balyasny Asset Management L.P.	−51,774
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main	−47,958
Squarepoint Ops LLC	−44,360
Quadrature Capital Ltd	−43,546
Numerai GP LLC	−30,271
JANUS HENDERSON GROUP PLC	−29,000
National Philanthropic Trust	−27,129
Quantbot Technologies LP	−25,535
Universal- Beteiligungs- und Servicegesellschaft mbH	−23,979
Optiver Holding B.V.	−23,766
Counterpoint Mutual Funds LLC	−22,606
VOLORIDGE INVESTMENT MANAGEMENT, LLC	−18,979
Transmarket Holdings LP	−17,492
BAILARD, INC.	−17,000
Swiss Life Asset Management Ltd	−16,963
CWM, LLC	−16,536
Voleon Capital Management LP	−14,914
Connor, Clark & Lunn Investment Management Ltd.	−10,678
QUADRANT CAPITAL GROUP LLC	−7,709

Large holders from 13D/13G (latest per reporting person, last 2 years)

Filed when a holder crosses 5% or changes materially, so often more current than the quarter-end 13F. Percentages are the filer's own, against the share count they used.

Reporting person	Form	Filed	Event	Shares	% of class
Ameriprise Financial, Inc.	SCHEDULE 13G/A	2026-08-14	2026-06-30	4,570,807	6.3%
Columbia Management Investment Advisers, LLC	SCHEDULE 13G/A	2026-08-14	2026-06-30	4,540,266	6.3%
BlackRock, Inc.	SCHEDULE 13G/A	2026-07-28	2026-06-30	5,626,432	7.8%
Artemis Fund Managers Limited	SCHEDULE 13G	2026-05-07	2026-03-31	4,065,270	5.6%
Artemis Funds Lux Global Value	SCHEDULE 13G	2026-05-07	2026-03-31	2,573	0%
Artemis Global Income Fund	SCHEDULE 13G	2026-05-07	2026-03-31	2,778,560	3.8%
Artemis Investment Management LLP	SCHEDULE 13G	2026-05-07	2026-03-31	4,067,843	5.6%
Artemis Monthly Distribution Fund	SCHEDULE 13G	2026-05-07	2026-03-31	1,286,710	1.8%
The Vanguard Group	SCHEDULE 13G/A	2026-03-26	2026-03-13	0	0%
EIG Energy Fund XVI-E, L.P.	SCHEDULE 13D/A	2026-03-13	2026-03-11	0	0%
EIG Holdings Carry Splitter (Redwood), L.P.	SCHEDULE 13D/A	2026-03-13	2026-03-11	0	0%
EIG Energy Fund XVI Holdings Splitter (FourPoint), L.P.	SCHEDULE 13D/A	2026-03-13	2026-03-11	0	0%
EIG Energy Fund XVI, L.P.	SCHEDULE 13D/A	2026-03-13	2026-03-11	0	0%
EIG Energy Fund XV, L.P.	SCHEDULE 13D/A	2026-03-13	2026-03-11	0	0%
EIG Energy Fund XV-A, L.P.	SCHEDULE 13D/A	2026-03-13	2026-03-11	0	0%
EIG Energy XV Blocker Agent (Redwood), LLC	SCHEDULE 13D/A	2026-03-13	2026-03-11	0	0%
EIG Energy Fund XV Blocker Series C (FourPoint) LLC	SCHEDULE 13D/A	2026-03-13	2026-03-11	0	0%
EIG Redwood Co-Investment, L.P.	SCHEDULE 13D/A	2026-03-13	2026-03-11	0	0%
EIG Energy XV Blocker Agent (Redwood), Inc.	SCHEDULE 13D/A	2026-01-12	2026-01-09	283,715	0.35%
FS/EIG Advisor, LLC	SCHEDULE 13G/A	2025-05-29	2025-05-09	3,949,906	4.9%
FS Investment Advisor, LLC	SCHEDULE 13G/A	2025-05-29	2025-05-09	3,949,906	4.9%
FS Specialty Lending Fund	SCHEDULE 13G/A	2025-05-29	2025-05-09	3,949,906	4.9%
Jupiter Asset Management Ltd	SCHEDULE 13G	2025-04-02	2025-03-31	2,892,480	3.57%

Source: SEC Form 13F-HR information tables for the quarter ending 2026-06-30 (filed within 45 days of quarter end; amendments applied; values normalised to dollars), the share count from the company's latest 10-K/10-Q XBRL cover page, and Schedule 13D/13G filings. Each row is a legal 13F filer as filed — related entities (e.g. Vanguard's advisers) are not merged. Retail brokerage accounts are not reported on 13F, so the remainder is mostly retail and insiders.