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Dimensional National Municipal Bond ETF
DFNM

108 hedge funds and large institutions have $440M invested in Dimensional National Municipal Bond ETF in 2022 Q4 according to their latest regulatory filings, with 47 funds opening new positions, 44 increasing their positions, 12 reducing their positions, and 8 closing their positions.

New
Increased
Maintained
Reduced
Closed

488% more first-time investments, than exits

New positions opened: 47 | Existing positions closed: 8

267% more repeat investments, than reductions

Existing positions increased: 44 | Existing positions reduced: 12

240% more funds holding in top 10

Funds holding in top 10: 5 → 17 (+12)

54% more funds holding

Funds holding: 70 → 108 (+38)

54% more capital invested

Capital invested by funds: $287M → $440M (+$154M)

9.09% more ownership

Funds ownership: 56.88% → 65.97% (+9.1%)

Holders
108
Holders Change
+38
Holders Change %
+54.29%
% of All Funds
1.74%
Holding in Top 10
17
Holding in Top 10 Change
+12
Holding in Top 10 Change %
+240%
% of All Funds
0.27%
New
47
Increased
44
Reduced
12
Closed
8
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
FAAM
First Ascent Asset Management
Colorado
+$41.3M
2
RK
Rather & Kittrell
Tennessee
+$18.6M
3
APC
Asset Planning Corporation
Tennessee
+$14.6M
4
CIM
Confluence Investment Management
Missouri
+$11.2M
5
MW
MBL Wealth
North Carolina
+$10M

Top Sellers

Rank Fund Capital Flow
1
PFO
Pathstone Family Office
New Jersey
-$71.3M
2
SFA
Sequoia Financial Advisors
Ohio
-$17.5M
3
Commonwealth Equity Services
Commonwealth Equity Services
Massachusetts
-$5.01M
4
API
Advisor Partners II
California
-$4.24M
5
DPI
Diversified Portfolios Inc
Michigan
-$2.01M
Name Holding Trade Value Shares
Change 		Change in
Stake
SEIA
26
Signature Estate & Investment Advisors
California
$4.78M +$4.72M +99,918 New
FG
27
Foster Group
Iowa
$4.62M +$4.56M +96,585 New
QHA
28
Quarry Hill Advisors
Minnesota
$4.35M +$4.3M +90,929 New
RIM
29
RW Investment Management
Idaho
$4.32M +$4.27M +90,338 New
Jane Street
30
Jane Street
New York
$4.2M +$1.42M +29,944 +52%
Corient Private Wealth
31
Corient Private Wealth
Florida
$4.06M +$4.01M +84,893 New
MWA
32
Mills Wealth Advisors
Texas
$3.95M +$3.91M +82,630 New
CWM
33
Core Wealth Management
Florida
$3.65M +$3.61M +76,428 New
FFM
34
Forum Financial Management
Illinois
$3.38M +$3.34M +70,603 New
GAM
35
GEM Asset Management
Michigan
$3.22M +$3.18M +67,338 New
Envestnet Asset Management
36
Envestnet Asset Management
Illinois
$2.99M +$1.22M +25,767 +70%
AIS
37
American Investment Services
Massachusetts
$2.97M +$2.35M +49,739 +403%
CWR
38
Chico Wealth RIA
California
$2.83M – – –
LFA
39
Landmark Financial Advisors
Kentucky
$2.73M +$2.7M +57,158 New
Osaic Holdings
40
Osaic Holdings
Arizona
$2.43M +$1.68M +35,441 +230%
PFM
41
Phillips Financial Management
Indiana
$2.36M -$38.9K -822 -2%
MWM
42
Mattern Wealth Management
Kansas
$2.35M +$136K +2,876 +6%
HSG
43
Helen Stephens Group
Texas
$2.25M +$2.22M +46,998 New
LCM
44
Liberty Capital Management
Michigan
$2.24M -$44.1K -934 -2%
MWM
45
Modera Wealth Management
New Jersey
$2.17M +$2.15M +45,425 New
EIA
46
Eldridge Investment Advisors
New Hampshire
$2.13M +$356K +7,532 +20%
TWD
47
True Wealth Design
Ohio
$2.11M +$2.09M +44,119 New
SRC
48
Sage Rhino Capital
California
$2.08M +$2.06M +43,596 New
PFO
49
Pathstone Family Office
New Jersey
$2.06M -$71.3M -1,508,118 -97%
Renaissance Technologies
50
Renaissance Technologies
New York
$1.95M +$1.93M +40,800 New
1
2
3 4 5

DFNM Hedge Fund Activity: Q4 2022 in Review

108 of the 6,221 institutional investors tracked by Wall St. Rank reported a position in Dimensional National Municipal Bond ETF (DFNM) for Q4 2022, worth a combined $440M — up 54% from $287M a quarter earlier.

Buyers outnumbered sellers: 47 funds opened new DFNM positions and 8 closed out — a net gain of 39 holders — while 44 added to existing stakes and 12 trimmed.

The largest buyer was First Ascent Asset Management, opening a new position worth an estimated $41.3M. The largest seller was Pathstone Family Office, cutting an estimated $71.3M.

  • 108 institutional investors held Dimensional National Municipal Bond ETF (DFNM) as of Q4 2022, up from 70 in Q3 2022.
  • Funds reported $440M of Dimensional National Municipal Bond ETF stock for Q4 2022, up 54% quarter-over-quarter.
  • 47 funds opened new Dimensional National Municipal Bond ETF positions in Q4 2022 and 8 closed out, a net change of +39 holders.
  • The largest Dimensional National Municipal Bond ETF buyer in Q4 2022 was First Ascent Asset Management, an estimated $41.3M added.
  • The largest Dimensional National Municipal Bond ETF seller in Q4 2022 was Pathstone Family Office, an estimated $71.3M sold.

Based on aggregated 13F filings for Q4 2022.