DTF Tax-Free Income 2028 Term Fund
33 hedge funds and large institutions have $35.3M invested in DTF Tax-Free Income 2028 Term Fund in 2025 Q4 according to their latest regulatory filings, with 7 funds opening new positions, 8 increasing their positions, 5 reducing their positions, and 2 closing their positions.
250% more first-time investments, than exits
New positions opened: 7 | Existing positions closed: 2
60% more repeat investments, than reductions
Existing positions increased: 8 | Existing positions reduced: 5
18% more funds holding
Funds holding: 28 → 33 (+5)
1.28% more ownership
Funds ownership: 42.9% → 44.18% (+1.3%)
2% more capital invested
Capital invested by funds: $34.5M → $35.3M (+$847K)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Focus Partners Wealth
Boston,
Massachusetts
|
+$5.27M |
| 2 |
BHPW
Beverly Hills Private Wealth
Beverly Hills,
California
|
+$299K |
| 3 |
LPL Financial
San Diego,
California
|
+$203K |
| 4 |
Corient Private Wealth
Miami,
Florida
|
+$199K |
| 5 |
SAI
Savvy Advisors Inc
New York
|
+$165K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Kovitz Investment Group Partners
Chicago,
Illinois
|
-$5.34M |
| 2 |
RCM
Rivernorth Capital Management
West Palm Beach,
Florida
|
-$496K |
| 3 |
1CP
1607 Capital Partners
Richmond,
Virginia
|
-$227K |
| 4 |
UBS Group
Zurich,
Switzerland
|
-$104K |
| 5 |
MWM
Melfa Wealth Management
Westborough,
Massachusetts
|
-$38.6K |
| Name | Holding | Trade Value |
Shares Change |
Change in Stake |
|
|---|---|---|---|---|---|
|
PWPS
26
Pinnacle Wealth Planning Services
Mansfield,
Ohio
| $14.3K | +$14.2K | +1,250 | New |
|
|
WOSD
27
WFA of San Diego
San Diego,
California
| $11.4K | – | – | – |
|
28
Osaic Holdings
Scottsdale,
Arizona
| $9.22K | -$11.9K | -1,043 | -56% |
|
|
CWM
29
Cedar Wealth Management
Walnut Creek,
California
| $8.36K | +$8.32K | +732 | New |
|
|
30
UBS Group
Zurich,
Switzerland
| $6.82K | -$104K | -9,170 | -94% |
|
31
Wells Fargo
San Francisco,
California
| $5.72K | – | – | – |
|
|
PWMG
32
Prestige Wealth Management Group
Flemington,
New Jersey
| $4.57K | – | – | – |
|
|
33
Kovitz Investment Group Partners
Chicago,
Illinois
| – | -$5.34M | -466,941 | Closed |
|
|
SPIA
34
Steward Partners Investment Advisory
New York
| – | -$3.17K | -277 | Closed |
|
DTF Hedge Fund Activity: Q4 2025 in Review
33 of the 8,225 institutional investors tracked by Wall St. Rank reported a position in DTF Tax-Free Income 2028 Term Fund (DTF) for Q4 2025, worth a combined $35.3M — up 2.5% from $34.5M a quarter earlier.
Buyers outnumbered sellers: 7 funds opened new DTF positions and 2 closed out — a net gain of 5 holders — while 8 added to existing stakes and 5 trimmed.
The largest buyer was Focus Partners Wealth, adding an estimated $5.27M. The largest seller was Kovitz Investment Group Partners, exiting entirely with an estimated $5.34M sold.
- 33 institutional investors held DTF Tax-Free Income 2028 Term Fund (DTF) as of Q4 2025, up from 28 in Q3 2025.
- Funds reported $35.3M of DTF Tax-Free Income 2028 Term Fund stock for Q4 2025, up 2.5% quarter-over-quarter.
- 7 funds opened new DTF Tax-Free Income 2028 Term Fund positions in Q4 2025 and 2 closed out, a net change of +5 holders.
- The largest DTF Tax-Free Income 2028 Term Fund buyer in Q4 2025 was Focus Partners Wealth, an estimated $5.27M added.
- The largest DTF Tax-Free Income 2028 Term Fund seller in Q4 2025 was Kovitz Investment Group Partners, an estimated $5.34M sold.
Based on aggregated 13F filings for Q4 2025.