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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
WP
101
Wealthspan Partners
Iowa
$654K – – –
BEW
102
Burton Enright Welch
California
$633K -$933K -19,751 -60%
B
103
Bridgeworth
Alabama
$609K +$593K +12,548 New
FWP
104
Firethorn Wealth Partners
Georgia
$607K -$200K -4,231 -25%
WWM
105
Western Wealth Management
Colorado
$587K +$803 +17 +0.1%
CAPTRUST Financial Advisors
106
CAPTRUST Financial Advisors
North Carolina
$570K -$156K -3,307 -22%
NA
107
NewEdge Advisors
Louisiana
$567K +$556K +11,773 New
DAS
108
Dynamic Advisor Solutions
Arizona
$563K +$59K +1,250 +12%
WFA
109
Websterrogers Financial Advisors
South Carolina
$562K -$676K -14,309 -55%
W
110
WPWealth
Texas
$552K -$20.6K -437 -4%
TFP
111
Triune Financial Partners
Kansas
$538K +$4.11K +87 +0.8%
RWM
112
Rockwood Wealth Management
Pennsylvania
$536K -$111K -2,359 -18%
PWA
113
Physician Wealth Advisors
Utah
$514K +$504K +10,676 New
GFA
114
Grunden Financial Advisory
Texas
$513K +$499K +10,574 New
WP
115
WMS Partners
Maryland
$510K +$496K +10,505 New
SIG
116
Spinnaker Investment Group
California
$494K -$1.48M -31,328 -75%
DF
117
DecisionPoint Financial
Arizona
$490K +$477K +10,098 New
CAM
118
CPA Asset Management
Florida
$489K +$48.7K +1,030 +11%
WA
119
Wealthstream Advisors
New York
$484K +$169K +3,573 +56%
ME
120
McIlrath & Eck
Washington
$470K +$239K +5,052 +109%
RCAG
121
Rehmann Capital Advisory Group
Michigan
$427K – – –
BFG
122
Bleakley Financial Group
New Jersey
$398K -$97.8K -2,070 -20%
SS
123
Simplicity Solutions
Minnesota
$398K -$97.8K -2,070 -20%
AWM
124
AE Wealth Management
Kansas
$395K -$200K -4,236 -34%
Royal Bank of Canada
125
Royal Bank of Canada
Ontario, Canada
$394K +$279K +5,912 +268%
3 4
5
6 7

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.