DSSMX Performance — DFA Selective State Municipal Bond Portfolio, Institutional Class Shares
Data updated: 2026-09-24
DSSMX returned +0.58% year to date and +3.70% over one year to Jul 2026. Annualised returns are +2.89% over 3 years and +0.53% over 5 years. The fund trailed its Intermediate Municipal Bond category average: $100 invested three years ago grew to $109, against $109 for the category, and to $104 over one year, against $105. Volatility over the past three years was 2.99% a year. In the 12 months to Jul 2026 the fund took in a net $95.0M, and assets reached $603.11M.
DSSMX Growth of $100
What $100 invested in DFA Selective State Municipal Bond Portfolio grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Intermediate Municipal Bond category average over the same months.
| Period | DSSMX | Category average |
|---|---|---|
| 1 year (Aug 2025 – Jul 2026) | $104 | $105 |
| 3 years (Aug 2023 – Jul 2026) | $109 | $109 |
| 5 years (Aug 2021 – Jul 2026) | $103 | $102 |
| Since data start (Oct 2020 – Jul 2026) | $104 | $106 |
DSSMX Trailing Returns
Total returns to Jul 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +0.58% |
| 1 year | +3.70% |
| 3 years (annualised) | +2.89% |
| 5 years (annualised) | +0.53% |
DSSMX Annual Returns
Calendar-year total returns of DFA Selective State Municipal Bond Portfolio, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jul) | +0.58% |
| 2025 | +3.76% |
| 2024 | +2.10% |
| 2023 | +3.79% |
| 2022 | −6.64% |
| 2021 | +0.08% |
| 2020 (Oct–Dec) | +0.98% |
DSSMX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.8% | +0.7% | −1.3% | +0.8% | +0.2% | +0.4% | −1.0% | — | — | — | — | — |
| 2025 | +0.4% | +0.8% | −1.1% | −0.2% | +0.1% | +0.5% | +0.1% | +0.6% | +1.2% | +0.7% | +0.3% | +0.2% |
| 2024 | 0.0% | +0.1% | 0.0% | −0.5% | −0.1% | +0.9% | +0.8% | +0.8% | +0.5% | −0.6% | +0.8% | −0.5% |
| 2023 | +2.0% | −1.9% | +1.8% | −0.4% | −0.7% | +0.7% | +0.1% | −0.5% | −1.5% | −0.3% | +3.2% | +1.3% |
| 2022 | −2.4% | −0.5% | −2.5% | −2.4% | +1.4% | −0.9% | +2.1% | −2.0% | −3.0% | −0.3% | +3.6% | +0.3% |
| 2021 | +0.2% | −1.2% | +0.3% | +0.5% | +0.1% | 0.0% | +0.6% | −0.1% | −0.8% | −0.1% | +0.4% | +0.1% |
| 2020 | — | — | — | — | — | — | — | — | — | −0.1% | +0.8% | +0.2% |
DSSMX Risk
Risk measures from monthly returns over Aug 2023 – Jul 2026.
- 3-year volatility (annualised): 2.99%
- 3-year Sharpe ratio: -0.54 (vs 4.5% risk-free rate)
- Best month: +3.24% (Nov 2023)
- Worst month: −1.49% (Sep 2023)
DSSMX Fund Flows
Monthly money in and out of DFA Selective State Municipal Bond Portfolio, from SEC Form N-PORT.
- 12-month net flow: $95.0M
- 12-month gross sales (incl. reinvestments): $199.7M
- Sales ÷ redemptions: 1.91×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jul 2026 | $26.3M | $5.7M | $20.6M |
| Jun 2026 | $13.5M | $5.4M | $8.1M |
| May 2026 | $11.5M | $5.5M | $6.0M |
| Apr 2026 | $11.6M | $8.6M | $3.0M |
| Mar 2026 | $11.2M | $11.4M | −$220K |
| Feb 2026 | $20.5M | $4.4M | $16.1M |
| Jan 2026 | $30.8M | $6.7M | $24.2M |
| Dec 2025 | $17.1M | $9.0M | $8.1M |
| Nov 2025 | $11.6M | $14.1M | −$2.5M |
| Oct 2025 | $23.6M | $11.4M | $12.2M |
| Sep 2025 | $9.4M | $16.6M | −$7.2M |
| Aug 2025 | $12.7M | $6.0M | $6.7M |
DSSMX Assets Under Management
Net assets of DFA Selective State Municipal Bond Portfolio by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-07-31 | $603.11M |
| 2026-04-30 | $574.63M |
| 2026-01-31 | $558.90M |
| 2025-10-31 | $525.95M |
| 2025-07-31 | $505.14M |
| 2025-04-30 | $462.83M |
| 2025-01-31 | $435.07M |
| 2024-10-31 | $428.94M |
| 2024-07-31 | $423.20M |
| 2024-04-30 | $414.93M |
| 2024-01-31 | $378.01M |
| 2023-10-31 | $368.58M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.