AllianceBernstein National Municipal Income Fund
AFB
76 hedge funds and large institutions have $195M invested in AllianceBernstein National Municipal Income Fund in 2025 Q3 according to their latest regulatory filings, with 6 funds opening new positions, 25 increasing their positions, 23 reducing their positions, and 11 closing their positions.
10% more capital invested
Capital invested by funds: $178M → $195M (+$17M)
2.47% more ownership
Funds ownership: 60.08% → 62.55% (+2.5%)
9% more repeat investments, than reductions
Existing positions increased: 25 | Existing positions reduced: 23
0% more funds holding in top 10
Funds holding in top 10: 1 → 1 (0)
6% less funds holding
Funds holding: 81 → 76 (-5)
45% less first-time investments, than exits
New positions opened: 6 | Existing positions closed: 11
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Allspring Global Investments
Charlotte,
North Carolina
|
+$2.44M |
| 2 |
Ameriprise
Minneapolis,
Minnesota
|
+$2.35M |
| 3 |
HWAM
Hennion & Walsh Asset Management
Parsippany,
New Jersey
|
+$2.02M |
| 4 |
GC
Guggenheim Capital
Chicago,
Illinois
|
+$1.82M |
| 5 |
Pathstone Holdings
Englewood,
New Jersey
|
+$1.5M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
BI
Bulldog Investors
Saddle Brook,
New Jersey
|
-$2.42M |
| 2 |
RCM
Rivernorth Capital Management
West Palm Beach,
Florida
|
-$719K |
| 3 |
RIL
Rothschild Investment LLC
Chicago,
Illinois
|
-$706K |
| 4 |
SCM
Saba Capital Management
New York
|
-$704K |
| 5 |
Lido Advisors
Los Angeles,
California
|
-$606K |
| Name | Holding | Trade Value |
Shares Change |
Change in Stake |
|
|---|---|---|---|---|---|
76
Comerica Bank
Dallas,
Texas
| $721 | – | – | – |
|
|
RIL
77
Rothschild Investment LLC
Chicago,
Illinois
| – | -$706K | -68,474 | Closed |
|
78
Toronto Dominion Bank
Toronto, Ontario,
Ontario, Canada
| – | -$122K | -11,833 | Closed |
|
79
Jane Street
New York
| – | -$119K | -11,529 | Closed |
|
80
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
| – | -$110K | -10,663 | Closed |
|
81
CAPTRUST Financial Advisors
Raleigh,
North Carolina
| – | -$103K | -10,032 | Closed |
|
82
Nomura Holdings
Tokyo,
Japan
| – | -$103K | -10,000 | Closed |
|
|
WAM
83
Wolverine Asset Management
Chicago,
Illinois
| – | -$102K | -9,877 | Closed |
|
|
EC
84
Elequin Capital
New York
| – | -$84.3K | -8,175 | Closed |
|
|
CI
85
CX Institutional
Auburn,
Indiana
| – | -$77K | -7,500 | Closed |
|
|
GWM
86
Geneos Wealth Management
Englewood,
Colorado
| – | -$53.9K | -5,231 | Closed |
|
87
Northwestern Mutual Wealth Management
Milwaukee,
Wisconsin
| – | -$7.99K | -775 | Closed |
|
AFB Hedge Fund Activity: Q3 2025 in Review
76 of the 7,621 institutional investors tracked by Wall St. Rank reported a position in AllianceBernstein National Municipal Income Fund (AFB) for Q3 2025, worth a combined $195M — up 9.5% from $178M a quarter earlier.
Sellers outnumbered buyers: 11 funds closed out of AFB and 6 opened new positions — a net loss of 5 holders — while 23 trimmed existing stakes and 25 added.
The largest buyer was Allspring Global Investments, adding an estimated $2.44M. The largest seller was Bulldog Investors, cutting an estimated $2.42M.
- 76 institutional investors held AllianceBernstein National Municipal Income Fund (AFB) as of Q3 2025, down from 81 in Q2 2025.
- Funds reported $195M of AllianceBernstein National Municipal Income Fund stock for Q3 2025, up 9.5% quarter-over-quarter.
- 6 funds opened new AllianceBernstein National Municipal Income Fund positions in Q3 2025 and 11 closed out, a net change of -5 holders.
- The largest AllianceBernstein National Municipal Income Fund buyer in Q3 2025 was Allspring Global Investments, an estimated $2.44M added.
- The largest AllianceBernstein National Municipal Income Fund seller in Q3 2025 was Bulldog Investors, an estimated $2.42M sold.
Based on aggregated 13F filings for Q3 2025.