DAO · Youdao, Inc. · Holdings

$19.09 +0.13 (+0.69%) Q2 2026 earnings call transcript

Market Cap

$2.29B

120.63M

Volume · Oct 29 5533 Avg daily vol (3M) 56.08K

Institutional ownership from SEC Form 13F filings. Investment managers with more than $100 million in U.S. equities must disclose their positions every quarter, within 45 days of quarter-end, so the holdings shown can lag the market by up to a quarter.

Use institutional holdings through the 13F API or MCP → See every holder of DAO: 13F, 13D and 13G, insiders and funds →

The Sep 30, 2026 filing window is still open — showing the latest known positions. Funds that have not filed yet carry their prior-quarter positions; a fund that filed without this stock counts as sold out. Each fund's Change is measured against its own previous reported quarter, shown in the Reported column. Pick a completed quarter in the Quarter selector below to put every fund on one quarter and see the stock-wide activity breakdown.

Quarter:

Holders: 32

Total Value: $139,811,805

Total Shares: 11,366,742

Institutional Ownership Trend

27 quarters

Holder Concentration

Across 32 13F filers

Top Holder

57.7%

of institutional value

Top 5

94.5%

of institutional value

Top 10

98.5%

of institutional value

HHI

4,052

Highly concentrated

Who Holds DAO

Last 8 quarters through Sep 30, 2026 (filing window open)

Each kind of 13F filer's share of the common shares 13F filers report. Holder type comes from regulatory records, never the filer's name; style, turnover and horizon are measured from each filer's own 13F book. The quarter selector does not change this card.

Jun 30, 2026, the newest closed quarter: 32 filers, like-for-like change -2.7%; actively managed books -4.0%; index-like books -0.7%.

Holder type	Share	Filers	Change	New	Exited
Registered adviser	11.0%	14	-0.5%	2	2
Exempt adviser	0.4%	1	-56.5%	0	1
Adviser	0.2%	1	-12.2%	0	0
Bank	0.6%	3	+19.5%	1	0
Broker-dealer	0.0%	1	-68.8%	0	0
Benefit plan	0.2%	1	-0.8%	0	0
Non-US	0.0%	0	—	0	0
Holding company	0.1%	2	-68.8%	0	0
Unknown	87.5%	9	-2.4%	1	1

Style	Share	Filers	Change	New	Exited
Index-like	9.6%	6	-0.7%	0	0
Systematic-like	2.0%	5	-7.5%	0	0
Concentrated	0.1%	3	+9964.0%	1	1
Diversified active	62.8%	17	-4.1%	3	3
Unknown	25.5%	1	0.0%	0	0
Not measured	0.0%	0	—	0	0

Turnover	Share	Filers	Change	New	Exited
Low turnover	26.5%	15	-0.5%	3	3
Medium turnover	62.2%	7	-3.4%	0	0
High turnover	2.0%	7	-21.3%	1	1
Unknown	9.3%	3	+0.7%	0	0
Not measured	0.0%	0	—	0	0

Holding horizon	Share	Filers	Change	New	Exited
Short horizon	9.8%	4	+0.2%	0	0
Medium horizon	25.5%	4	-0.3%	1	1
Long horizon	6.5%	21	-9.0%	3	2
Unknown	58.2%	3	-3.5%	0	1
Not measured	0.0%	0	—	0	0

13F book size	Share	Filers	Change	New	Exited
Under $1B	25.5%	3	0.0%	1	0
$1B to $10B	0.6%	8	-9.1%	0	2
$10B to $100B	62.9%	10	-3.7%	2	1
$100B or more	11.0%	11	-3.0%	1	1
Not measured	0.0%	0	—	0	0

Client base	Share	Filers	Change	New	Exited
Individuals and high net worth	0.1%	6	+1256.4%	2	1
Pooled investment vehicles	1.6%	3	-1.2%	0	0
Registered funds and BDCs	7.4%	1	-0.3%	0	1
Pension and profit sharing plans	0.0%	1	+1.4%	0	0
Governments and sovereign funds	0.0%	1	0.0%	0	0
Other investment advisers	0.0%	1	0.0%	0	0
Diversified	1.9%	1	-6.6%	0	0
Unknown	89.0%	18	-3.0%	2	2

Private funds	Share	Filers	Change	New	Exited
Hedge funds	3.9%	6	-15.0%	0	1
Other private funds	0.0%	2	+66.4%	1	0
No private funds	7.5%	7	+1.3%	1	1
Real estate funds	0.0%	0	-100.0%	0	1
Private funds, type not stated	0.0%	0	—	0	0
Unknown	88.6%	17	-2.4%	2	1

Location	Share	Filers	Change	New	Exited
United States	13.3%	23	-4.6%	4	3
Outside the US	86.7%	9	-2.4%	0	1

The Sep 30, 2026 filing window is still open, so its bar carries the Jun 30, 2026 positions of filers that have not filed yet.

