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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
MG
51
Mather Group
Illinois
$3.2M -$8.6M -181,995 -73%
US Bancorp
52
US Bancorp
Minnesota
$3.17M +$2.06M +43,533 +199%
Bank of America
53
Bank of America
North Carolina
$3.01M +$769K +16,290 +36%
PFM
54
Phillips Financial Management
Indiana
$2.8M +$314K +6,642 +13%
RVPG
55
Relative Value Partners Group
$2.49M -$1.83M -38,782 -43%
HSG
56
Helen Stephens Group
Texas
$2.37M +$579K +12,265 +33%
SRC
57
Sage Rhino Capital
California
$2.36M -$102K -2,156 -4%
LCM
58
Liberty Capital Management
Michigan
$2.32M -$77.7K -1,644 -3%
PAG
59
Private Advisor Group
New Jersey
$2.26M +$762K +16,130 +53%
LWMNY
60
Landmark Wealth Management (New York)
New York
$2.22M -$186K -3,944 -8%
IWS
61
Integrity Wealth Solutions
Colorado
$2.13M +$2.07M +43,853 New
Truist Financial
62
Truist Financial
North Carolina
$1.95M +$399K +8,443 +27%
DPW
63
DiNuzzo Private Wealth
Pennsylvania
$1.91M +$1.86M +39,397 New
LNC
64
Lincoln National Corp
Pennsylvania
$1.82M +$42.6K +901 +2%
BAAM
65
Baker Avenue Asset Management
California
$1.78M -$594K -12,574 -25%
BCM
66
Blume Capital Management
California
$1.7M +$9.45K +200 +0.6%
NRWA
67
North Ridge Wealth Advisors
Oregon
$1.65M +$471K +9,975 +42%
FFM
68
Forum Financial Management
Illinois
$1.58M -$622K -13,178 -29%
EWA
69
Elevate Wealth Advisory
Georgia
$1.54M +$1.5M +31,786 New
PFGIA
70
Patriot Financial Group Insurance Agency
Massachusetts
$1.52M -$201K -4,254 -12%
SC
71
Shearwater Capital
Colorado
$1.48M -$8.41K -178 -0.6%
PAS
72
Park Avenue Securities
New York
$1.43M +$9.59K +203 +0.7%
SIS
73
Strategic Investment Solutions
Illinois
$1.36M -$8.29M -175,511 -86%
PWS
74
Physician Wealth Solutions
Nevada
$1.33M +$1.29M +27,331 New
EIA
75
Eldridge Investment Advisors
New Hampshire
$1.3M -$380K -8,047 -23%
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.