Donegal Group

DGICA and DGICB • NASDAQ

Donegal Group is a insurance - property & casualty company in the financial services sector on NASDAQ, led by Kevin G. Burke, with a market cap of $746.0M. As of Q3 2025, 36% of shares are held by 149 institutional investors, with BlackRock, Inc. as the largest holder at 5.41%.

President and Chief Executive OfficerKevin G. Burke

Market Cap$746.0M

Insurance - Property & Casualty

Financial Services

Employees872.0

Websitedonegalgroup.com

Country

United States of America

Overview

Overview of institutional ownership in DGICA and DGICB as of Q3 2025 with a market cap of $707.9M

All Institutions

Institutions: 149
Value Held: $257.4M
Shares Held: 13.3M
Avg Position: $1.6M
Median Position: $276.3K

Hedge Funds

Hedge Funds: 17
Value Held: $33.3M
Shares Held: 1.7M
Avg Position: $1.9M
Median Position: $861.8K

Ownership Breakdown

Institutional (non-HF)

31.65%

$224.1M

Hedge Funds

4.71%

$33.3M

Retail & Other

63.64%

$450.5M

Based on market cap of $707.9M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in DGICA and DGICB as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BlackRock, Inc. Institution	-	$38.3M 0.00% of portfolio	5.41% 2.0M shares	Q1 2016 Held for 9y 8m	$5.67T
DIMENSIONAL FUND ADVISORS LP Long Only Manager	David Paul Butler CEO	$36.6M 0.01% of portfolio	5.24% 1.9M shares	≤ Q2 2013 Held for 12y 5m+	$466.32B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$20.2M 0.00% of portfolio	2.87% 1.0M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$10.1M 0.00% of portfolio	1.43% 522.8K shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
OLD REPUBLIC INTERNATIONAL CORP Institution	Craig Smiddy CEO	$8.3M 0.31% of portfolio	1.17% 425.5K shares	Q1 2016 Held for 9y 8m	$2.7B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$7.5M 0.00% of portfolio	1.06% 388.4K shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
Connor, Clark & Lunn Investment Management Ltd. Long Only Manager	John Wyatt Ricketts President	$7.5M 0.02% of portfolio	1.05% 384.4K shares	Q1 2024 Held for 1y 8m	$31.7B
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	Peter Fitzhugh Brown CEO	$7.1M 0.01% of portfolio	1.00% 365.4K shares	Q4 2014 Held for 10y 11m	$75.8B
LOGAN CAPITAL MANAGEMENT INC Long Only Manager	Leonard Paul Metkowski CFO	$6.6M 0.28% of portfolio	0.98% 358.9K shares	≤ Q2 2013 Held for 12y 5m+	$2.4B
P ProShare Advisors LLC Institution	Michael Lynn Sapir CEO	$6.4M 0.01% of portfolio	0.91% 332.5K shares	Q2 2025 Held for 5 months	$47.8B

Net Capital Flow

Institutional buying and selling activity for DGICA and DGICB in Q3 2025

Traded: +$5.0M
Buyers: 72
Sellers: 70
Total Bought: +$22.2M
Total Sold: −$17.3M
Avg Position: $1.5M

Biggest Buyers

Institution	Net Bought	Current Position
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$2.5M +131.0K shares	$3.9M 203.0K shares
GEODE CAPITAL MANAGEMENT LLC ETF Provider	+$2.2M +113.7K shares	$10.1M 522.8K shares
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	+$1.8M +94.4K shares	$3.2M 167.1K shares
A AMERICAN CENTURY COMPANIES INC Institution	+$1.8M +94.0K shares	$4.7M 243.6K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	+$1.7M +88.9K shares	$3.0M 152.4K shares
MML INVESTORS SERVICES, LLC RIA/Wealth	+$1.0M +53.8K shares	$1.0M 53.8K shares
FIRST TRUST ADVISORS LP ETF Provider	+$1.0M +51.6K shares	$1.0M 51.6K shares
SIERRA SUMMIT ADVISORS LLC RIA/Wealth	+$798.6K +41.2K shares	$798.6K 41.2K shares
VANGUARD GROUP INC Institution	+$756.4K +39.0K shares	$20.2M 1.0M shares
UBS Group AG Institution	+$733.9K +37.8K shares	$1.5M 75.5K shares

Biggest Sellers

Institution	Net Sold	Current Position
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$1.8M −90.0K shares	Sold Off 0 shares
B BlackRock, Inc. Institution	−$1.4M −70.7K shares	$38.3M 2.0M shares
MORGAN STANLEY RIA/Wealth	−$1.3M −65.1K shares	$4.5M 231.6K shares
C Cubist Systematic Strategies, LLC Institution	−$826.6K −41.3K shares	Sold Off 0 shares
LOS ANGELES CAPITAL MANAGEMENT & EQUITY RESEARCH INC Long Only Manager	−$731.1K −37.7K shares	$536.1K 27.6K shares
Engineers Gate Manager LP Hedge Fund•Quant	−$705.9K −35.2K shares	Sold Off 0 shares
ACADIAN ASSET MANAGEMENT LLC Long Only Manager	−$663.0K −34.2K shares	$2.8M 145.4K shares
EAM Investors, LLC Long Only Manager	−$644.5K −32.2K shares	Sold Off 0 shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	−$614.2K −31.7K shares	$878.9K 45.3K shares
GSA CAPITAL PARTNERS LLP Hedge Fund•Quant	−$604.0K −30.2K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited DGICA and DGICB in Q3 2025

