Dimensional National Municipal Bond ETF
DFNM
276 hedge funds and large institutions have $1.76B invested in Dimensional National Municipal Bond ETF in 2026 Q1 according to their latest regulatory filings, with 24 funds opening new positions, 161 increasing their positions, 56 reducing their positions, and 16 closing their positions.
188% more repeat investments, than reductions
Existing positions increased: 161 | Existing positions reduced: 56
50% more first-time investments, than exits
New positions opened: 24 | Existing positions closed: 16
8% more capital invested
Capital invested by funds: $1.62B → $1.76B (+$137M)
3% more funds holding in top 10
Funds holding in top 10: 32 → 33 (+1)
0.84% more ownership
Funds ownership: 84.77% → 85.62% (+0.84%)
0% more funds holding
Funds holding: 275 → 276 (+1)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
FPAS
Focus Partners Advisor Solutions
Saint Louis,
Missouri
|
+$57.9M |
| 2 |
AC
Apella Capital
West Hartford,
Connecticut
|
+$30.9M |
| 3 |
Focus Partners Wealth
Boston,
Massachusetts
|
+$27.1M |
| 4 |
CIA
Concurrent Investment Advisors
Tampa,
Florida
|
+$9.31M |
| 5 |
TI
Truepoint Inc
Cincinnati,
Ohio
|
+$5.89M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
SC
Savant Capital
Rockford,
Illinois
|
-$10.3M |
| 2 |
AWM
Austin Wealth Management
Austin,
Texas
|
-$9.39M |
| 3 |
Wealth Enhancement Advisory Services
Plymouth,
Minnesota
|
-$6.62M |
| 4 |
HighTower Advisors
Chicago,
Illinois
|
-$5.2M |
| 5 |
EC
Elequin Capital
New York
|
-$4.78M |
DFNM Hedge Fund Activity: Q1 2026 in Review
276 of the 8,207 institutional investors tracked by Wall St. Rank reported a position in Dimensional National Municipal Bond ETF (DFNM) for Q1 2026, worth a combined $1.76B — up 8.4% from $1.62B a quarter earlier.
Buyers outnumbered sellers: 24 funds opened new DFNM positions and 16 closed out — a net gain of 8 holders — while 161 added to existing stakes and 56 trimmed.
The largest buyer was Focus Partners Advisor Solutions, adding an estimated $57.9M. The largest seller was Savant Capital, cutting an estimated $10.3M.
- 276 institutional investors held Dimensional National Municipal Bond ETF (DFNM) as of Q1 2026, up from 275 in Q4 2025.
- Funds reported $1.76B of Dimensional National Municipal Bond ETF stock for Q1 2026, up 8.4% quarter-over-quarter.
- 24 funds opened new Dimensional National Municipal Bond ETF positions in Q1 2026 and 16 closed out, a net change of +8 holders.
- The largest Dimensional National Municipal Bond ETF buyer in Q1 2026 was Focus Partners Advisor Solutions, an estimated $57.9M added.
- The largest Dimensional National Municipal Bond ETF seller in Q1 2026 was Savant Capital, an estimated $10.3M sold.
Based on aggregated 13F filings for Q1 2026.