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AFB

AllianceBernstein National Municipal Income Fund

81 hedge funds and large institutions have $178M invested in AllianceBernstein National Municipal Income Fund in 2025 Q2 according to their latest regulatory filings, with 14 funds opening new positions, 18 increasing their positions, 31 reducing their positions, and 11 closing their positions.

New
Increased
Maintained
Reduced
Closed

27% more first-time investments, than exits

New positions opened: 14 | Existing positions closed: 11

3% more funds holding

Funds holding: 7981 (+2)

0% more funds holding in top 10

Funds holding in top 10: 11 (0)

1.81% less ownership

Funds ownership: 61.89%60.08% (-1.8%)

8% less capital invested

Capital invested by funds: $194M → $178M (-$15.6M)

42% less repeat investments, than reductions

Existing positions increased: 18 | Existing positions reduced: 31

Holders
81
Holders Change
+2
Holders Change %
+2.53%
% of All Funds
1.07%
Holding in Top 10
1
Holding in Top 10 Change
Holding in Top 10 Change %
% of All Funds
0.01%
New
14
Increased
18
Reduced
31
Closed
11
Calls
Puts
Net Calls
Net Calls Change
Name Holding Trade Value Shares
Change
Change in
Stake
IWC
26
Integrated Wealth Concepts
Massachusetts
$799K
CIA
27
Capital Investment Advisors
Georgia
$794K -$19K -1,849 -2%
Creative Planning
28
Creative Planning
Kansas
$782K -$151K -14,642 -16%
Cohen & Steers
29
Cohen & Steers
New York
$753K
RP
30
Riverbridge Partners
Minnesota
$712K +$29.6K +2,872 +4%
RIL
31
Rothschild Investment LLC
Illinois
$706K -$61.8K -6,000 -8%
DWM
32
Dakota Wealth Management
Florida
$689K -$20.6K -2,000 -3%
1CP
33
1607 Capital Partners
Virginia
$626K -$45.9K -4,458 -7%
Ameriprise
34
Ameriprise
Minnesota
$622K
Bank of America
35
Bank of America
North Carolina
$604K +$8.4K +815 +1%
HighTower Advisors
36
HighTower Advisors
Illinois
$501K -$2.44K -237 -0.5%
MWM
37
Melfa Wealth Management
Massachusetts
$485K
Envestnet Asset Management
38
Envestnet Asset Management
Illinois
$465K +$140K +13,558 +43%
TCM
39
Traub Capital Management
Massachusetts
$442K +$442K +42,918 New
AWA
40
Arete Wealth Advisors
Illinois
$425K +$13.6K +1,317 +3%
Stifel Financial
41
Stifel Financial
Missouri
$383K +$3.4K +330 +0.9%
BBPWM
42
Blue Bell Private Wealth Management
Pennsylvania
$379K -$14.5K -1,412 -4%
UBS Group
43
UBS Group
Switzerland
$347K -$227K -22,056 -40%
PMG
44
ProVise Management Group
Florida
$290K +$25K +2,425 +9%
HIP
45
HUB Investment Partners
Texas
$248K +$2.82K +274 +1%
Raymond James Financial
46
Raymond James Financial
Florida
$231K -$18.4K -1,782 -7%
CCG
47
Catalina Capital Group
California
$203K +$203K +19,690 New
SAM
48
Smith Asset Management
Florida
$188K
BWG
49
Balanced Wealth Group
Ohio
$145K -$1.02M -98,717 -87%
US Bancorp
50
US Bancorp
Minnesota
$132K

AFB Hedge Fund Activity: Q2 2025 in Review

81 of the 7,595 institutional investors tracked by Wall St. Rank reported a position in AllianceBernstein National Municipal Income Fund (AFB) for Q2 2025, worth a combined $178M — down 8.1% from $194M a quarter earlier.

Buyers outnumbered sellers: 14 funds opened new AFB positions and 11 closed out — a net gain of 3 holders — while 18 added to existing stakes and 31 trimmed.

The largest buyer was Karpus Investment Management, adding an estimated $4.4M. The largest seller was Pathstone Holdings, cutting an estimated $4.07M.

  • 81 institutional investors held AllianceBernstein National Municipal Income Fund (AFB) as of Q2 2025, up from 79 in Q1 2025.
  • Funds reported $178M of AllianceBernstein National Municipal Income Fund stock for Q2 2025, down 8.1% quarter-over-quarter.
  • 14 funds opened new AllianceBernstein National Municipal Income Fund positions in Q2 2025 and 11 closed out, a net change of +3 holders.
  • The largest AllianceBernstein National Municipal Income Fund buyer in Q2 2025 was Karpus Investment Management, an estimated $4.4M added.
  • The largest AllianceBernstein National Municipal Income Fund seller in Q2 2025 was Pathstone Holdings, an estimated $4.07M sold.

Based on aggregated 13F filings for Q2 2025.