Nelnet (NNI): which funds own it
A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions and they may have changed.
Sections with a free account
5 concentrated managers hold it with a median weight of 2.1%.
Who owns Nelnet?
Holders that filed a Schedule 13D or 13G with the SEC for owning more than 5% of the Class A shares: Dunlap, Michael S. (13D/A filed Nov 13, 2025), Whitetail Rock Capital Management (13G/A filed May 13, 2026), Muhleisen, Angela L. (13G/A filed Nov 13, 2025), Union Bank & Trust Co / Trustee (13G/A filed Nov 13, 2025) and Adam K. Peterson (13D/A filed Jun 5, 2026). As of Jun 30, 2026, the largest holders of Class A reported on Form 13F were Dimensional Fund Advisors (7.3% of Class A), Magnolia Group (5.0%) and Farmers & Merchants Investments (4.7%).
Which institutions hold the most Nelnet shares?
Per Form 13F filings as of Jun 30, 2026, as a share of Class A:
- 1. Dimensional Fund Advisors: 7.3%
- 2. Magnolia Group: 5.0%
- 3. Farmers & Merchants Investments: 4.7%
- 4. BlackRock: 4.6%
- 5. Vanguard Portfolio Management: 2.7%
- 6. Vanguard Capital Management: 2.3%
- 7. American Century Companies: 1.7%
- 8. Geode Capital Management: 1.5%
- 9. State Street: 1.4%
- 10. Bragg Financial Advisors: 1.0%
How much of Nelnet do institutions own?
The 213 institutions that file 13F reported 46.6% of the Class A shares as of Jun 30, 2026.
Sources:13D/A by Dunlap, Michael S. (Nov 13, 2025) ↗13G/A by Whitetail Rock Capital Management (May 13, 2026) ↗13G/A by Muhleisen, Angela L. (Nov 13, 2025) ↗13G/A by Union Bank & Trust Co / Trustee (Nov 13, 2025) ↗13D/A by Adam K. Peterson (Jun 5, 2026) ↗All of the company's proxy statements on EDGAR ↗
13F percentages divide the shares each institution reports by the Class A shares outstanding on the cover of the company's latest report before the quarter end (Apr 30, 2026). Entities of the same group file separately and are not added up. With more than one share class, a 13D or 13G counts shares convertible from another class as owned, so we do not show its percentage. We hold 13D and 13G filings made since Dec 23, 2024: a holder above 5% that has not filed since then does not appear here.
Nelnet revenue
Nelnet reported annual revenue of $1.56 billion for fiscal year 2022 (year ended December 31, 2022), according to its Form 10-K filed with the SEC (XBRL data).
Quarter flow (concentrated managers)
Change in managers (5 → 5): 0 opened · 0 exited = 0
Net flow in the quarter: −$53.6M (−402 K shares) · bought $0 and sold $53.6MShares concentrated managers added minus those they cut, valued at the 13F quarter-end implied price, not each trade's price. It is a different measure from the change in managers: the two can have opposite signs.
The set of concentrated managers changed between quarters: with the set as it was then, 3 held it last quarter (the chart point); with today's set, 5 (the base for the change).
Concentrated managers holding it
- Magnolia GroupReduced$169M35.5%−9.9 pp
- QVT Financial$30.9M2.0%
- General American InvestorsReduced$30.8M1.9%−0.0 pp
- Lawson Kroeker Investment Management$8.8M2.4%
- Bandera Partners$6.1M2.1%
Up to 15, sorted by position value. The percentage is the weight in each manager's portfolio.
