DTF Tax-Free Income 2028 Term Fund
33 hedge funds and large institutions have $35.1M invested in DTF Tax-Free Income 2028 Term Fund in 2025 Q4 according to their latest regulatory filings, with 7 funds opening new positions, 7 increasing their positions, 6 reducing their positions, and 2 closing their positions.
250% more first-time investments, than exits
New positions opened: 7 | Existing positions closed: 2
18% more funds holding
Funds holding: 28 → 33 (+5)
17% more repeat investments, than reductions
Existing positions increased: 7 | Existing positions reduced: 6
1.03% more ownership
Funds ownership: 42.9% → 43.93% (+1%)
2% more capital invested
Capital invested by funds: $34.5M → $35.1M (+$646K)
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 |
SAI
Savvy Advisors Inc
New York
|
+$165K |
| 5 |
HC
Hara Capital
Bellevue,
Washington
|
+$147K |
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 |
DTF Hedge Fund Activity: Q4 2025 in Review
33 of the 8,270 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 $35.1M — up 1.9% 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 7 added to existing stakes and 6 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 $35.1M of DTF Tax-Free Income 2028 Term Fund stock for Q4 2025, up 1.9% 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.