AllianceBernstein National Municipal Income Fund
AFB
92 hedge funds and large institutions have $199M invested in AllianceBernstein National Municipal Income Fund in 2026 Q1 according to their latest regulatory filings, with 16 funds opening new positions, 37 increasing their positions, 17 reducing their positions, and 12 closing their positions.
118% more repeat investments, than reductions
Existing positions increased: 37 | Existing positions reduced: 17
33% more first-time investments, than exits
New positions opened: 16 | Existing positions closed: 12
0% more funds holding
Funds holding: 92 → 92 (0)
0.86% less ownership
Funds ownership: 65.55% → 64.69% (-0.86%)
3% less capital invested
Capital invested by funds: $204M → $199M (-$5.14M)
100% less funds holding in top 10
Funds holding in top 10: 1 → 0 (-1)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
KIM
Karpus Investment Management
Pittsford,
New York
|
+$11M |
| 2 |
RC
Rareview Capital
Las Vegas,
Nevada
|
+$4.58M |
| 3 |
Pathstone Holdings
Englewood,
New Jersey
|
+$3.77M |
| 4 |
SIA
Sit Investment Associates
Minneapolis,
Minnesota
|
+$2.13M |
| 5 |
RCM
Robinson Capital Management
Grosse Pointe Farms,
Michigan
|
+$1.97M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
SCM
Saba Capital Management
New York
|
-$25.1M |
| 2 |
Lido Advisors
Los Angeles,
California
|
-$2.99M |
| 3 |
Royal Bank of Canada
Toronto,
Ontario, Canada
|
-$1.49M |
| 4 |
UBS Group
Zurich,
Switzerland
|
-$1.41M |
| 5 |
Fiera Capital (Canada)
Montreal,
Quebec, Canada
|
-$1.31M |
AFB Hedge Fund Activity: Q1 2026 in Review
92 of the 8,191 institutional investors tracked by Wall St. Rank reported a position in AllianceBernstein National Municipal Income Fund (AFB) for Q1 2026, worth a combined $199M — down 2.5% from $204M a quarter earlier.
Buyers outnumbered sellers: 16 funds opened new AFB positions and 12 closed out — a net gain of 4 holders — while 37 added to existing stakes and 17 trimmed.
The largest buyer was Karpus Investment Management, adding an estimated $11M. The largest seller was Saba Capital Management, cutting an estimated $25.1M.
- 92 institutional investors held AllianceBernstein National Municipal Income Fund (AFB) as of Q1 2026, unchanged from Q4 2025.
- Funds reported $199M of AllianceBernstein National Municipal Income Fund stock for Q1 2026, down 2.5% quarter-over-quarter.
- 16 funds opened new AllianceBernstein National Municipal Income Fund positions in Q1 2026 and 12 closed out, a net change of +4 holders.
- The largest AllianceBernstein National Municipal Income Fund buyer in Q1 2026 was Karpus Investment Management, an estimated $11M added.
- The largest AllianceBernstein National Municipal Income Fund seller in Q1 2026 was Saba Capital Management, an estimated $25.1M sold.
Based on aggregated 13F filings for Q1 2026.