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Dimensional National Municipal Bond ETF
DFNM

165 hedge funds and large institutions have $802M invested in Dimensional National Municipal Bond ETF in 2023 Q4 according to their latest regulatory filings, with 38 funds opening new positions, 65 increasing their positions, 52 reducing their positions, and 8 closing their positions.

New
Increased
Maintained
Reduced
Closed

375% more first-time investments, than exits

New positions opened: 38 | Existing positions closed: 8

25% more repeat investments, than reductions

Existing positions increased: 65 | Existing positions reduced: 52

20% more funds holding

Funds holding: 138 → 165 (+27)

19% more capital invested

Capital invested by funds: $674M → $802M (+$128M)

12% more funds holding in top 10

Funds holding in top 10: 17 → 19 (+2)

2.1% less ownership

Funds ownership: 72.52% → 70.42% (-2.1%)

Holders
165
Holders Change
+27
Holders Change %
+19.57%
% of All Funds
2.41%
Holding in Top 10
19
Holding in Top 10 Change
+2
Holding in Top 10 Change %
+11.76%
% of All Funds
0.28%
New
38
Increased
65
Reduced
52
Closed
8
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

1
BSW
Buckingham Strategic Wealth
Missouri
+$32.3M
2
TI
Truepoint Inc
Ohio
+$24M
3
LFA
Landmark Financial Advisors
Kentucky
+$7.23M
4
PCA
Prosperity Capital Advisors
Ohio
+$5.01M
5
AC
Apella Capital
Connecticut
+$3.42M

Top Sellers

1
BHWM
Beaird Harris Wealth Management
Texas
-$12.6M
2
MG
Mather Group
Illinois
-$8.6M
3
SIS
Strategic Investment Solutions
Illinois
-$8.29M
4
Susquehanna International Group
Susquehanna International Group
Pennsylvania
-$4.82M
5
QHA
Quarry Hill Advisors
Minnesota
-$3.07M
Name Holding Trade Value Shares
Change 		Change in
Stake
MCA
26
Maryland Capital Advisors
Maryland
$8.63M -$285K -6,035 -3%
WFA
27
West Financial Advisors
Iowa
$8.08M -$95.9K -2,030 -1%
Corient Private Wealth
28
Corient Private Wealth
Florida
$6.1M +$149K +3,161 +3%
SC
29
Savant Capital
Illinois
$6.08M -$2.37M -50,223 -29%
PCA
30
Prosperity Capital Advisors
Ohio
$5.14M +$5.01M +106,058 New
Wealth Enhancement Advisory Services
31
Wealth Enhancement Advisory Services
Minnesota
$4.87M +$699K +14,792 +17%
Stifel Financial
32
Stifel Financial
Missouri
$4.86M -$146K -3,100 -3%
LFGO
33
Legacy Financial Group (Oklahoma)
Oklahoma
$4.73M -$1.03M -21,852 -18%
WFAG
34
Wescott Financial Advisory Group
Pennsylvania
$4.53M -$590K -12,485 -12%
FG
35
Foster Group
Iowa
$4.5M – – –
PWIA
36
Porter White Investment Advisors
Alabama
$4.44M -$1.64M -34,772 -28%
RIM
37
RW Investment Management
Idaho
$4.44M -$329K -6,966 -7%
MWM
38
Modera Wealth Management
New Jersey
$4.01M +$168K +3,560 +4%
Envestnet Asset Management
39
Envestnet Asset Management
Illinois
$3.89M +$351K +7,437 +10%
FPAS
40
Focus Partners Advisor Solutions
Missouri
$3.86M +$1.98M +41,891 +111%
Mercer Global Advisors
41
Mercer Global Advisors
Colorado
$3.81M -$1.12M -23,753 -23%
WA
42
Waverly Advisors
Alabama
$3.78M -$42.5K -899 -1%
GAM
43
GEM Asset Management
Michigan
$3.71M +$1.11M +23,453 +44%
CWM
44
Core Wealth Management
Florida
$3.69M -$674K -14,261 -16%
AIS
45
American Investment Services
Massachusetts
$3.65M +$481K +10,182 +16%
AF
46
Allworth Financial
California
$3.54M +$3.02M +63,980 +704%
VFP
47
Verus Financial Partners
Virginia
$3.54M +$170K +3,603 +5%
EAM
48
Evanson Asset Management
California
$3.51M +$1.39M +29,510 +69%
JP Morgan Chase
49
JP Morgan Chase
New York
$3.49M +$3.02M +63,906 +798%
FA
50
FF Advisors
California
$3.48M +$3.39M +71,775 New
1
2
3 4 5

DFNM Hedge Fund Activity: Q4 2023 in Review

165 of the 6,859 institutional investors tracked by Wall St. Rank reported a position in Dimensional National Municipal Bond ETF (DFNM) for Q4 2023, worth a combined $802M — up 19% from $674M a quarter earlier.

Buyers outnumbered sellers: 38 funds opened new DFNM positions and 8 closed out — a net gain of 30 holders — while 65 added to existing stakes and 52 trimmed.

The largest buyer was Buckingham Strategic Wealth, adding an estimated $32.3M. The largest seller was Beaird Harris Wealth Management, cutting an estimated $12.6M.

  • 165 institutional investors held Dimensional National Municipal Bond ETF (DFNM) as of Q4 2023, up from 138 in Q3 2023.
  • Funds reported $802M of Dimensional National Municipal Bond ETF stock for Q4 2023, up 19% quarter-over-quarter.
  • 38 funds opened new Dimensional National Municipal Bond ETF positions in Q4 2023 and 8 closed out, a net change of +30 holders.
  • The largest Dimensional National Municipal Bond ETF buyer in Q4 2023 was Buckingham Strategic Wealth, an estimated $32.3M added.
  • The largest Dimensional National Municipal Bond ETF seller in Q4 2023 was Beaird Harris Wealth Management, an estimated $12.6M sold.

Based on aggregated 13F filings for Q4 2023.