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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
GWSG
151
GPS Wealth Strategies Group
Colorado
$180K +$175K +3,705 New
CCMI
152
Creative Capital Management Investments
California
$89.4K – – –
SIC
153
SJS Investment Consulting
Ohio
$72.5K +$3.78K +80 +6%
GRP
154
Global Retirement Partners
California
$46.5K -$1.09K -23 -2%
ASN
155
Advisory Services Network
Georgia
$33.1K +$32.3K +683 New
SRCM
156
Signature Resources Capital Management
California
$32.2K +$31.3K +663 New
IA
157
IFP Advisors
Florida
$30.3K -$128K -2,712 -81%
RCM
158
Richardson Capital Management
Wisconsin
$24.3K +$23.6K +500 New
HGERS
159
Householder Group Estate & Retirement Specialist
Arizona
$16K – – –
AF
160
Advisornet Financial
Minnesota
$14.5K +$94 +2 +0.7%
PCM
161
Penserra Capital Management
California
$7K +$7.23K +153 New
Northwestern Mutual Wealth Management
162
Northwestern Mutual Wealth Management
Wisconsin
$6.4K +$6.24K +132 New
Fidelity Investments
163
Fidelity Investments
Massachusetts
$4.27K +$4.11K +87 +8,700%
CA
164
Clearstead Advisors
Ohio
$4.22K +$4.11K +87 New
William Blair & Company
165
William Blair & Company
Illinois
$776 +$520 +11 +220%
Susquehanna International Group
166
Susquehanna International Group
Pennsylvania
– -$4.82M -103,704 Closed
Jane Street
167
Jane Street
New York
– -$1.05M -22,638 Closed
TI
168
Tidal Investments
Wisconsin
– -$453K -9,755 Closed
RGF
169
Retirement Guys Formula
Ohio
– -$426K -9,161 Closed
SPC
170
Sigma Planning Corp
Michigan
– -$260K -5,597 Closed
GB
171
Goepper Burkhardt
South Carolina
– -$256K -5,500 Closed
Wells Fargo
172
Wells Fargo
California
– -$46.5K -1,000 Closed
VCM
173
Versant Capital Management
Arizona
– -$14.8K -319 Closed
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.