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MMU

Western Asset Managed Municipals Fund
MMU

46 hedge funds and large institutions have $55.4M invested in Western Asset Managed Municipals Fund in 2013 Q4 according to their latest regulatory filings, with 9 funds opening new positions, 11 increasing their positions, 12 reducing their positions, and 6 closing their positions.

New
Increased
Maintained
Reduced
Closed

50% more first-time investments, than exits

New positions opened: 9 | Existing positions closed: 6

9% more capital invested

Capital invested by funds: $51M → $55.4M (+$4.44M)

5% more funds holding

Funds holding: 44 → 46 (+2)

1.15% more ownership

Funds ownership: 9.69% → 10.84% (+1.1%)

8% less repeat investments, than reductions

Existing positions increased: 11 | Existing positions reduced: 12

Holders
46
Holders Change
+2
Holders Change %
+4.55%
% of All Funds
1.34%
Holding in Top 10
–
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
–
New
9
Increased
11
Reduced
12
Closed
6
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Morgan Stanley
Morgan Stanley
New York
+$7.03M
2
OFG
OTA Financial Group
New York
+$643K
3
SG Americas Securities
SG Americas Securities
New York
+$335K
4
Northern Trust
Northern Trust
Illinois
+$332K
5
SAM
SignalPoint Asset Management
Missouri
+$158K

Top Sellers

Rank Fund Capital Flow
1
RCM
Rivernorth Capital Management
Florida
-$886K
2
U
UBS
Switzerland
-$701K
3
GC
Guggenheim Capital
Illinois
-$662K
4
AAM
Advisors Asset Management
Colorado
-$366K
5
Invesco
Invesco
Georgia
-$359K
Name Holding Trade Value Shares
Change 		Change in
Stake
SAM
26
SignalPoint Asset Management
Missouri
$157K +$158K +12,843 New
CB
27
Commerce Bank
Missouri
$142K -$9.22K -747 -6%
Bank of New York Mellon
28
Bank of New York Mellon
New York
$140K -$12 -1 -0%
BA
29
Bridgewater Advisors
New York
$126K +$127K +10,300 New
Bank of Montreal
30
Bank of Montreal
Ontario, Canada
$122K – – –
KFS
31
KMS Financial Services
Washington
$122K +$123K +10,007 New
EFSCE
32
Enterprise Financial Services Corp (EFSC)
Missouri
$120K – – –
Bank of America
33
Bank of America
North Carolina
$117K -$88.2K -7,150 -43%
EWM
34
Elite Wealth Management
Washington
$71K – – –
Fifth Third Bancorp
35
Fifth Third Bancorp
Ohio
$65K – – –
PSI
36
Pinnacle Summer Investments
Virginia
$31K +$31.6K +2,560 New
TRCT
37
Tower Research Capital (TRC)
New York
$29K +$18.4K +1,490 +163%
LTFS
38
Ladenburg Thalmann Financial Services
Florida
$27K +$432 +35 +2%
Deutsche Bank
39
Deutsche Bank
Germany
$26K – – –
WEC
40
Winslow Evans & Crocker
Massachusetts
$13K +$13K +1,050 New
WCM
41
Windsor Capital Management
Arizona
$11K +$173 +14 +2%
CTC
42
Central Trust Company
Missouri
$9K – – –
Creative Planning
43
Creative Planning
Kansas
$7K +$4.44K +360 +174%
Northern Trust
44
Northern Trust
Illinois
$5K +$332K +26,926 +125%
OFG
45
OTA Financial Group
New York
$636 +$643K +52,091 New
ECM
46
Estabrook Capital Management
New York
$49 – – –
RCM
47
Rivernorth Capital Management
Florida
– -$886K -71,707 Closed
VKH
48
Virtu KCG Holdings
New York
– -$157K -12,740 Closed
PP
49
Paloma Partners
Connecticut
– -$143K -11,600 Closed
Ameriprise
50
Ameriprise
Minnesota
– -$107K -8,660 Closed
1
2
3

MMU Hedge Fund Activity: Q4 2013 in Review

46 of the 3,445 institutional investors tracked by Wall St. Rank reported a position in Western Asset Managed Municipals Fund (MMU) for Q4 2013, worth a combined $55.4M — up 8.7% from $51M a quarter earlier.

Buyers outnumbered sellers: 9 funds opened new MMU positions and 6 closed out — a net gain of 3 holders — while 11 added to existing stakes and 12 trimmed.

The largest buyer was Morgan Stanley, adding an estimated $7.03M. The largest seller was Rivernorth Capital Management, exiting entirely with an estimated $886K sold.

  • 46 institutional investors held Western Asset Managed Municipals Fund (MMU) as of Q4 2013, up from 44 in Q3 2013.
  • Funds reported $55.4M of Western Asset Managed Municipals Fund stock for Q4 2013, up 8.7% quarter-over-quarter.
  • 9 funds opened new Western Asset Managed Municipals Fund positions in Q4 2013 and 6 closed out, a net change of +3 holders.
  • The largest Western Asset Managed Municipals Fund buyer in Q4 2013 was Morgan Stanley, an estimated $7.03M added.
  • The largest Western Asset Managed Municipals Fund seller in Q4 2013 was Rivernorth Capital Management, an estimated $886K sold.

Based on aggregated 13F filings for Q4 2013.