How the mix is measured

Shares are 13F common shares restated to today's split basis; options and principal amounts are left out. The change compares only filers with a 13F in both quarters and keeps each filer in its bucket of the later quarter on both sides; a filer that continues under a new CIK is compared through its successor. Holder type comes from each filer's current regulatory profile; client base and private funds come from the Form ADV roster current at each quarter end (rosters from December 2019, so an earlier quarter reads Unknown). Style, turnover, horizon and book size are measured from each filer's 13F book in the newest measured quarter, and Not measured means none was. Actively managed books are those measured systematic-like, concentrated or diversified active.

Excluded 1 holder with no observed 2026-06-30 13F.

Conviction and Crowding

32 13F filers, quarter ended Jun 30, 2026

Measured across every 13F filer's common-share book once the quarter's filing window closed. Crowding counts filers with high turnover or that advise private funds on Form ADV.

Conviction holders

3.13% of filers hold it in their top 10

Mar 31, 2026: 1

Holders above 5%

median weight 0.000%

Mar 31, 2026: 0

Crowding

—

a foreign private issuer reports ordinary shares, a different unit from the listed shares

Private-fund advisers

—

of shares outstanding

Institutional ownership

—

a foreign private issuer reports ordinary shares, a different unit from the listed shares

Top 10 holders

98.5%

of 13F shares, Herfindahl 0.405

Active holders

-4.0%

like-for-like share change of active filers

5% stakes on record

0 13D, 1 13G (1 institutional, 0 passive, 0 exempt)

How long holders have held it value-weighted 20.4 quarters

Under 1 year 9.94% 1 to 3 years 3.11% 3 years or more 87.0% Since coverage start 0.000%

Managers in the top fifth by current three-year FundScore alpha were net buyers of $0 (0 buying, 0 selling).

Estimated Holder Cost Basis

Quarter ended Jun 30, 2026, on that quarter's share basis

Estimated, never filed: each 13F buy is costed at its quarter's average traded price and each sale keeps the average cost, so this is what holders paid on average if they traded evenly through each quarter.

Estimated avg cost

$8.20

estimated per share

Mar 31, 2026: $7.92

Quarter-end price

$12.30

implied by 13F values

Estimated gain or loss

+49.9%

price against the estimated cost

Estimated at a loss

4.52%

of costed 13F value

Estimated cost covers 7.41% of the 13F shares; positions already held when a filer's 13F history starts, or bought in a quarter without a trusted average price, have no estimate.

Shareholder Targets

13F filers that own its peers but not DAO, quarter ended Jun 30, 2026

DAO has no holder-overlap peers, so these filers hold the largest Consumer Defensive stocks: WMT, COST, KO, PG, PM, PEP, MO, MDLZ, MNST, CL, TGT, KDP, SYY, KMB, KVUE, ADM, KR, KHC. 5,892 filers in all.

#	Filer	In peers	Of book	Largest peers
1	BlackRock, Inc. Holding company, Index-like	$217,152,843,282 18 held	3.24%	WMT, COST, PG
2	STATE STREET CORP Bank, Index-like	$120,597,809,572 18 held	3.57%	WMT, COST, PG
3	VANGUARD PORTFOLIO MANAGEMENT LLC Registered adviser, Diversified active	$71,890,089,904 18 held	3.24%	WMT, COST, PG
4	GEODE CAPITAL MANAGEMENT, LLC Registered adviser, Index-like	$70,023,286,415 18 held	3.73%	WMT, COST, PG
5	FMR LLC Holding company, Diversified active	$49,928,980,168 18 held	2.17%	KO, PM, COST
6	JPMORGAN CHASE & CO Bank, Diversified active	$46,399,216,156 18 held	2.69%	WMT, PM, KO
7	Berkshire Hathaway Inc Insurer, Concentrated	$42,365,164,398 3 held	14.2%	KO, KHC, KR
8	CHARLES SCHWAB INVESTMENT MANAGEMENT INC Registered adviser, Diversified active	$39,108,093,568 18 held	5.21%	PG, KO, PEP
9	Capital World Investors Adviser, Diversified active	$37,214,800,962 10 held	4.41%	PM, KDP, PG
10	BANK OF AMERICA CORP /DE/ Bank, Diversified active	$34,669,985,120 18 held	2.24%	WMT, COST, PG

Fund Ownership of DAO by Fund Type

Registered funds' Form N-PORT reports for the quarter ended Jun 30, 2026

Index funds and index ETFs hold 0.02% of shares outstanding.

