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Dimensional California Municipal Bond ETF
DFCA

48 hedge funds and large institutions have $538M invested in Dimensional California Municipal Bond ETF in 2025 Q1 according to their latest regulatory filings, with 5 funds opening new positions, 26 increasing their positions, 7 reducing their positions, and 7 closing their positions.

New
Increased
Maintained
Reduced
Closed

271% more repeat investments, than reductions

Existing positions increased: 26 | Existing positions reduced: 7

11% more capital invested

Capital invested by funds: $483M → $538M (+$54.7M)

0% more funds holding in top 10

Funds holding in top 10: 1 → 1 (0)

2.64% less ownership

Funds ownership: 134.08% → 131.44% (-2.6%)

4% less funds holding

Funds holding: 50 → 48 (-2)

29% less first-time investments, than exits

New positions opened: 5 | Existing positions closed: 7

Holders
48
Holders Change
-2
Holders Change %
-4%
% of All Funds
0.64%
Holding in Top 10
1
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.01%
New
5
Increased
26
Reduced
7
Closed
7
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
CC
Citrine Capital
California
+$21.9M
2
Mercer Global Advisors
Mercer Global Advisors
Colorado
+$18.2M
3
HighTower Advisors
HighTower Advisors
Illinois
+$9.41M
4
Envestnet Asset Management
Envestnet Asset Management
Illinois
+$7.42M
5
CFO
Callan Family Office
Pennsylvania
+$4.34M

Top Sellers

Rank Fund Capital Flow
1
Jane Street
Jane Street
New York
-$4.4M
2
Susquehanna International Group
Susquehanna International Group
Pennsylvania
-$2.01M
3
OMC
Old Mission Capital
Illinois
-$912K
4
FTUS
Flow Traders U.S.
New York
-$658K
5
HF
HRT Financial
New York
-$397K
Name Holding Trade Value Shares
Change 		Change in
Stake
RWA
26
Roberts Wealth Advisors
California
$505K +$509K +10,175 New
MWG
27
Martin Worley Group
Utah
$450K – – –
TIM
28
Tortoise Investment Management
New York
$336K +$145K +2,900 +75%
RLIM
29
Red Lighthouse Investment Management
New York
$325K +$22.5K +450 +8%
FTUS
30
Flow Traders U.S.
New York
$302K -$658K -13,165 -68%
EAM
31
Evanson Asset Management
California
$296K +$4.8K +96 +2%
Corient Private Wealth
32
Corient Private Wealth
Florida
$258K +$750 +15 +0.3%
WCWM
33
Willow Creek Wealth Management
California
$256K +$9.3K +186 +4%
AWS
34
Atria Wealth Solutions
New York
$252K +$255K +5,090 New
LPL Financial
35
LPL Financial
California
$231K +$233K +4,650 New
Citadel Advisors
36
Citadel Advisors
Florida
$210K -$98.8K -1,975 -32%
PWM
37
Parkworth Wealth Management
California
$166K +$1K +20 +0.6%
LFG
38
Larson Financial Group
Missouri
$99.2K – – –
NWM
39
Navigoe Wealth Management
California
$98K – – –
JP Morgan Chase
40
JP Morgan Chase
New York
$85.8K +$29.9K +597 +53%
FFA
41
Farther Finance Advisors
California
$69.8K – – –
IA
42
IFP Advisors
Florida
$49.7K – – –
AF
43
Allworth Financial
California
$39.1K – – –
Carson Wealth (CWM LLC)
44
Carson Wealth (CWM LLC)
Nebraska
$37K +$4.05K +81 +12%
EWA
45
EverSource Wealth Advisors
Alabama
$24.9K +$25.1K +501 New
HI
46
Horizon Investments
North Carolina
$1.44K – – –
UBS Group
47
UBS Group
Switzerland
$1.39K -$4.7K -94 -77%
BIA
48
Bell Investment Advisors
California
$1.29K – – –
HF
49
HRT Financial
New York
– -$397K -7,941 Closed
EWA
50
EP Wealth Advisors
California
– -$386K -7,706 Closed
1
2
3

DFCA Hedge Fund Activity: Q1 2025 in Review

48 of the 7,458 institutional investors tracked by Wall St. Rank reported a position in Dimensional California Municipal Bond ETF (DFCA) for Q1 2025, worth a combined $538M — up 11% from $483M a quarter earlier.

Sellers outnumbered buyers: 7 funds closed out of DFCA and 5 opened new positions — a net loss of 2 holders — while 7 trimmed existing stakes and 26 added.

The largest buyer was Citrine Capital, adding an estimated $21.9M. The largest seller was Jane Street, cutting an estimated $4.4M.

  • 48 institutional investors held Dimensional California Municipal Bond ETF (DFCA) as of Q1 2025, down from 50 in Q4 2024.
  • Funds reported $538M of Dimensional California Municipal Bond ETF stock for Q1 2025, up 11% quarter-over-quarter.
  • 5 funds opened new Dimensional California Municipal Bond ETF positions in Q1 2025 and 7 closed out, a net change of -2 holders.
  • The largest Dimensional California Municipal Bond ETF buyer in Q1 2025 was Citrine Capital, an estimated $21.9M added.
  • The largest Dimensional California Municipal Bond ETF seller in Q1 2025 was Jane Street, an estimated $4.4M sold.

Based on aggregated 13F filings for Q1 2025.