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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
LWAC
76
Laurel Wealth Advisors (California)
California
$560K +$177K +3,744 +47%
RCAG
77
Rehmann Capital Advisory Group
Michigan
$490K +$485K +10,259 New
AC
78
Avestar Capital
New York
$474K -$6.1K -129 -1%
RGF
79
Retirement Guys Formula
Ohio
$468K +$463K +9,798 New
BFG
80
Bleakley Financial Group
New Jersey
$467K +$461K +9,761 New
WWM
81
Western Wealth Management
Colorado
$449K +$444K +9,396 New
DAS
82
Dynamic Advisor Solutions
Arizona
$444K +$77.8K +1,646 +22%
CAM
83
CPA Asset Management
Florida
$443K +$438K +9,263 New
DPI
84
Diversified Portfolios Inc
Michigan
$442K -$2.01M -42,614 -82%
QA
85
Quantitative Advantage
Minnesota
$433K +$39.8K +843 +10%
WCA
86
Waypoint Capital Advisors
Minnesota
$420K – – –
RLIM
87
Red Lighthouse Investment Management
New York
$407K +$402K +8,515 New
SIG
88
Spinnaker Investment Group
California
$392K +$1.84K +39 +0.5%
AFS
89
Annapolis Financial Services
Maryland
$376K +$357K +7,559 +2,407%
IA
90
IFP Advisors
Florida
$352K +$2.88K +61 +0.9%
LNC
91
Lincoln National Corp
Pennsylvania
$320K +$104K +2,200 +49%
W
92
WPWealth
Texas
$287K +$284K +6,008 New
CT
93
Colonial Trust
South Carolina
$279K +$276K +5,843 New
PP
94
PrairieView Partners
Minnesota
$254K +$163K +3,459 +185%
SWM
95
Seaside Wealth Management
California
$240K +$803 +17 +0.3%
Creative Planning
96
Creative Planning
Kansas
$220K +$218K +4,607 New
RGC
97
Roberts, Glore & Co
Illinois
$215K +$213K +4,500 New
TSS
98
Two Sigma Securities
New York
$211K +$209K +4,419 New
AFA
99
Alpha Financial Advisors
North Carolina
$201K +$199K +4,200 New
CCMI
100
Creative Capital Management Investments
California
$70K +$69.2K +1,465 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.