Dimensional California Municipal Bond ETF
DFCA
69 hedge funds and large institutions have $459M invested in Dimensional California Municipal Bond ETF in 2025 Q4 according to their latest regulatory filings, with 12 funds opening new positions, 36 increasing their positions, 7 reducing their positions, and 3 closing their positions.
414% more repeat investments, than reductions
Existing positions increased: 36 | Existing positions reduced: 7
300% more first-time investments, than exits
New positions opened: 12 | Existing positions closed: 3
13% more capital invested
Capital invested by funds: $405M → $459M (+$53.7M)
13% more funds holding
Funds holding: 61 → 69 (+8)
0% more funds holding in top 10
Funds holding in top 10: 2 → 2 (0)
2.73% less ownership
Funds ownership: 79.74% → 77.01% (-2.7%)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Mercer Global Advisors
Denver,
Colorado
|
+$45.6M |
| 2 |
VT
Vise Technologies
New York
|
+$2.71M |
| 3 |
HighTower Advisors
Chicago,
Illinois
|
+$2.27M |
| 4 |
EC
Elequin Capital
New York
|
+$1.71M |
| 5 |
EWM
Elmwood Wealth Management
Berkeley,
California
|
+$968K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
CC
Citrine Capital
San Francisco,
California
|
-$6.63M |
| 2 |
IWC
Integrated Wealth Concepts
Waltham,
Massachusetts
|
-$2.28M |
| 3 |
FTUS
Flow Traders U.S.
New York
|
-$596K |
| 4 |
JP Morgan Chase
New York
|
-$483K |
| 5 |
Jane Street
New York
|
-$309K |
DFCA Hedge Fund Activity: Q4 2025 in Review
69 of the 8,270 institutional investors tracked by Wall St. Rank reported a position in Dimensional California Municipal Bond ETF (DFCA) for Q4 2025, worth a combined $459M — up 13% from $405M a quarter earlier.
Buyers outnumbered sellers: 12 funds opened new DFCA positions and 3 closed out — a net gain of 9 holders — while 36 added to existing stakes and 7 trimmed.
The largest buyer was Mercer Global Advisors, adding an estimated $45.6M. The largest seller was Citrine Capital, cutting an estimated $6.63M.
- 69 institutional investors held Dimensional California Municipal Bond ETF (DFCA) as of Q4 2025, up from 61 in Q3 2025.
- Funds reported $459M of Dimensional California Municipal Bond ETF stock for Q4 2025, up 13% quarter-over-quarter.
- 12 funds opened new Dimensional California Municipal Bond ETF positions in Q4 2025 and 3 closed out, a net change of +9 holders.
- The largest Dimensional California Municipal Bond ETF buyer in Q4 2025 was Mercer Global Advisors, an estimated $45.6M added.
- The largest Dimensional California Municipal Bond ETF seller in Q4 2025 was Citrine Capital, an estimated $6.63M sold.
Based on aggregated 13F filings for Q4 2025.