Fund type	Of shares outstanding	Change	Shares	Funds
Index funds	0.00%	0.00 pp	0	0
Index ETFs	0.02%	-0.68 pp	27,045	1
Active ETFs	0.04%	0.00 pp	44,745	4
Active funds	0.03%	+0.03 pp	38,052	5
Unclassified	0.01%	+0.01 pp	16,016	4
All registered funds	0.10%	-0.64 pp	125,858	14

How fund types are measured

Each fund series counts once, with its latest Form N-PORT report dated inside the quarter; only long share positions count, restated to today's split basis. The fund type is the series' latest Form N-CEN answer on or before the quarter end (the index-fund box and the exchange-traded flag), never its name. Unclassified funds have no usable N-CEN; unit investment trusts are among them, so index ownership is a floor. Funds sit inside their advisers' 13F reports, so these shares overlap the 13F figures and are never added to them.

Holder type: Registered adviser 13 Exempt adviser 1 Adviser 1 Bank 3 Broker-dealer 1 Benefit plan 1 Non-US 1 Holding company 2 Unknown 9

Showing 32 of 32

All Common Calls Puts

Compact Export CSV

Holder

Value (USD)

% of 13F

Orbis Allan Gray Ltd

$80,731,013

57.74%

6,563,497

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
ORBIS INVESTMENT MANAGEMENT LTD	6,563,497	$80,731,013	100.0%	Defined

NetEase, Inc.

$35,649,003

25.50%

2,898,293

VANGUARD CAPITAL MANAGEMENT LLC

$10,333,943

7.39%

840,158

ACADIAN ASSET MANAGEMENT LLC

$2,797,684

2.00%

227,454

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Acadian Inc	227,454	$2,797,684	100.0%	Defined

VANGUARD FIDUCIARY TRUST CO

$2,603,491

1.86%

211,666

Connor, Clark & Lunn Investment Management Ltd.

$2,597,747

1.86%

211,199

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Manager 1	209,434	$2,576,038	99.2%	Sole
Held directly	1,765	$21,709	0.8%	Sole

UBS Group AG

$807,420

0.58%

65,644

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
UBS AG	31,062	$382,062	47.3%	Defined
UBS Switzerland AG	33,757	$415,211	51.4%	Defined
UBS Securities LLC	825	$10,147	1.3%	Defined

GSA CAPITAL PARTNERS LLP

$774,481

0.55%

62,966

CITADEL ADVISORS LLC

$728,738

0.52%

59,247

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Citadel Securities GP LLC	59,247	$728,738	100.0%	Defined

RENAISSANCE TECHNOLOGIES LLC

$720,780

0.52%

58,600

Qube Research & Technologies Ltd

$571,667

0.41%

46,477

California Public Employees Retirement System

$443,378

0.32%

36,047

PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO

$345,679

0.25%

28,104

Invesco Ltd.

$292,051

0.21%

23,744

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Invesco Capital Management LLC	23,744	$292,051	100.0%	Defined

Savant Capital, LLC

$166,935

0.12%

13,572

MORGAN STANLEY

$84,660

0.06%

6,883

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
MORGAN STANLEY & CO. LLC	1	$12	0.0%	Defined
MORGAN STANLEY SMITH BARNEY LLC	4,690	$57,687	68.1%	Defined
PARAMETRIC PORTFOLIO ASSOCIATES LLC	2,192	$26,961	31.8%	Defined

VANGUARD ASSET MANAGEMENT, Ltd

$47,268

0.03%

3,843

Tower Research Capital LLC (TRC)

$36,371

0.03%

2,957

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Latour Trading LLC (Latour)	2,957	$36,371	100.0%	Defined

Compagnie Lombard Odier SCmA

$24,600

0.02%

2,000

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Bank Lombard Odier & Co Ltd	2,000	$24,600	100.0%	Defined

RHUMBLINE ADVISERS

$14,993

0.01%

1,219

GROUP ONE TRADING LLC

$12,127

0.01%

986

Rockefeller Capital Management L.P.

$9,950

0.01%

809

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
ROCKEFELLER FINANCIAL LLC	809	$9,950	100.0%	Defined

Smartleaf Asset Management LLC

$6,260

0.00%

509

ROYAL BANK OF CANADA

$2,829

0.00%

230

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
RBC Capital Markets, LLC	230	$2,829	100.0%	Defined

Quarry LP

$2,644

0.00%

215

NISA INVESTMENT ADVISORS, LLC

$2,302

0.00%

152

SBI Securities Co., Ltd.

$1,515

0.00%

100

CoreCap Advisors, LLC

$924

0.00%

HARBOUR INVESTMENTS, INC.

$615

0.00%

OSAIC HOLDINGS, INC.

$528

0.00%

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
OSAIC WEALTH, INC.	43	$528	100.0%	Defined

WELLS FARGO & COMPANY/MN

$123

0.00%

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC	10	$123	100.0%	Defined

Ameritas Advisory Services, LLC

$86

0.00%

Key facts CIK 1781753 CUSIP 98741T104 13F (30d) 3 filings 3 filers Visit website Investor relations