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.
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
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
KIM
Karpus Investment Management
Pittsford,
New York
|
+$4.4M |
| 2 |
Allspring Global Investments
Charlotte,
North Carolina
|
+$1.81M |
| 3 |
GC
Guggenheim Capital
Chicago,
Illinois
|
+$1.42M |
| 4 |
BI
Bulldog Investors
Saddle Brook,
New Jersey
|
+$776K |
| 5 |
AAM
Advisors Asset Management
Monument,
Colorado
|
+$554K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Pathstone Holdings
Englewood,
New Jersey
|
-$4.07M |
| 2 |
Morgan Stanley
New York
|
-$2.62M |
| 3 |
Lido Advisors
Los Angeles,
California
|
-$2.22M |
| 4 |
Wells Fargo
San Francisco,
California
|
-$1.87M |
| 5 |
COLIM
City of London Investment Management
London,
United Kingdom
|
-$1.2M |
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.