Assuming this refers to DUG Technology Ltd (listed on the ASX under the ticker DUG), the major shareholders historically comprise a combination of institutional investment firms, company founders, and key executives. Co-founder and Managing Director Matthew Lamont, along with other long-standing board members and early stakeholders like Louise Bower, have held substantial equity positions in the business since its private days and subsequent public listing. Institutional funds and Australian small-cap asset managers also maintain varying ownership blocks depending on market conditions, index rebalancing, and periodic on-market transactions disclosed through regular substantial holder notices filed with the Australian Securities Exchange.