Dimensional California Municipal Bond ETF
DFCA
61 hedge funds and large institutions have $405M invested in Dimensional California Municipal Bond ETF in 2025 Q3 according to their latest regulatory filings, with 16 funds opening new positions, 24 increasing their positions, 9 reducing their positions, and 6 closing their positions.
167% more first-time investments, than exits
New positions opened: 16 | Existing positions closed: 6
167% more repeat investments, than reductions
Existing positions increased: 24 | Existing positions reduced: 9
13% more funds holding
Funds holding: 54 → 61 (+7)
0% more funds holding in top 10
Funds holding in top 10: 2 → 2 (0)
30% less capital invested
Capital invested by funds: $576M → $405M (-$171M)
50.19% less ownership
Funds ownership: 129.93% → 79.74% (-50%)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Mercer Global Advisors
Denver,
Colorado
|
+$37.1M |
| 2 |
SAI
Savvy Advisors Inc
New York
|
+$8.11M |
| 3 |
HighTower Advisors
Chicago,
Illinois
|
+$6.18M |
| 4 |
IWC
Integrated Wealth Concepts
Waltham,
Massachusetts
|
+$2.26M |
| 5 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
+$1.29M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Envestnet Asset Management
Chicago,
Illinois
|
-$234M |
| 2 |
CFO
Callan Family Office
Radnor,
Pennsylvania
|
-$4.27M |
| 3 |
Jane Street
New York
|
-$2.19M |
| 4 |
Commonwealth Equity Services
Waltham,
Massachusetts
|
-$542K |
| 5 |
SC
Savant Capital
Rockford,
Illinois
|
-$434K |
DFCA Hedge Fund Activity: Q3 2025 in Review
61 of the 7,640 institutional investors tracked by Wall St. Rank reported a position in Dimensional California Municipal Bond ETF (DFCA) for Q3 2025, worth a combined $405M — down 30% from $576M a quarter earlier.
Buyers outnumbered sellers: 16 funds opened new DFCA positions and 6 closed out — a net gain of 10 holders — while 24 added to existing stakes and 9 trimmed.
The largest buyer was Mercer Global Advisors, adding an estimated $37.1M. The largest seller was Envestnet Asset Management, exiting entirely with an estimated $234M sold.
- 61 institutional investors held Dimensional California Municipal Bond ETF (DFCA) as of Q3 2025, up from 54 in Q2 2025.
- Funds reported $405M of Dimensional California Municipal Bond ETF stock for Q3 2025, down 30% quarter-over-quarter.
- 16 funds opened new Dimensional California Municipal Bond ETF positions in Q3 2025 and 6 closed out, a net change of +10 holders.
- The largest Dimensional California Municipal Bond ETF buyer in Q3 2025 was Mercer Global Advisors, an estimated $37.1M added.
- The largest Dimensional California Municipal Bond ETF seller in Q3 2025 was Envestnet Asset Management, an estimated $234M sold.
Based on aggregated 13F filings for Q3 2025.