Fund Evaluator:
DFA NY Municipal Bond Institutional (DNYMX)
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Best Performing in Muni Single State Short Over the Last Year
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Fund Details
DFA NY Municipal Bond Institutional Overview
DFA NY Municipal Bond Institutional (DNYMX) is an actively managed Municipal Bond Muni Single State Short fund. Dimensional Fund Advisors launched the fund in 2015.
The investment seeks to provide current income that is expected to be exempt from federal personal income taxes and New York state personal income taxes. Under normal market conditions, the fund will invest at least 80% of its net assets in municipal securities that pay interest exempt from New York state and federal personal income taxes. The adviser does not currently intend to invest its assets in municipal securities whose interest is subject to the federal alternative minimum tax. Generally, the fund will maintain a maximum average portfolio duration of five years. It is non-diversified.
About DFA NY Municipal Bond Institutional (DNYMX)
There are 3 members of the management team with an average tenure of 10.90 years: David Plecha (2015), Travis Meldau (2016), Joseph Kolerich (2015). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P Inter Term NY AMT-Free Muni TR USD index with a weighting of 100% and S&P National AMT Free Muni TR USD index with a weighting of 100%. DFA NY Municipal Bond Institutional has 135 securities in its portfolio. The top 10 holdings constitute 20.6% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
DFA NY Municipal Bond Institutional is part of the Fixed Income global asset class and is within the Municipal Bond fund group. DFA NY Municipal Bond Institutional has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 79.3% (79.3% domestic bond, 0.0% foreign bond and 0.0% convertible bond). DFA NY Municipal Bond Institutional has 20.7% of the portfolio in cash.
Assets Under Management
The fund has $193 million in total assets, which is below the $238 million average for the Muni Single State Short category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DNYMX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The DFA NY Municipal Bond Institutional expense ratio is below average compared to funds in the Muni Single State Short category. DFA NY Municipal Bond Institutional has an expense ratio of 0.25%, which is 62% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. DFA NY Municipal Bond Institutional has a portfolio turnover rate of 156%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 43% for the Muni Single State Short category.
Recently, in the month of July 2026, DFA NY Municipal Bond Institutional returned 0.0%, which earned it a grade of A, as the Muni Single State Short category had an average return of -0.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
DFA NY Municipal Bond Institutional has a trailing yield of 2.62%, which is below the 2.95% category average. The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
DFA NY Municipal Bond Institutional Grades
Year to date, the fund has returned 1.2%, 0.5 percentage points better than the category, which translates into a grade of A. The fund has returned 2.4% over the past year (grade of D), 2.9% over the past three years (grade of D) and 1.7% per year over the past five years (grade of A) and 1.3% per year over the past 10 years (grade of C).
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DNYMX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DNYMX Return (NAV) | 0.0% | 0.5% | 2.4% | 2.9% | 1.7% | 1.3% |
| DNYMX Grade | A | A | D | D | A | C |
| +/- Category | 0.7% | 0.6% | -0.8% | -0.1% | 0.6% | -0.2% |
| Muni Single State Short Avg | -0.7% | -0.0% | 3.3% | 3.0% | 1.1% | 1.5% |
| DNYMX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
DNYMX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DNYMX Return (NAV) | 1.2% | 3.1% | 2.9% | 2.8% | -1.2% | -0.1% | 1.3% | 2.4% | 1.0% | 1.7% | 0.7% |
| DNYMX Grade | A | F | A | F | A | D | F | F | D | B | B |
| +/- Category | 0.5% | -0.8% | 0.7% | -1.1% | 3.2% | -0.8% | -1.1% | -2.1% | -2.7% | 1.5% | 0.3% |
| Muni Single State Short Avg | 0.7% | 3.9% | 2.2% | 3.9% | -4.4% | 0.7% | 2.3% | 4.5% | 3.7% | 0.2% | 0.4% |
| Risk Measures | |
| Standard Deviation: | 0.7% |
| Total Risk Index: | 0.06 - Low |
| Category Risk Index: | 0.26 - Low |
| Category Risk Grade: | A (8% Rank) |
| Beta: | 0.10 |
| R-Squared: | 65% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 2.6% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $193 Mil |
| Fund Total Assets: | $ 194 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 156% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 11.1 years | |||
| Average Tenure: 10.9 years | |||
| Managers (Year): Plecha David (2015), Kolerich Joseph (2015), Meldau Travis (2016) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 135 |
| % in Top 10 Holdings: | 20.6% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 79.3% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 20.7% |
Purchase Information
| Fund Family: | Dimensional Fund Advisors |
| Phone Number: | 888-576-1167 |
| Website: | www.dimensional.com |
| Status: | Open |
| Inception Date: | June 16, 2015 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.25% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.65% |
| Share Class: | DFA NY Municipal Bond Institutional |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