New Positions: 15
New Value: $3.2M
Exited Positions: 22
Exited Value: $7.9M

New Positions

Institution	Position Value
MML INVESTORS SERVICES, LLC RIA/Wealth	$1.0M 53.8K shares
SIERRA SUMMIT ADVISORS LLC RIA/Wealth	$798.6K 41.2K shares
PRINCIPAL FINANCIAL GROUP INC Institution	$454.3K 23.4K shares
Susquehanna Portfolio Strategies, LLC Private Equity	$337.6K 17.4K shares
MERCER GLOBAL ADVISORS INC /ADV RIA/Wealth	$195.2K 10.1K shares
IAG Wealth Partners, LLC RIA/Wealth	$191.8K 9.9K shares
Virtus ETF Advisers LLC Long Only Manager	$144.2K 7.4K shares
S State of Alaska, Department of Revenue Institution	$26.4K 1.4K shares
O Optiver Holding B.V. Institution	$5.4K 276.0 shares
Crewe Advisors LLC RIA/Wealth	$3.5K 180.0 shares

Exited Positions

Institution	Previous Position
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.8M 90.0K shares
C Cubist Systematic Strategies, LLC Institution	$826.6K 41.3K shares
Engineers Gate Manager LP Hedge Fund•Quant	$705.9K 35.2K shares
EAM Investors, LLC Long Only Manager	$644.5K 32.2K shares
GSA CAPITAL PARTNERS LLP Hedge Fund•Quant	$604.0K 30.2K shares
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$575.4K 28.7K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$470.9K 23.5K shares
D D. E. Shaw & Co., Inc. Institution	$463.1K 23.1K shares
Y Y-Intercept Ltd Institution	$313.1K 15.6K shares
J Jump Financial, LLC Institution	$257.4K 12.9K shares

Options Activity

Institutions with the largest Call and Put options positions in DGICA and DGICB as of Q3 2025

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with DGICA and DGICB as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
CALDWELL SUTTER CAPITAL, INC. RIA/Wealth	John Caldwell Helmer Founder	1.93% $4.5M	0.64% 234.5K shares	Q4 2022 Held for 2y 11m	$234.1M
M Minerva Advisors LLC Hedge Fund•Value	David Peter Cohen President	0.75% $1.2M	0.18% 64.3K shares	≤ Q2 2013 Held for 12y 5m+	$157.5M
PHILADELPHIA TRUST CO Hedge Fund•Long/Short	Andrew Larkin Peek CEO	0.35% $4.8M	0.68% 249.5K shares	Q2 2015 Held for 10y 5m	$1.4B
CANNELL CAPITAL LLC Hedge Fund•Long/Short	James Carlo Cannell President	0.33% $1.3M	0.18% 65.4K shares	Q3 2022 Held for 3y 2m	$380.9M
OLD REPUBLIC INTERNATIONAL CORP Institution	Craig Smiddy CEO	0.31% $8.3M	1.17% 425.5K shares	Q1 2016 Held for 9y 8m	$2.7B
LOGAN CAPITAL MANAGEMENT INC Long Only Manager	Leonard Paul Metkowski CFO	0.28% $6.6M	0.98% 358.9K shares	≤ Q2 2013 Held for 12y 5m+	$2.4B
SIERRA SUMMIT ADVISORS LLC RIA/Wealth	Joseph Thomas Seminetta CCO	0.12% $798.6K	0.11% 41.2K shares	Q3 2025 Held for 2 months	$655.2M
C CSM Advisors, LLC Institution	-	0.10% $3.5M	0.49% 178.9K shares	Q2 2025 Held for 5 months	$3.4B
Virtus ETF Advisers LLC Long Only Manager	Richard William Smirl President	0.10% $144.2K	0.02% 7.4K shares	Q3 2025 Held for 2 months	$148.9M
KENNEDY CAPITAL MANAGEMENT, INC. Long Only Manager	Donald M Cobin CEO	0.09% $4.0M	0.56% 204.9K shares	≤ Q2 2013 Held for 12y 5m+	$4.5B

Hedge Fund Spotlight

Discover hedge funds investing in DGICA and DGICB

PDT Partners, LLC

Hedge Fund • Quant

Portfolio ManagerPeter (Nmn) Muller

Portfolio Value: $1.6B
Positions: 569
Last Reported: Q3 2025

Sector Allocation

Position in Donegal Group

DGICA and DGICB

Market Value: $1.5M
Shares Held: 81.1K
Portfolio Weight: 0.10%
Owned Since: 2024-Q4

Top Holding	Sector	Market Value	Weight
1 Logitech International LOGI	Computer Hardware Technology	$27.9M	1.77%
2 CME Group CME	Financial - Data & Stock Exchanges Financial Services	$16.8M	1.06%
3 Suncor Energy SU	Oil & Gas Integrated Energy	$14.7M	0.93%