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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
DPI
126
Diversified Portfolios Inc
Michigan
$386K +$29.3K +620 +8%
TFA
127
Teamwork Financial Advisors
Texas
$382K +$9.45K +200 +3%
RFP
128
RCS Financial Planning
Maryland
$373K +$30.9K +654 +9%
BWG
129
Beta Wealth Group
California
$367K -$10.3K -219 -3%
CC
130
Copperleaf Capital
North Carolina
$360K -$10.7K -227 -3%
WCA
131
Waypoint Capital Advisors
Minnesota
$335K – – –
OMC
132
Old Mission Capital
Illinois
$332K +$323K +6,837 New
RLIM
133
Red Lighthouse Investment Management
New York
$309K -$130K -2,760 -30%
FFA
134
Farther Finance Advisors
California
$299K +$291K +6,156 New
CT
135
Colonial Trust
South Carolina
$297K +$18.5K +392 +7%
Betterment LLC
136
Betterment LLC
New York
$291K +$26.8K +568 +10%
KWM
137
KFG Wealth Management
Indiana
$277K +$269K +5,705 New
Comerica Bank
138
Comerica Bank
Texas
$263K – – –
SWM
139
SeaCrest Wealth Management
New York
$257K – – –
EFP
140
Envision Financial Planning
Tennessee
$257K -$220K -4,663 -47%
LWM
141
LJI Wealth Management
Indiana
$254K +$248K +5,244 New
IA
142
IFG Advisory
Georgia
$252K +$38.3K +811 +19%
SWM
143
Seaside Wealth Management
California
$246K +$239K +5,070 New
CCFM
144
Clear Creek Financial Management
Washington
$245K -$267K -5,649 -53%
Creative Planning
145
Creative Planning
Kansas
$243K +$237K +5,010 New
BCG
146
Breakwater Capital Group
New Jersey
$240K +$236K +4,986 New
FTUS
147
Flow Traders U.S.
New York
$234K +$228K +4,817 New
MML Investors Services
148
MML Investors Services
Massachusetts
$213K -$52K -1,101 -20%
GJIA
149
Glass Jacobson Investment Advisors
Maryland
$204K +$174K +3,673 +689%
AFA
150
Alpha Financial Advisors
North Carolina
$204K +$198K +4,200 New
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.