Mar 31, 2026 filings. Quarterly 13F reports arrive up to 45 days after quarter end; this register is filed through May 29, 2026.
406 institutional managers reported holding MDU for the quarter ended Mar 31, 2026. Together they hold about 92% of shares outstanding; the top 10 hold 53%. 49 opened new positions; 50 closed out. Complete ranked register from SEC 13F filings.
| manager | shares | % out | value (Mar 31, 2026 close) | change | held since |
|---|---|---|---|---|---|
| BlackRock | 25.71M | 12.42% | $533.0M | trimmed -2% | ≤2013 |
| Vanguard Group | 23.35M | 11.28% | $484.0M | trimmed -2.1% | ≤2013 |
| Barrow Hanley Mewhinney & Strauss LLC | 13.76M | 6.65% | $285.2M | added +6.7% | 2021 Q4 |
| Dimensional Fund Advisors | 10.29M | 4.97% | $213.2M | added +2.5% | ≤2013 |
| Earnest Partners LLC | 9.88M | 4.77% | $204.9M | trimmed -0.6% | 2025 Q3 |
| State Street | 6.99M | 3.38% | $144.9M | trimmed -1.8% | ≤2013 |
| Bank OF America CORP /DE/ | 6.20M | 3.00% | $128.6M | added +1.6% | ≤2013 |
| SEI Investments CO | 5.26M | 2.54% | $109.1M | trimmed -1.2% | 2023 Q1 |
| Morgan Stanley | 4.22M | 2.04% | $87.5M | added +5.2% | ≤2013 |
| River Road Asset Management, LLC | 4.08M | 1.97% | $84.5M | trimmed -13.4% | 2025 Q2 |
| Westwood Holdings Group INC | 3.54M | 1.71% | $73.4M | added +102.1% | 2025 Q4 |
| Geode Capital | 3.49M | 1.69% | $72.4M | added +2.2% | ≤2013 |
| Nomura Asset Management International INC. | 2.60M | 1.25% | $53.8M | trimmed -13.6% | 2025 Q4 |
| Vaughan Nelson Investment Management, L.p. | 2.53M | 1.22% | $52.5M | opened | 2026 Q1 |
| Frontier Capital Management CO LLC | 2.51M | 1.21% | $52.0M | trimmed -4.2% | 2015 Q2 |
| BNY Mellon | 2.36M | 1.14% | $49.0M | trimmed -3.2% | ≤2013 |
| Charles Schwab Investment Management | 2.26M | 1.09% | $46.9M | added +2.6% | ≤2013 |
| UBS | 2.18M | 1.05% | $45.2M | added +6.8% | ≤2013 |
| T. Rowe Price Investment Management, INC. | 2.16M | 1.04% | $44.7M | added +137.4% | 2025 Q2 |
| Invesco | 1.88M | 0.91% | $39.0M | trimmed -3.2% | ≤2013 |
| Mirae Asset Global Etfs Holdings LTD. | 1.80M | 0.87% | $37.3M | added +12% | 2018 Q3 |
| Natixis Advisors, LLC | 1.69M | 0.82% | $35.1M | added +50.2% | 2018 Q4 |
| US Bancorp \DE\ | 1.69M | 0.82% | $35.1M | unchanged | ≤2013 |
| Deroy & Devereaux Private Investment Counsel INC | 1.55M | 0.75% | $32.2M | unchanged | 2025 Q2 |
| Hite Hedge Asset Management LLC | 1.55M | 0.75% | $32.1M | added +124.6% | 2025 Q4 |
| Northern Trust | 1.53M | 0.74% | $31.8M | added +2.9% | ≤2013 |
| First Trust Advisors LP | 1.48M | 0.72% | $30.7M | trimmed -66.6% | ≤2013 |
| Allspring Global Investments Holdings, LLC | 1.48M | 0.71% | $30.7M | trimmed -7.6% | 2021 Q4 |
| Bragg Financial Advisors, INC | 1.45M | 0.70% | $30.1M | added +1% | 2023 Q1 |
| NEW York State Common Retirement Fund | 1.40M | 0.68% | $29.0M | trimmed -0.7% | ≤2013 |
| Jones Financial Companies Lllp | 1.38M | 0.67% | $28.6M | added +582.9% | 2020 Q4 |
| Perpetual LTD | 1.33M | 0.64% | $27.5M | added +17.7% | 2025 Q4 |
| Neuberger Berman Group LLC | 1.23M | 0.59% | $25.4M | added +3.2% | 2020 Q2 |
| Goldman Sachs | 1.10M | 0.53% | $22.9M | added +85.9% | ≤2013 |
| Citadel Advisors | 1.09M | 0.53% | $22.7M | trimmed -35.8% | ≤2013 |
| Managed Asset Portfolios, LLC | 1.04M | 0.50% | $21.5M | trimmed -2.8% | 2020 Q3 |
| Principal Financial Group INC | 990.3k | 0.48% | $20.5M | added +2% | ≤2013 |
| Renaissance Technologies | 929.8k | 0.45% | $19.3M | added +197% | 2025 Q1 |
| MFS Investment Management | 853.8k | 0.41% | $17.7M | trimmed -5% | 2024 Q1 |
| Wells Fargo & COMPANY/MN | 845.7k | 0.41% | $17.5M | added +3.3% | ≤2013 |
| Legal & General Group PLC | 815.3k | 0.39% | $16.9M | trimmed -6.8% | ≤2013 |
| HRT Financial LP | 736.0k | 0.36% | $15.3M | added +131.7% | 2025 Q2 |
| Public Sector Pension Investment Board | 731.2k | 0.35% | $15.2M | added +3.4% | 2024 Q4 |
| Quantinno Capital Management LP | 652.5k | 0.32% | $13.5M | added +27.2% | 2021 Q4 |
| Loomis Sayles & CO L P | 651.6k | 0.32% | $13.5M | trimmed -3.5% | 2018 Q4 |
| Victory Capital Management INC | 639.6k | 0.31% | $13.3M | added +3.3% | 2019 Q3 |
| Franklin Resources | 590.2k | 0.28% | $12.2M | added +5437.9% | 2020 Q2 |
| Needham Investment Management LLC | 557.5k | 0.27% | $11.6M | added +2.9% | 2024 Q2 |
| Yaupon Capital Management LP | 548.0k | 0.27% | $11.4M | trimmed -54.3% | 2025 Q4 |
| Envestnet Asset Management INC | 526.8k | 0.25% | $10.9M | added +10.9% | 2019 Q4 |
Largest 50 of 406 shown; the full ranked, searchable register is at boothcheck.com/holders/MDU. Related filers are grouped using the filings' own included-manager declarations. Historically, several managers opening new positions in the same quarter said almost nothing about the quarter that followed (59,118 cases since 2013). A filed record, not a forecast. Nothing here is investment advice.