Dimensional National Municipal Bond ETF
DFNM
241 hedge funds and large institutions have $1.29B invested in Dimensional National Municipal Bond ETF in 2025 Q2 according to their latest regulatory filings, with 23 funds opening new positions, 106 increasing their positions, 91 reducing their positions, and 20 closing their positions.
16% more repeat investments, than reductions
Existing positions increased: 106 | Existing positions reduced: 91
15% more first-time investments, than exits
New positions opened: 23 | Existing positions closed: 20
9% more funds holding in top 10
Funds holding in top 10: 23 → 25 (+2)
7% more capital invested
Capital invested by funds: $1.21B → $1.29B (+$82.2M)
1.76% more ownership
Funds ownership: 80.66% → 82.42% (+1.8%)
1% more funds holding
Funds holding: 238 → 241 (+3)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
FG
Foster Group
West Des Moines,
Iowa
|
+$18.9M |
| 2 |
AL
Aspiriant LLC
Los Angeles,
California
|
+$16.1M |
| 3 |
MWM
Mattern Wealth Management
Lawrence,
Kansas
|
+$11.3M |
| 4 |
Kovitz Investment Group Partners
Chicago,
Illinois
|
+$10.5M |
| 5 |
AC
AWM Capital
Phoenix,
Arizona
|
+$6.08M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
AWM
Austin Wealth Management
Austin,
Texas
|
-$12.5M |
| 2 |
TI
Truepoint Inc
Cincinnati,
Ohio
|
-$4.6M |
| 3 |
RIP
RAM Investment Partners
Bellevue,
Washington
|
-$4.27M |
| 4 |
FPAS
Focus Partners Advisor Solutions
Saint Louis,
Missouri
|
-$3.47M |
| 5 |
AssetMark Inc
Concord,
California
|
-$3.12M |
DFNM Hedge Fund Activity: Q2 2025 in Review
241 of the 7,595 institutional investors tracked by Wall St. Rank reported a position in Dimensional National Municipal Bond ETF (DFNM) for Q2 2025, worth a combined $1.29B — up 6.8% from $1.21B a quarter earlier.
Buyers outnumbered sellers: 23 funds opened new DFNM positions and 20 closed out — a net gain of 3 holders — while 106 added to existing stakes and 91 trimmed.
The largest buyer was Foster Group, adding an estimated $18.9M. The largest seller was Austin Wealth Management, cutting an estimated $12.5M.
- 241 institutional investors held Dimensional National Municipal Bond ETF (DFNM) as of Q2 2025, up from 238 in Q1 2025.
- Funds reported $1.29B of Dimensional National Municipal Bond ETF stock for Q2 2025, up 6.8% quarter-over-quarter.
- 23 funds opened new Dimensional National Municipal Bond ETF positions in Q2 2025 and 20 closed out, a net change of +3 holders.
- The largest Dimensional National Municipal Bond ETF buyer in Q2 2025 was Foster Group, an estimated $18.9M added.
- The largest Dimensional National Municipal Bond ETF seller in Q2 2025 was Austin Wealth Management, an estimated $12.5M sold.
Based on aggregated 13F filings for Q2 2025.