Key Takeaways
- • Hengehold Capital Management LLC's holding in the iMGP DBi Managed Futures Strategy ETF (DBMF) is the subject of a GuruFocus holdings-history report, but the available sources do not include the position size or trade details.
- • DBMF crossed $5 billion in assets roughly three years after passing $1 billion in late 2022, according to fund-tracking coverage.
- • DBMF seeks to replicate the pre-fee performance of leading hedge funds through systematic futures investing across asset classes, offered as a liquid, transparent ETF.
- • The top 10 holdings account for 85.38% of portfolio assets, compared with a 95.25% category average, per fund data.
- • A UCITS sister vehicle, the iMGP DBi Managed Futures Fund R USD UCITS ETF, launched on 7 March 2025 with roughly €151 million in assets under management.
Summary
GuruFocus has published a holdings-history article on Hengehold Capital Management LLC's position in the iMGP DBi Managed Futures Strategy ETF (DBMF). The available material does not include the size of that position, its timing, or any changes in it, so this summary cannot confirm those details.
The fund itself is positioned as an alternative vehicle for managed-futures and long/short commodity trading advisor (CTA) exposure. Its publisher describes DBMF as seeking to replicate the pre-fee performance of leading hedge funds through systematic futures investing across asset classes, delivered in a liquid, transparent ETF structure designed to behave differently from stocks and bonds. Fund-tracking coverage reports that DBMF crossed the $5 billion asset threshold roughly three years after passing $1 billion in late 2022, and that it has a track record of around seven years.
Implementation has changed over time. Fund documentation states that from July 2016 to May 2019, DBi executed the strategy through direct investments in futures contracts, and that the approach was modified beginning in May 2019. Portfolio concentration is high: according to fund data, the top 10 holdings represent 85.38% of total portfolio assets, below the 95.25% average for the Managed Futures category.
Institutional ownership data from Litman Gregory Funds Trust listings shows 349 institutional owners and shareholders filing 13D/G or 13F reports for DBMF. A June 2026 fund update featuring iMGP's Andrew Beer was also published by Masters Funds.
The fund itself is positioned as an alternative vehicle for managed-futures and long/short commodity trading advisor (CTA) exposure. Its publisher describes DBMF as seeking to replicate the pre-fee performance of leading hedge funds through systematic futures investing across asset classes, delivered in a liquid, transparent ETF structure designed to behave differently from stocks and bonds. Fund-tracking coverage reports that DBMF crossed the $5 billion asset threshold roughly three years after passing $1 billion in late 2022, and that it has a track record of around seven years.
Implementation has changed over time. Fund documentation states that from July 2016 to May 2019, DBi executed the strategy through direct investments in futures contracts, and that the approach was modified beginning in May 2019. Portfolio concentration is high: according to fund data, the top 10 holdings represent 85.38% of total portfolio assets, below the 95.25% average for the Managed Futures category.
Institutional ownership data from Litman Gregory Funds Trust listings shows 349 institutional owners and shareholders filing 13D/G or 13F reports for DBMF. A June 2026 fund update featuring iMGP's Andrew Beer was also published by Masters Funds.
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