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Which funds own DNLI

Denali Therapeutics in the Q2 2026 filings. At least 2 of the 91 current managers on file reported a position, worth $408m between them. It is among the largest positions of fewer than a fifth of the current managers on file. Buying and selling roughly cancelled this quarter, which is what a name looks like when the argument is still live.

Managers holding: 2; at least, of 91 current
Combined value: $408m; as reported
Opened: 0; new this quarter
Added to: 1; already held
Trimmed or sold out: 2; 1 sold out entirely

Only each manager’s largest 200 positions are listed here, so a smaller holder may be missing.

Managers reporting a position

Largest first. Weight is the share of that manager’s whole reported book, which is the number worth quoting: $400m is a rounding error in one book and a defining bet in another.

Manager	Value	Weight	Shares	Change on the quarter	Action
Baillie Gifford & Co Long-only · $110bn book	$308m	0.3%	11,960,230	+$76m-106,249	Trimmed
Holocene Advisors LP Long/short equity · $44.4bn book	$100m	0.2%	3,905,225	+$39m+709,796	Added

Sold out of this quarter

Valued at what the position was worth in the previous filing, because by this one it is gone.

Polen Capital Management LLC · Long-only$1.3m held before

Ownership through time

At least 5 of the 95 managers whose filings are on file listed DNLI in Q2 2026, against 2 in Q4 2017. 2 managers fewer than in Q1 2026: 1 started a position; 1 sold out, by its own filing; 2 no longer listed it among the positions read, which can mean a holding below the listed range, a filing that reported no holdings, or a filing not yet made.

Each manager’s largest 500 positions a quarter are read, so a small holding in a very large book can be missing, and a manager is counted as leaving only where its own filing shows it.

Managers on file listing it

Their combined reported value

Between the quarter ends of Q1 2026 and Q2 2026. Each change in shares is valued at the Q2 2026 price, so the price’s own move is left out; a 13F shows the two quarter ends, not when in between anything was bought or sold.

Started in Q2 2026

ExodusPoint Capital Management LP$8.7m

Largest increases, by shares

Holocene Advisors LP3,195,429 to 3,905,225 shares+$18m
ExodusPoint Capital Management LPnew: 336,567 shares+$8.7m
Artisan Partners LP1,099,719 to 1,224,497 shares+$3.2m
Capital Research Global Investors2,514,588 to 2,565,817 shares+$1.3m

Largest decreases, by shares

Baillie Gifford & Co12,066,479 to 11,960,230 shares-$2.7m

Left it

Polen Capital Management LLCwas $1.3m

Manager	First listed	Largest	Q2 2026
Baillie Gifford & Co	Q4 2017	$1.2bn	$308m
Holocene Advisors LP	Q1 2024	$100m	$100m
Capital Research Global Investors	Q3 2022	$230m	$66m
Artisan Partners LP	Q4 2020	$44m	$31m
ExodusPoint Capital Management LP	Q1 2019	$17m	$8.7m
T. Rowe Price Associates Inc	Q4 2020	$541m	last listed Q4 2022
Wellington Management Group LLP	Q4 2022	$312m	last listed Q1 2025
AllianceBernstein LP	Q3 2024	$89m	last listed Q3 2024
Marshall Wace LLP	Q1 2020	$57m	last listed Q1 2025
Point72 Asset Management LP	Q3 2022	$37m	last listed Q3 2025
Two Sigma Advisers LP	Q4 2020	$36m	last listed Q4 2021
Two Sigma Investments LP	Q4 2020	$28m	last listed Q1 2021
Woodline Partners LP	Q4 2021	$18m	last listed Q2 2024
Man Group PLC	Q2 2023	$15m	last listed Q2 2023
Voloridge Investment Management LLC	Q3 2020	$14m	last listed Q3 2025

What DNLI is worth

Knowing who owns it is half the question. The other half is what it is worth against the companies it trades beside, which is the one an interviewer will follow up with.

Build the comp set around DNLI →

How much of the picture this is

A Form 13F reports US-listed long equity and nothing else: no shorts, no bonds, no cash and no non-US listings. It arrives forty-five days after the quarter ends, so a manager who sold in July still shows the position in a filing published in August. This page reads the managers on file here rather than every filer in the market, and each manager’s largest positions rather than the whole table, so a small position in a very large book may not appear. Say “their last filing showed” rather than “they own”, and the distinction will do you credit.

What to do with a name the funds are buying

Knowing who owns something is the start of a pitch, not the pitch. The next questions are what it is worth and why they were buying.

Comps ExplorerValue it against the peers it trades beside Every managerRead any of these books in full Deal tapeWhat buyers paid for whole companies, not slices Hedge fund interviewsHow the room runs, and the stock pitch it wants

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The holdings, every quarter, and the week between

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