Dimensional National Municipal Bond ETF
DFNM
247 hedge funds and large institutions have $1.4B invested in Dimensional National Municipal Bond ETF in 2025 Q3 according to their latest regulatory filings, with 23 funds opening new positions, 136 increasing their positions, 62 reducing their positions, and 12 closing their positions.
119% more repeat investments, than reductions
Existing positions increased: 136 | Existing positions reduced: 62
92% more first-time investments, than exits
New positions opened: 23 | Existing positions closed: 12
9% more capital invested
Capital invested by funds: $1.29B → $1.4B (+$111M)
4% more funds holding in top 10
Funds holding in top 10: 25 → 26 (+1)
2% more funds holding
Funds holding: 241 → 247 (+6)
1.45% more ownership
Funds ownership: 82.42% → 83.87% (+1.5%)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Focus Partners Wealth
Boston,
Massachusetts
|
+$22.8M |
| 2 |
TI
Truepoint Inc
Cincinnati,
Ohio
|
+$10.6M |
| 3 |
AC
AWM Capital
Phoenix,
Arizona
|
+$8.62M |
| 4 |
FPAS
Focus Partners Advisor Solutions
Saint Louis,
Missouri
|
+$6.48M |
| 5 |
SC
Savant Capital
Rockford,
Illinois
|
+$4.03M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
PFGIA
Patriot Financial Group Insurance Agency
Westborough,
Massachusetts
|
-$2.44M |
| 2 |
LCM
Liberty Capital Management
Birmingham,
Michigan
|
-$2.11M |
| 3 |
OMC
Old Mission Capital
Chicago,
Illinois
|
-$1.79M |
| 4 |
EAM
Evanson Asset Management
Carmel,
California
|
-$1.57M |
| 5 |
Wealth Enhancement Advisory Services
Plymouth,
Minnesota
|
-$1.44M |
DFNM Hedge Fund Activity: Q3 2025 in Review
247 of the 7,638 institutional investors tracked by Wall St. Rank reported a position in Dimensional National Municipal Bond ETF (DFNM) for Q3 2025, worth a combined $1.4B — up 8.6% from $1.29B a quarter earlier.
Buyers outnumbered sellers: 23 funds opened new DFNM positions and 12 closed out — a net gain of 11 holders — while 136 added to existing stakes and 62 trimmed.
The largest buyer was Focus Partners Wealth, adding an estimated $22.8M. The largest seller was Patriot Financial Group Insurance Agency, exiting entirely with an estimated $2.44M sold.
- 247 institutional investors held Dimensional National Municipal Bond ETF (DFNM) as of Q3 2025, up from 241 in Q2 2025.
- Funds reported $1.4B of Dimensional National Municipal Bond ETF stock for Q3 2025, up 8.6% quarter-over-quarter.
- 23 funds opened new Dimensional National Municipal Bond ETF positions in Q3 2025 and 12 closed out, a net change of +11 holders.
- The largest Dimensional National Municipal Bond ETF buyer in Q3 2025 was Focus Partners Wealth, an estimated $22.8M added.
- The largest Dimensional National Municipal Bond ETF seller in Q3 2025 was Patriot Financial Group Insurance Agency, an estimated $2.44M sold.
Based on aggregated 13F filings for Q3 2025.