AllianceBernstein National Municipal Income Fund
AFB
92 hedge funds and large institutions have $204M invested in AllianceBernstein National Municipal Income Fund in 2025 Q4 according to their latest regulatory filings, with 22 funds opening new positions, 27 increasing their positions, 23 reducing their positions, and 5 closing their positions.
340% more first-time investments, than exits
New positions opened: 22 | Existing positions closed: 5
21% more funds holding
Funds holding: 76 → 92 (+16)
17% more repeat investments, than reductions
Existing positions increased: 27 | Existing positions reduced: 23
3% more ownership
Funds ownership: 62.55% → 65.55% (+3%)
5% more capital invested
Capital invested by funds: $195M → $204M (+$8.86M)
0% more funds holding in top 10
Funds holding in top 10: 1 → 1 (0)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Pathstone Holdings
Englewood,
New Jersey
|
+$6.51M |
| 2 |
Fiera Capital (Canada)
Montreal,
Quebec, Canada
|
+$2.92M |
| 3 |
KIM
Karpus Investment Management
Pittsford,
New York
|
+$2.8M |
| 4 |
GC
Guggenheim Capital
Chicago,
Illinois
|
+$2.53M |
| 5 |
Allspring Global Investments
Charlotte,
North Carolina
|
+$2.25M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
BI
Bulldog Investors
Saddle Brook,
New Jersey
|
-$10M |
| 2 |
SCM
Saba Capital Management
New York
|
-$3.49M |
| 3 |
Ameriprise
Minneapolis,
Minnesota
|
-$2.65M |
| 4 |
SIA
Sit Investment Associates
Minneapolis,
Minnesota
|
-$1.45M |
| 5 |
BWG
Balanced Wealth Group
Westlake,
Ohio
|
-$972K |
AFB Hedge Fund Activity: Q4 2025 in Review
92 of the 8,266 institutional investors tracked by Wall St. Rank reported a position in AllianceBernstein National Municipal Income Fund (AFB) for Q4 2025, worth a combined $204M — up 4.5% from $195M a quarter earlier.
Buyers outnumbered sellers: 22 funds opened new AFB positions and 5 closed out — a net gain of 17 holders — while 27 added to existing stakes and 23 trimmed.
The largest buyer was Pathstone Holdings, adding an estimated $6.51M. The largest seller was Bulldog Investors, cutting an estimated $10M.
- 92 institutional investors held AllianceBernstein National Municipal Income Fund (AFB) as of Q4 2025, up from 76 in Q3 2025.
- Funds reported $204M of AllianceBernstein National Municipal Income Fund stock for Q4 2025, up 4.5% quarter-over-quarter.
- 22 funds opened new AllianceBernstein National Municipal Income Fund positions in Q4 2025 and 5 closed out, a net change of +17 holders.
- The largest AllianceBernstein National Municipal Income Fund buyer in Q4 2025 was Pathstone Holdings, an estimated $6.51M added.
- The largest AllianceBernstein National Municipal Income Fund seller in Q4 2025 was Bulldog Investors, an estimated $10M sold.
Based on aggregated 13F filings for Q4 2025.