Institutional ETF Realignments
SEC Filings Reveal Major Institutional Shifts in Dividend and Growth ETFs
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Key Points
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Mariner LLC cut its iShares Core Dividend Growth ETF (DGRO) position by 1.7%, selling 44,335 shares to hold 2,598,771 shares afterward; Mariner said DGRO was worth $180,407,000 at quarter-end and represented 0.50% of its DGRO exposure.
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MLP3 LLC initiated a new DGRO position by buying 20,069 shares (about $1,393,000), and the ETF accounted for roughly 1.5% of MLP3’s portfolio—making DGRO its 19th-largest holding.
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Other DGRO buyers made sizable moves in their 13F filings, including Wellington Management Group LLP, which “acquired a new position” in DGRO in the third quarter valued at approximately $65,915,000.
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Mill Creek reduced its iShares Select Dividend ETF (DVY) stake by 38.8%, selling 6,489 shares to end with 10,228 shares valued at $1,444,000; the article also noted DVY’s fund-level metrics such as a $23.37 billion market cap, P/E of 13.69, beta of 0.66, and that institutional investors hold 46.08% of the fund.
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For Vanguard Small-Cap Growth ETF (VBK), Mill Creek trimmed its position by 0.7% (selling 2,207 shares) to 313,730 shares worth $94,781,000; meanwhile, Corient Private Wealth LLC reportedly boosted its VBK stake by 100.8%, adding 966,444 shares to reach 1,924,932 shares valued at $533,099,000.
Mariner LLC trimmed its position in the iShares Core Dividend Growth ETF (DGRO) by 1.7% in the latest quarter, selling 44,335 shares to hold 2,598,771 shares worth $180,407,000, according to Watchlist News. The cut was modest, but it came as a wave of new institutional buyers — including Wellington Management and MLP3 LLC — moved into the same fund.
The competing moves show institutions are not in agreement on DGRO. Some are trimming. Others are buying aggressively. The same split is playing out across dividend and small-cap growth ETFs more broadly.
Wellington and MLP3 Step In as Mariner Steps Back
While Mariner sold, Wellington Management Group initiated a brand-new DGRO position worth roughly $65,915,000 in the third quarter, per Watchlist News. MLP3 LLC also entered the fund, buying 20,069 shares for about $1,393,000. For MLP3, DGRO became its 19th-largest holding, making up 1.5% of its total portfolio.
Other large managers — including Ameriprise, HighTower, and Wells Fargo — also reported increases in their DGRO stakes. DGRO holds dividend-growing stocks and screens out companies that cut payouts or pay out more than 75% of earnings. That quality filter is drawing buyers looking for stability.
Mill Creek Slashes Dividend and Bond Holdings Sharply
Mill Creek Capital Advisors made deep cuts across multiple funds. It slashed its stake in the iShares Select Dividend ETF (DVY) by 38.8%, selling 6,489 shares to end with just 10,228 shares worth $1,444,000. DVY carries a market cap of $23.37 billion, a P/E ratio of 13.69, and a beta of 0.66 — meaning it moves less than the broader market.
Mill Creek also cut its position in the Vanguard Short-Term Treasury ETF (VGSH), even as other smaller institutions started new positions in the fund. Several smaller advisors picked up new DVY shares at the same time Mill Creek was selling. The firm also reduced emerging markets exposure, cutting both VWO by 31.4% and EEM by 6.1%, per Watchlist News.
Corient Doubles Down on Small-Cap Growth in VBK
Corient Private Wealth LLC made one of the boldest moves in the filing period. It boosted its stake in the Vanguard Small-Cap Growth ETF (VBK) by 100.8%, adding 966,444 shares to reach 1,924,932 shares worth $533,099,000. That is a near-doubling of its position in a single quarter.
Mill Creek moved in the opposite direction, trimming its VBK position by 0.7% — selling 2,207 shares to hold 313,730 shares worth $94,781,000. The gap between Corient's big bet and Mill Creek's small trim shows how differently large institutions read the outlook for domestic small-cap growth right now.
What the Filings Signal About Institutional Thinking
The pattern across these 13F filings points to a split in strategy. Some managers are moving toward dividend growth — funds like DGRO that hold cash-generating companies such as Johnson & Johnson and Microsoft. Others are pulling back from yield-heavy funds like DVY and passive bond funds like VGSH.
Analysts at Watchlist News note that DGRO's institutional ownership continues to grow even as individual managers shuffle positions. DVY's institutional ownership stands at 46.08% of the fund. Whether these shifts reflect a defensive turn or simple rebalancing, the 13F data makes one thing clear: big money is not sitting still.
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