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Dimensional National Municipal Bond ETF
DFNM

230 hedge funds and large institutions have $1.15B invested in Dimensional National Municipal Bond ETF in 2024 Q4 according to their latest regulatory filings, with 52 funds opening new positions, 103 increasing their positions, 54 reducing their positions, and 11 closing their positions.

New
Increased
Maintained
Reduced
Closed

373% more first-time investments, than exits

New positions opened: 52 | Existing positions closed: 11

91% more repeat investments, than reductions

Existing positions increased: 103 | Existing positions reduced: 54

38% more funds holding in top 10

Funds holding in top 10: 16 → 22 (+6)

20% more funds holding

Funds holding: 191 → 230 (+39)

15% more capital invested

Capital invested by funds: $1B → $1.15B (+$147M)

6.64% more ownership

Funds ownership: 73.77% → 80.41% (+6.6%)

Holders
230
Holders Change
+39
Holders Change %
+20.42%
% of All Funds
3.03%
Holding in Top 10
22
Holding in Top 10 Change
+6
Holding in Top 10 Change %
+37.5%
% of All Funds
0.29%
New
52
Increased
103
Reduced
54
Closed
11
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

1
Focus Partners Wealth
Focus Partners Wealth
Massachusetts
+$22.6M
2
FPAS
Focus Partners Advisor Solutions
Missouri
+$10.3M
3
AssetMark Inc
AssetMark Inc
California
+$6.08M
4
HighTower Advisors
HighTower Advisors
Illinois
+$5.5M
5
TI
Truepoint Inc
Ohio
+$4.28M

Top Sellers

1
AC
AWM Capital
Arizona
-$3.18M
2
FG
Foster Group
Iowa
-$2.39M
3
BHWM
Beaird Harris Wealth Management
Texas
-$1.64M
4
TCBWMS
Texas Capital Bank Wealth Management Services
Texas
-$1.52M
5
CSPIA
Cary Street Partners Investment Advisory
Virginia
-$1.38M
Name Holding Trade Value Shares
Change 		Change in
Stake
WWWM
101
White Wing Wealth Management
Texas
$1.32M -$72.6K -1,509 -5%
CWA
102
CogentBlue Wealth Advisors
Tennessee
$1.29M +$1.3M +27,000 New
PWS
103
Physician Wealth Solutions
Nevada
$1.24M – – –
MML Investors Services
104
MML Investors Services
Massachusetts
$1.24M -$178K -3,709 -13%
HWMC
105
Heritage Wealth Management (California)
California
$1.23M +$191K +3,970 +18%
Mercer Global Advisors
106
Mercer Global Advisors
Colorado
$1.22M -$359K -7,453 -23%
OA
107
Oceanside Advisors
South Carolina
$1.15M +$33.9K +704 +3%
WFA
108
Websterrogers Financial Advisors
South Carolina
$1.13M -$14.4K -300 -1%
SIAG
109
Safeguard Investment Advisory Group
California
$1.12M +$26.8K +557 +2%
SC
110
Scratch Capital
Idaho
$1.1M +$1.11M +23,117 New
ODA
111
One Degree Advisors
California
$1.08M -$297K -6,167 -21%
IAG
112
Investmark Advisory Group
Connecticut
$1.05M +$17.1K +356 +2%
MSFS
113
Main Street Financial Solutions
Pennsylvania
$1.01M +$13.2K +275 +1%
RGC
114
Roberts, Glore & Co
Illinois
$984K – – –
W
115
WPWealth
Texas
$932K -$129K -2,685 -12%
PFA
116
Pure Financial Advisors
California
$869K -$55.5K -1,153 -6%
SWA
117
Sterling Wealth Advisors
Florida
$857K +$864K +17,946 New
NWM
118
Northwest Wealth Management
Iowa
$815K +$410K +8,511 +100%
OWA
119
Oak Wealth Advisors
Illinois
$798K +$804K +16,703 New
BBHC
120
Brown Brothers Harriman & Co
New York
$793K -$518K -10,775 -39%
FOA
121
Five Oceans Advisors
California
$751K – – –
DI
122
Disciplined Investments
Oklahoma
$732K – – –
RCAG
123
Rehmann Capital Advisory Group
Michigan
$731K +$219K +4,553 +42%
BMWS
124
Brady Martz Wealth Solutions
North Dakota
$727K +$735K +15,266 New
NA
125
Note Advisors
New York
$719K +$725K +15,059 New
3 4
5
6 7

DFNM Hedge Fund Activity: Q4 2024 in Review

230 of the 7,592 institutional investors tracked by Wall St. Rank reported a position in Dimensional National Municipal Bond ETF (DFNM) for Q4 2024, worth a combined $1.15B — up 15% from $1B a quarter earlier.

Buyers outnumbered sellers: 52 funds opened new DFNM positions and 11 closed out — a net gain of 41 holders — while 103 added to existing stakes and 54 trimmed.

The largest buyer was Focus Partners Wealth, adding an estimated $22.6M. The largest seller was AWM Capital, cutting an estimated $3.18M.

  • 230 institutional investors held Dimensional National Municipal Bond ETF (DFNM) as of Q4 2024, up from 191 in Q3 2024.
  • Funds reported $1.15B of Dimensional National Municipal Bond ETF stock for Q4 2024, up 15% quarter-over-quarter.
  • 52 funds opened new Dimensional National Municipal Bond ETF positions in Q4 2024 and 11 closed out, a net change of +41 holders.
  • The largest Dimensional National Municipal Bond ETF buyer in Q4 2024 was Focus Partners Wealth, an estimated $22.6M added.
  • The largest Dimensional National Municipal Bond ETF seller in Q4 2024 was AWM Capital, an estimated $3.18M sold.

Based on aggregated 13F filings for Q4 2024.