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PCQ

Pimco California Municipal Income Fund
PCQ

88 hedge funds and large institutions have $138M invested in Pimco California Municipal Income Fund in 2025 Q3 according to their latest regulatory filings, with 44 funds opening new positions, 34 increasing their positions, 4 reducing their positions, and 6 closing their positions.

New
Increased
Maintained
Reduced
Closed

750% more repeat investments, than reductions

Existing positions increased: 34 | Existing positions reduced: 4

633% more first-time investments, than exits

New positions opened: 44 | Existing positions closed: 6

251% more capital invested

Capital invested by funds: $39.4M → $138M (+$98.9M)

100% more funds holding in top 10

Funds holding in top 10: 1 → 2 (+1)

76% more funds holding

Funds holding: 50 → 88 (+38)

59.41% more ownership

Funds ownership: 24.19% → 83.59% (+59%)

Holders
88
Holders Change
+38
Holders Change %
+76%
% of All Funds
1.15%
Holding in Top 10
2
Holding in Top 10 Change
+1
Holding in Top 10 Change %
+100%
% of All Funds
0.03%
New
44
Increased
34
Reduced
4
Closed
6
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
RCM
Rivernorth Capital Management
Florida
+$13.2M
2
KIM
Karpus Investment Management
New York
+$11.6M
3
SCM
Saba Capital Management
New York
+$9.11M
4
MC
Matisse Capital
Oregon
+$6.49M
5
Toronto Dominion Bank
Toronto Dominion Bank
Ontario, Canada
+$6.42M

Top Sellers

Rank Fund Capital Flow
1
RCM
Robinson Capital Management
Michigan
-$1.62M
2
AC
Almitas Capital
California
-$526K
3
LWM
Level Wealth Management
North Carolina
-$333K
4
AA
AQR Arbitrage
Connecticut
-$217K
5
Citadel Advisors
Citadel Advisors
Florida
-$139K
Name Holding Trade Value Shares
Change 		Change in
Stake
RP
26
Riverbridge Partners
Minnesota
$879K +$851K +100,848 New
IWC
27
Integrated Wealth Concepts
Massachusetts
$872K +$658K +77,913 +353%
Bank of America
28
Bank of America
North Carolina
$871K +$760K +89,994 +913%
Baird Financial Group
29
Baird Financial Group
Wisconsin
$735K +$626K +74,221 +735%
Balyasny Asset Management
30
Balyasny Asset Management
Illinois
$657K +$636K +75,364 New
Cetera Investment Advisers
31
Cetera Investment Advisers
Illinois
$646K +$465K +55,069 +290%
Capstone Investment Advisors
32
Capstone Investment Advisors
New York
$624K +$604K +71,579 New
WS
33
Wedbush Securities
California
$527K +$208K +24,605 +69%
Raymond James Financial
34
Raymond James Financial
Florida
$518K +$501K +59,349 New
Cambridge Investment Research Advisors
35
Cambridge Investment Research Advisors
Iowa
$509K +$116K +13,723 +31%
RC
36
Rareview Capital
Nevada
$478K +$469K +55,616 New
ACA
37
Ackerman Capital Advisors
Texas
$385K +$269K +31,898 +261%
EW
38
Evoke Wealth
California
$379K +$365K +43,255 New
WAM
39
Wolverine Asset Management
Illinois
$366K +$354K +41,969 New
Osaic Holdings
40
Osaic Holdings
Arizona
$331K +$549 +65 +0.2%
Royal Bank of Canada
41
Royal Bank of Canada
Ontario, Canada
$325K +$214K +25,396 +214%
IP
42
Intellectus Partners
California
$316K +$304K +36,072 New
Bank of Montreal
43
Bank of Montreal
Ontario, Canada
$287K +$140K +16,611 +102%
FFA
44
First Foundation Advisors
California
$286K -$139K -16,430 -33%
Commonwealth Equity Services
45
Commonwealth Equity Services
Massachusetts
$279K +$270K +32,017 New
SF
46
Summit Financial
New Jersey
$273K +$264K +31,269 New
VCM
47
Vivaldi Capital Management
Illinois
$269K +$260K +30,849 New
DWM
48
Dakota Wealth Management
Florida
$262K +$254K +30,085 New
CCG
49
Catalina Capital Group
California
$260K +$145K +17,183 +136%
PI
50
PFG Investments
New York
$259K -$2.19K -259 -0.9%
1
2
3 4

PCQ Hedge Fund Activity: Q3 2025 in Review

88 of the 7,620 institutional investors tracked by Wall St. Rank reported a position in Pimco California Municipal Income Fund (PCQ) for Q3 2025, worth a combined $138M — up 251% from $39.4M a quarter earlier.

Buyers outnumbered sellers: 44 funds opened new PCQ positions and 6 closed out — a net gain of 38 holders — while 34 added to existing stakes and 4 trimmed.

The largest buyer was Rivernorth Capital Management, adding an estimated $13.2M. The largest seller was Robinson Capital Management, exiting entirely with an estimated $1.62M sold.

  • 88 institutional investors held Pimco California Municipal Income Fund (PCQ) as of Q3 2025, up from 50 in Q2 2025.
  • Funds reported $138M of Pimco California Municipal Income Fund stock for Q3 2025, up 251% quarter-over-quarter.
  • 44 funds opened new Pimco California Municipal Income Fund positions in Q3 2025 and 6 closed out, a net change of +38 holders.
  • The largest Pimco California Municipal Income Fund buyer in Q3 2025 was Rivernorth Capital Management, an estimated $13.2M added.
  • The largest Pimco California Municipal Income Fund seller in Q3 2025 was Robinson Capital Management, an estimated $1.62M sold.

Based on aggregated 13F filings for Q3 2025.