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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
HHWM
76
Hiley Hunt Wealth Management
Nebraska
$1.27M +$1.24M +26,149 New
AFS
77
Annapolis Financial Services
Maryland
$1.26M +$564K +11,942 +85%
ODA
78
One Degree Advisors
California
$1.23M +$1.21M +25,583 New
OA
79
Oceanside Advisors
South Carolina
$1.23M +$1.2M +25,405 New
OIA
80
OneDigital Investment Advisors
Kansas
$1.15M +$1.12M +23,658 New
IAG
81
Investmark Advisory Group
Connecticut
$1.03M +$999K +21,144 New
SWA
82
Sax Wealth Advisors
New Jersey
$1.02M +$260K +5,500 +35%
MSFS
83
Main Street Financial Solutions
Pennsylvania
$1M -$71.9K -1,522 -7%
HighTower Advisors
84
HighTower Advisors
Illinois
$966K +$940K +19,910 New
RGC
85
Roberts, Glore & Co
Illinois
$951K +$666K +14,100 +256%
SIAG
86
Safeguard Investment Advisory Group
California
$937K +$77.1K +1,633 +9%
PFA
87
Pure Financial Advisors
California
$918K +$894K +18,927 New
SWM
88
Soundmark Wealth Management
Washington
$897K – – –
Osaic Holdings
89
Osaic Holdings
Arizona
$893K +$253K +5,350 +40%
BAM
90
Belpointe Asset Management
Nevada
$850K +$560K +11,863 +210%
WWWM
91
White Wing Wealth Management
Texas
$840K +$818K +17,325 New
Morgan Stanley
92
Morgan Stanley
New York
$836K +$407K +8,619 +100%
PP
93
PrairieView Partners
Minnesota
$827K +$556K +11,767 +222%
DI
94
Disciplined Investments
Oklahoma
$813K – – –
HWMC
95
Heritage Wealth Management (California)
California
$771K +$751K +15,896 New
FOA
96
Five Oceans Advisors
California
$763K +$3.02K +64 +0.4%
QHA
97
Quarry Hill Advisors
Minnesota
$758K -$3.07M -65,094 -81%
2L
98
25 LLC
Missouri
$716K +$305K +6,461 +78%
AC
99
Avestar Capital
New York
$687K +$131K +2,772 +24%
TCBWMS
100
Texas Capital Bank Wealth Management Services
Texas
$671K +$45.3K +958 +7%
2 3
4
5 6

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.