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Dimensional National Municipal Bond ETF
DFNM

138 hedge funds and large institutions have $674M invested in Dimensional National Municipal Bond ETF in 2023 Q3 according to their latest regulatory filings, with 27 funds opening new positions, 54 increasing their positions, 45 reducing their positions, and 11 closing their positions.

New
Increased
Maintained
Reduced
Closed

145% more first-time investments, than exits

New positions opened: 27 | Existing positions closed: 11

20% more repeat investments, than reductions

Existing positions increased: 54 | Existing positions reduced: 45

17% more capital invested

Capital invested by funds: $574M → $674M (+$100M)

11% more funds holding

Funds holding: 124 → 138 (+14)

6% more funds holding in top 10

Funds holding in top 10: 16 → 17 (+1)

4.83% more ownership

Funds ownership: 67.69% → 72.52% (+4.8%)

Holders
138
Holders Change
+14
Holders Change %
+11.29%
% of All Funds
2.19%
Holding in Top 10
17
Holding in Top 10 Change
+1
Holding in Top 10 Change %
+6.25%
% of All Funds
0.27%
New
27
Increased
54
Reduced
45
Closed
11
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

1
TI
Truepoint Inc
Ohio
+$85.6M
2
GLLW
Graves Light Lenhart Wealth
Virginia
+$9.67M
3
SIS
Strategic Investment Solutions
Illinois
+$9.35M
4
SC
Savant Capital
Illinois
+$8.3M
5
WFA
West Financial Advisors
Iowa
+$7.98M

Top Sellers

1
PFO
Pathstone Family Office
New Jersey
-$34.4M
2
BHWM
Beaird Harris Wealth Management
Texas
-$5.92M
3
API
Advisor Partners II
California
-$4.67M
4
SFA
Sequoia Financial Advisors
Ohio
-$3.59M
5
Jane Street
Jane Street
New York
-$2.78M
Name Holding Trade Value Shares
Change 		Change in
Stake
LWMNY
51
Landmark Wealth Management (New York)
New York
$2.31M +$324K +6,848 +16%
LCM
52
Liberty Capital Management
Michigan
$2.3M – – –
BAAM
53
Baker Avenue Asset Management
California
$2.29M +$1.1M +23,310 +89%
Bank of America
54
Bank of America
North Carolina
$2.13M +$1.15M +24,321 +113%
FFM
55
Forum Financial Management
Illinois
$2.12M -$145K -3,067 -6%
EAM
56
Evanson Asset Management
California
$1.99M +$950K +20,074 +88%
SIG
57
Spinnaker Investment Group
California
$1.93M +$320K +6,761 +19%
FPAS
58
Focus Partners Advisor Solutions
Missouri
$1.75M +$1.78M +37,698 New
LNC
59
Lincoln National Corp
Pennsylvania
$1.7M +$275K +5,823 +19%
HSG
60
Helen Stephens Group
Texas
$1.7M -$21K -443 -1%
PFGIA
61
Patriot Financial Group Insurance Agency
Massachusetts
$1.65M -$300K -6,337 -15%
BCM
62
Blume Capital Management
California
$1.62M +$21.6K +457 +1%
EIA
63
Eldridge Investment Advisors
New Hampshire
$1.62M -$279K -5,893 -14%
BEW
64
Burton Enright Welch
California
$1.52M +$1.55M +32,800 New
Truist Financial
65
Truist Financial
North Carolina
$1.48M +$90.2K +1,906 +6%
SC
66
Shearwater Capital
Colorado
$1.43M -$18K -381 -1%
PAG
67
Private Advisor Group
New Jersey
$1.42M -$911K -19,252 -39%
PAS
68
Park Avenue Securities
New York
$1.36M +$41.6K +880 +3%
WFA
69
Websterrogers Financial Advisors
South Carolina
$1.2M -$23K -487 -2%
TFA
70
Triad Financial Advisors
North Carolina
$1.16M -$107K -2,266 -8%
NRWA
71
North Ridge Wealth Advisors
Oregon
$1.12M +$232K +4,913 +26%
Jane Street
72
Jane Street
New York
$1.05M -$2.78M -58,797 -72%
MSFS
73
Main Street Financial Solutions
Pennsylvania
$1.03M +$1.05M +22,195 New
US Bancorp
74
US Bancorp
Minnesota
$1.01M – – –
BSW
75
Buckingham Strategic Wealth
Missouri
$1M +$1.02M +21,556 New
1 2
3
4 5

DFNM Hedge Fund Activity: Q3 2023 in Review

138 of the 6,301 institutional investors tracked by Wall St. Rank reported a position in Dimensional National Municipal Bond ETF (DFNM) for Q3 2023, worth a combined $674M — up 17% from $574M a quarter earlier.

Buyers outnumbered sellers: 27 funds opened new DFNM positions and 11 closed out — a net gain of 16 holders — while 54 added to existing stakes and 45 trimmed.

The largest buyer was Truepoint Inc, adding an estimated $85.6M. The largest seller was Pathstone Family Office, cutting an estimated $34.4M.

  • 138 institutional investors held Dimensional National Municipal Bond ETF (DFNM) as of Q3 2023, up from 124 in Q2 2023.
  • Funds reported $674M of Dimensional National Municipal Bond ETF stock for Q3 2023, up 17% quarter-over-quarter.
  • 27 funds opened new Dimensional National Municipal Bond ETF positions in Q3 2023 and 11 closed out, a net change of +16 holders.
  • The largest Dimensional National Municipal Bond ETF buyer in Q3 2023 was Truepoint Inc, an estimated $85.6M added.
  • The largest Dimensional National Municipal Bond ETF seller in Q3 2023 was Pathstone Family Office, an estimated $34.4M sold.

Based on aggregated 13F filings for Q3 2023.