Largest holders of NNI (all 13F filers)
- Dimensional Fund Advisors1.9 MIndex manager · 7.32% of the company+4,574
- Magnolia Groupconcentrated1.3 MInvestment firm · 5.02% of the company−399 K
- Farmers & Merchants Investments1.2 MType not verified · 4.66% of the company−5,000
- BlackRock1.2 MIndex manager · 4.59% of the company+184 K
- Vanguard Portfolio Management696 KIndex manager · 2.75% of the company+16 K
- Vanguard Capital Management585 KIndex manager · 2.31% of the company+7,030
- American Century Companies421 KInvestment firm · 1.66% of the company+85 K
- Geode Capital Management390 KIndex manager · 1.54% of the company+43 K
- State Street365 KIndex manager · 1.44% of the company+50 K
- Bragg Financial Advisors248 KType not verified · 0.98% of the company+22 K
- Shares
- 1.9 M
- Change
- +4,574
- % of the company
- 7.32%
See more
- Type
- Index manager
- Value
- $247M
- Magnolia Groupconcentrated
- Shares
- 1.3 M
- Change
- −399 K
- % of the company
- 5.02%
See more
- Type
- Investment firm
- Value
- $169M
- Shares
- 1.2 M
- Change
- −5,000
- % of the company
- 4.66%
See more
- Type
- Type not verified
- Value
- $157M
- Shares
- 1.2 M
- Change
- +184 K
- % of the company
- 4.59%
See more
- Type
- Index manager
- Value
- $155M
- Shares
- 696 K
- Change
- +16 K
- % of the company
- 2.75%
See more
- Type
- Index manager
- Value
- $92.7M
- Shares
- 585 K
- Change
- +7,030
- % of the company
- 2.31%
See more
- Type
- Index manager
- Value
- $78.0M
- Shares
- 421 K
- Change
- +85 K
- % of the company
- 1.66%
See more
- Type
- Investment firm
- Value
- $56.1M
- Shares
- 390 K
- Change
- +43 K
- % of the company
- 1.54%
See more
- Type
- Index manager
- Value
- $52.0M
- Shares
- 365 K
- Change
- +50 K
- % of the company
- 1.44%
See more
- Type
- Index manager
- Value
- $48.7M
- Shares
- 248 K
- Change
- +22 K
- % of the company
- 0.98%
See more
- Type
- Type not verified
- Value
- $33.1M
The 10 13F filers with the most shares as of Jun 30, 2026, whatever their type (index firms usually come first). “Change”: shares added or cut versus the previous quarter, split-adjusted; “no data” = there is no comparable portfolio for the previous quarter (no filing, or a filing with its holdings under confidential treatment). “% of the company” only where shares outstanding are up to date. Entities of the same group file separately and some 13F filings include other managers: there may be double counting. With a free account: the top 25, the largest buyers and the largest sellers.
Fundamentals
12-month figures to Jun 30, 2026.
- Operating margin
- —
- Net margin
- —
- ROE
- 8.0%
- Revenue (TTM)
- —
- Revenue growth
- —
- Net income (TTM)
- $302M
- Quality vs sector
- —
Bank, insurer or other financial company: we do not show net debt / EBITDA or free cash flow. Its cash flow moves with loans and the investment portfolio, and its debt is part of the business: those figures do not read as they do for an industrial company.
Figures from the statements the company filed with the SEC (10-K, 10-Q). Free cash flow = operating cash flow − capital expenditures; empty if the company does not report capex. “Quality vs sector”: 0 to 100, the average of its percentiles in ROE, operating margin, free-cash-flow margin, revenue and earnings growth and net debt / EBITDA (at least 3 needed) against companies in its sector above $300M. How each figure is calculated
Shares outstanding: buybacks and dilution
2025: 36.3 M
- 1 year
- −0.8%
- 3 years
- −3.4%
- 5 years
- −7.0%
- Buybacks (FY 2025)
- $69.3M
- Share issuance
- $1.9M
- Stock-based compensation
- $13.3M
- Dividends paid
- $43.0M
From the statements the company filed with the SEC (10-K). The change compares average diluted shares of each fiscal year, on today's basis: negative = it bought back more than it issued; positive = dilution. “No data” = the company does not report that item under a tag we can read; it does not mean zero.
Earnings quality and debt
- Operating cash flow ÷ net income (12 months)
- 1.33
Bank or insurer: debt ratios do not apply.
From the figures the company filed with the SEC. Cash flow over net income near or above 1 means earnings are collected in cash; far below, that part is accounting. Coverage says how many times operating income pays the latest fiscal year's interest. Maturities come from the debt note of the latest annual report, counted from its closing date. “No data” never means zero.
Insiders (Form 4)
10% owners who bought (6 m): 0
Open-market purchases, excluding 10b5-1 plans. Officers and directors only; joint filers of the same purchase count as one. 10% owners with no role are shown separately. 0 = nobody bought; “no data” = we do not have its Form 4 filings.
Each of the company's Form 4 filings, on EDGAR ↗Latest trades, with date and filing →
Above 5% (13D/13G)
Disclosed stakes, with their amendments. A filing is not always a purchase: there are also reductions and changes of filing entity.
This list may be incomplete: we hold 13D and 13G filings made since Dec 23, 2024. A holder above 5% that has not filed anything since then is not shown here.
Above 5% over time (13D/13G)
Each holder with its filings in order. History since December 2024.
Flagged material events (8-K)
Change in directors or officers (Item 5.02)
«Nelnet Board of Directors Appoints Two New Members»
Change in directors or officers (Item 5.02)
Change in directors or officers (Item 5.02)
«Nelnet Announces Retirement of President Tim Tewes»
Alert items the company itself flagged in its 8-K filings with the SEC, most serious first. It is the form's label, with no interpretation from us: Item 5.02 covers routine appointments as well as a chief executive's departure; open the filing. The quoted headline is the original press release's.
All material events (8-K)
Earnings, agreements, financing, management changes and announcements from the last year, with a filter by type and a link to each filing.
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