Dimensional National Municipal Bond ETF
DFNM
275 hedge funds and large institutions have $1.62B invested in Dimensional National Municipal Bond ETF in 2025 Q4 according to their latest regulatory filings, with 45 funds opening new positions, 148 increasing their positions, 55 reducing their positions, and 12 closing their positions.
275% more first-time investments, than exits
New positions opened: 45 | Existing positions closed: 12
169% more repeat investments, than reductions
Existing positions increased: 148 | Existing positions reduced: 55
23% more funds holding in top 10
Funds holding in top 10: 26 → 32 (+6)
16% more capital invested
Capital invested by funds: $1.4B → $1.62B (+$223M)
11% more funds holding
Funds holding: 247 → 275 (+28)
0.9% more ownership
Funds ownership: 83.87% → 84.77% (+0.9%)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
SP
Symmetry Partners
Glastonbury,
Connecticut
|
+$63.9M |
| 2 |
Focus Partners Wealth
Boston,
Massachusetts
|
+$52.7M |
| 3 |
WA
Waterford Advisors
Orchard Park,
New York
|
+$25.4M |
| 4 |
SC
Savant Capital
Rockford,
Illinois
|
+$20.2M |
| 5 |
2L
25 LLC
St. Louis,
Missouri
|
+$6.66M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
FPAS
Focus Partners Advisor Solutions
Saint Louis,
Missouri
|
-$39.6M |
| 2 |
Kovitz Investment Group Partners
Chicago,
Illinois
|
-$10.4M |
| 3 |
Goldman Sachs
New York
|
-$2.13M |
| 4 |
US Bancorp
Minneapolis,
Minnesota
|
-$1.53M |
| 5 |
FG
Foster Group
West Des Moines,
Iowa
|
-$1.23M |
DFNM Hedge Fund Activity: Q4 2025 in Review
275 of the 8,267 institutional investors tracked by Wall St. Rank reported a position in Dimensional National Municipal Bond ETF (DFNM) for Q4 2025, worth a combined $1.62B — up 16% from $1.4B a quarter earlier.
Buyers outnumbered sellers: 45 funds opened new DFNM positions and 12 closed out — a net gain of 33 holders — while 148 added to existing stakes and 55 trimmed.
The largest buyer was Symmetry Partners, opening a new position worth an estimated $63.9M. The largest seller was Focus Partners Advisor Solutions, cutting an estimated $39.6M.
- 275 institutional investors held Dimensional National Municipal Bond ETF (DFNM) as of Q4 2025, up from 247 in Q3 2025.
- Funds reported $1.62B of Dimensional National Municipal Bond ETF stock for Q4 2025, up 16% quarter-over-quarter.
- 45 funds opened new Dimensional National Municipal Bond ETF positions in Q4 2025 and 12 closed out, a net change of +33 holders.
- The largest Dimensional National Municipal Bond ETF buyer in Q4 2025 was Symmetry Partners, an estimated $63.9M added.
- The largest Dimensional National Municipal Bond ETF seller in Q4 2025 was Focus Partners Advisor Solutions, an estimated $39.6M sold.
Based on aggregated 13F filings for Q4 2025.