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MMU

Western Asset Managed Municipals Fund
MMU

113 hedge funds and large institutions have $216M invested in Western Asset Managed Municipals Fund in 2025 Q3 according to their latest regulatory filings, with 8 funds opening new positions, 40 increasing their positions, 34 reducing their positions, and 9 closing their positions.

New
Increased
Maintained
Reduced
Closed

100% more funds holding in top 10

Funds holding in top 10: 1 → 2 (+1)

18% more repeat investments, than reductions

Existing positions increased: 40 | Existing positions reduced: 34

3% less capital invested

Capital invested by funds: $222M → $216M (-$6.62M)

2% less funds holding

Funds holding: 115 → 113 (-2)

2.92% less ownership

Funds ownership: 41.1% → 38.18% (-2.9%)

11% less first-time investments, than exits

New positions opened: 8 | Existing positions closed: 9

Holders
113
Holders Change
-2
Holders Change %
-1.74%
% of All Funds
1.48%
Holding in Top 10
2
Holding in Top 10 Change
+1
Holding in Top 10 Change %
+100%
% of All Funds
0.03%
New
8
Increased
40
Reduced
34
Closed
9
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
HWAM
Hennion & Walsh Asset Management
New Jersey
+$3.62M
2
Bank of America
Bank of America
North Carolina
+$2.53M
3
GC
Guggenheim Capital
Illinois
+$1.82M
4
AAM
Advisors Asset Management
Colorado
+$1.12M
5
Raymond James Financial
Raymond James Financial
Florida
+$902K

Top Sellers

Rank Fund Capital Flow
1
Pathstone Holdings
Pathstone Holdings
New Jersey
-$10.5M
2
RCM
Rivernorth Capital Management
Florida
-$10.2M
3
KIM
Karpus Investment Management
New York
-$2.55M
4
1CP
1607 Capital Partners
Virginia
-$1.2M
5
RIL
Rothschild Investment LLC
Illinois
-$573K
Name Holding Trade Value Shares
Change 		Change in
Stake
NAS
76
NWF Advisory Services
California
$185K – – –
SFG
77
Sovereign Financial Group
Connecticut
$179K +$174K +17,313 New
RA
78
RFG Advisory
Alabama
$179K – – –
Millennium Management
79
Millennium Management
New York
$169K -$10K -1,000 -6%
First Trust Advisors
80
First Trust Advisors
Illinois
$167K -$9.73K -969 -6%
Truist Financial
81
Truist Financial
North Carolina
$164K +$20.1K +2,007 +14%
SWA
82
Stratos Wealth Advisors
Ohio
$164K +$1.62K +161 +1%
HI
83
Harbour Investments
Wisconsin
$155K – – –
VCP
84
Verus Capital Partners
Arizona
$155K -$80.3K -8,000 -35%
UWP
85
Uniting Wealth Partners
Kansas
$154K +$33.4K +3,325 +29%
ATPW
86
Ashton Thomas Private Wealth
Arizona
$150K +$146K +14,500 New
Cetera Investment Advisers
87
Cetera Investment Advisers
Illinois
$145K +$11.9K +1,185 +9%
Comerica Bank
88
Comerica Bank
Texas
$145K – – –
EH
89
Equitable Holdings
New York
$130K +$1.7K +169 +1%
ASN
90
Advisory Services Network
Georgia
$128K – – –
SWM
91
Silverlake Wealth Management
Vermont
$123K +$502 +50 +0.4%
AWG
92
Altus Wealth Group
Colorado
$118K – – –
OAM
93
Occidental Asset Management
California
$114K – – –
Susquehanna International Group
94
Susquehanna International Group
Pennsylvania
$111K -$13.8K -1,376 -11%
HAM
95
Harmony Asset Management
Arizona
$109K +$105K +10,500 New
MC
96
Moors & Cabot
Massachusetts
$108K +$833 +83 +0.8%
Kovitz Investment Group Partners
97
Kovitz Investment Group Partners
Illinois
$105K +$1.68K +167 +2%
DADC
98
D.A. Davidson & Co
Montana
$105K +$101K +10,110 New
AC
99
AlphaCore Capital
California
$103K -$15.6K -1,550 -13%
CSA
100
Cottage Street Advisors
Massachusetts
$103K – – –
1 2 3
4
5

MMU Hedge Fund Activity: Q3 2025 in Review

113 of the 7,620 institutional investors tracked by Wall St. Rank reported a position in Western Asset Managed Municipals Fund (MMU) for Q3 2025, worth a combined $216M — down 3% from $222M a quarter earlier.

Sellers outnumbered buyers: 9 funds closed out of MMU and 8 opened new positions — a net loss of 1 holder — while 34 trimmed existing stakes and 40 added.

The largest buyer was Hennion & Walsh Asset Management, opening a new position worth an estimated $3.62M. The largest seller was Pathstone Holdings, cutting an estimated $10.5M.

  • 113 institutional investors held Western Asset Managed Municipals Fund (MMU) as of Q3 2025, down from 115 in Q2 2025.
  • Funds reported $216M of Western Asset Managed Municipals Fund stock for Q3 2025, down 3% quarter-over-quarter.
  • 8 funds opened new Western Asset Managed Municipals Fund positions in Q3 2025 and 9 closed out, a net change of -1 holder.
  • The largest Western Asset Managed Municipals Fund buyer in Q3 2025 was Hennion & Walsh Asset Management, an estimated $3.62M added.
  • The largest Western Asset Managed Municipals Fund seller in Q3 2025 was Pathstone Holdings, an estimated $10.5M sold.

Based on aggregated 13F filings for Q3 2025.