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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
CCFM
201
Clear Creek Financial Management
Washington
$242K – – –
TIAM2
202
Tru Independence Asset Management 2
Oregon
$240K +$242K +5,031 New
SWM
203
SeaCrest Wealth Management
New York
$238K – – –
RFP
204
Root Financial Partners
California
$237K +$866 +18 +0.4%
CCMI
205
Creative Capital Management Investments
California
$236K -$45.7K -950 -16%
SRC
206
Sage Rhino Capital
California
$223K -$945K -19,642 -81%
PWA
207
Physician Wealth Advisors
Utah
$213K -$300K -6,227 -58%
JWM
208
JDH Wealth Management
California
$207K +$209K +4,334 New
NWM
209
Navigoe Wealth Management
California
$194K +$196K +4,082 New
GWSG
210
GPS Wealth Strategies Group
Colorado
$177K – – –
MWA
211
Medallion Wealth Advisors
Connecticut
$122K +$123K +2,550 New
MG
212
MilWealth Group
Wisconsin
$96K +$96.7K +2,010 New
SIC
213
SJS Investment Consulting
Ohio
$83.3K +$674 +14 +0.8%
FFA
214
Farther Finance Advisors
California
$77.2K -$160K -3,334 -67%
Jones Financial Companies
215
Jones Financial Companies
Missouri
$68.4K +$1.54K +32 +2%
CSB
216
City State Bank
Iowa
$49.6K – – –
GRP
217
Global Retirement Partners
California
$45.9K – – –
FHA
218
First Horizon Advisors
Tennessee
$44K – – –
Carson Wealth (CWM LLC)
219
Carson Wealth (CWM LLC)
Nebraska
$40K -$3.03K -63 -7%
PS
220
Principal Securities
Iowa
$39.7K +$40K +831 New
IA
221
IFP Advisors
Florida
$38.3K +$5.25K +109 +16%
PA
222
Parallel Advisors
California
$22.5K +$192 +4 +0.9%
SRCM
223
Signature Resources Capital Management
California
$22.1K – – –
MAS
224
MPWM Advisory Solutions
Georgia
$19.7K +$19.8K +412 New
GWM
225
Geneos Wealth Management
Colorado
$14.9K -$40.6K -843 -73%
6 7 8
9
10

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.