DTF Tax-Free Income 2028 Term Fund
27 hedge funds and large institutions have $56.5M invested in DTF Tax-Free Income 2028 Term Fund in 2019 Q4 according to their latest regulatory filings, with 3 funds opening new positions, 6 increasing their positions, 8 reducing their positions, and 6 closing their positions.
17% more capital invested
Capital invested by funds: $48.1M → $56.5M (+$8.4M)
2.98% more ownership
Funds ownership: 41.8% → 44.78% (+3%)
10% less funds holding
Funds holding: 30 → 27 (-3)
25% less repeat investments, than reductions
Existing positions increased: 6 | Existing positions reduced: 8
50% less first-time investments, than exits
New positions opened: 3 | Existing positions closed: 6
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
KIM
Karpus Investment Management
Pittsford,
New York
|
+$21.2M |
| 2 |
PNC Financial Services Group
Pittsburgh,
Pennsylvania
|
+$455K |
| 3 |
DWM
Dakota Wealth Management
Palm Beach Gardens,
Florida
|
+$252K |
| 4 |
Morgan Stanley
New York
|
+$64.7K |
| 5 |
VCM
Vivaldi Capital Management
Chicago,
Illinois
|
+$32.3K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
SCM
Saba Capital Management
New York
|
-$12.1M |
| 2 |
BI
Bulldog Investors
Saddle Brook,
New Jersey
|
-$3.48M |
| 3 |
RCM
Rivernorth Capital Management
West Palm Beach,
Florida
|
-$2.23M |
| 4 |
Envestnet Asset Management
Chicago,
Illinois
|
-$380K |
| 5 |
PAS
Park Avenue Securities
New York
|
-$379K |
| Name | Holding | Trade Value |
Shares Change |
Change in Stake |
|
|---|---|---|---|---|---|
|
PWMG
26
Prestige Wealth Management Group
Flemington,
New Jersey
| $6K | – | – | – |
|
|
SBL
27
Sargent Bickham Lagudis
Boulder,
Colorado
| $4K | +$3.61K | +250 | New |
|
|
SCM
28
Saba Capital Management
New York
| – | -$12.1M | -833,701 | Closed |
|
|
BI
29
Bulldog Investors
Saddle Brook,
New Jersey
| – | -$3.48M | -240,316 | Closed |
|
|
30
Envestnet Asset Management
Chicago,
Illinois
| – | -$380K | -26,251 | Closed |
|
|
PAS
31
Park Avenue Securities
New York
| – | -$379K | -26,205 | Closed |
|
|
LCM
32
Landscape Capital Management
Englewood,
New Jersey
| – | -$189K | -13,089 | Closed |
|
|
QCIG
33
Quad-Cities Investment Group
Davenport,
Iowa
| – | -$122K | -8,479 | Closed |
|
DTF Hedge Fund Activity: Q4 2019 in Review
27 of the 5,075 institutional investors tracked by Wall St. Rank reported a position in DTF Tax-Free Income 2028 Term Fund (DTF) for Q4 2019, worth a combined $56.5M — up 17% from $48.1M a quarter earlier.
Sellers outnumbered buyers: 6 funds closed out of DTF and 3 opened new positions — a net loss of 3 holders — while 8 trimmed existing stakes and 6 added.
The largest buyer was Karpus Investment Management, adding an estimated $21.2M. The largest seller was Saba Capital Management, exiting entirely with an estimated $12.1M sold.
- 27 institutional investors held DTF Tax-Free Income 2028 Term Fund (DTF) as of Q4 2019, down from 30 in Q3 2019.
- Funds reported $56.5M of DTF Tax-Free Income 2028 Term Fund stock for Q4 2019, up 17% quarter-over-quarter.
- 3 funds opened new DTF Tax-Free Income 2028 Term Fund positions in Q4 2019 and 6 closed out, a net change of -3 holders.
- The largest DTF Tax-Free Income 2028 Term Fund buyer in Q4 2019 was Karpus Investment Management, an estimated $21.2M added.
- The largest DTF Tax-Free Income 2028 Term Fund seller in Q4 2019 was Saba Capital Management, an estimated $12.1M sold.
Based on aggregated 13F filings for Q4 2019.