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AFB

AllianceBernstein National Municipal Income Fund
AFB

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: 79 → 81 (+2)

0% more funds holding in top 10

Funds holding in top 10: 1 → 1 (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
–

Top Buyers

Rank Fund Capital Flow
1
KIM
Karpus Investment Management
New York
+$4.4M
2
Allspring Global Investments
Allspring Global Investments
North Carolina
+$1.81M
3
GC
Guggenheim Capital
Illinois
+$1.42M
4
BI
Bulldog Investors
New Jersey
+$776K
5
AAM
Advisors Asset Management
Colorado
+$554K

Top Sellers

Rank Fund Capital Flow
1
Pathstone Holdings
Pathstone Holdings
New Jersey
-$4.07M
2
Morgan Stanley
Morgan Stanley
New York
-$2.62M
3
Lido Advisors
Lido Advisors
California
-$2.22M
4
Wells Fargo
Wells Fargo
California
-$1.87M
5
COLIM
City of London Investment Management
United Kingdom
-$1.2M
Name Holding Trade Value Shares
Change 		Change in
Stake
SCA
51
SMH Capital Advisors
Texas
$130K +$3.05K +296 +2%
PAW
52
Plan A Wealth
Nebraska
$130K – – –
Osaic Holdings
53
Osaic Holdings
Arizona
$128K -$15K -1,457 -11%
WFA
54
Wellspring Financial Advisors
Ohio
$125K +$125K +12,091 New
MFG
55
Merit Financial Group
Georgia
$123K +$123K +11,949 New
Toronto Dominion Bank
56
Toronto Dominion Bank
Ontario, Canada
$122K +$122K +11,833 New
Jane Street
57
Jane Street
New York
$119K +$119K +11,529 New
CL
58
Choreo LLC
Illinois
$117K -$42.7K -4,149 -27%
USCWA
59
U.S. Capital Wealth Advisors
Texas
$114K +$103 +10 +0.1%
DSC
60
Duncker Streett & Co
Missouri
$113K +$113K +11,000 New
Susquehanna International Group
61
Susquehanna International Group
Pennsylvania
$110K +$110K +10,663 New
CAPTRUST Financial Advisors
62
CAPTRUST Financial Advisors
North Carolina
$103K +$103K +10,032 New
Nomura Holdings
63
Nomura Holdings
Japan
$103K +$103K +10,000 New
WAM
64
Wolverine Asset Management
Illinois
$102K +$102K +9,877 New
EC
65
Elequin Capital
New York
$84.3K +$84.2K +8,175 New
CI
66
CX Institutional
Indiana
$77K -$11K -1,068 -12%
AF
67
Allworth Financial
California
$72.2K +$72.1K +7,000 New
SPIA
68
Steward Partners Investment Advisory
New York
$69K -$27.3K -2,653 -28%
GWM
69
Geneos Wealth Management
Colorado
$53.9K -$112K -10,878 -68%
OP
70
ORG Partners
Indiana
$16.3K – – –
CT
71
Caldwell Trust
Florida
$14.4K – – –
CAM
72
Creekmur Asset Management
Illinois
$13.1K – – –
PTC
73
Private Trust Company
Ohio
$11.3K – – –
GRP
74
Global Retirement Partners
California
$10.3K +$10.3K +1,000 New
Northwestern Mutual Wealth Management
75
Northwestern Mutual Wealth Management
Wisconsin
$7.99K -$68.3K -6,628 -90%
1 2
3
4

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.