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.
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%)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
RCM
Rivernorth Capital Management
West Palm Beach,
Florida
|
+$13.2M |
| 2 |
KIM
Karpus Investment Management
Pittsford,
New York
|
+$11.6M |
| 3 |
SCM
Saba Capital Management
New York
|
+$9.11M |
| 4 |
MC
Matisse Capital
Portland,
Oregon
|
+$6.49M |
| 5 |
Toronto Dominion Bank
Toronto, Ontario,
Ontario, Canada
|
+$6.42M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
RCM
Robinson Capital Management
Grosse Pointe Farms,
Michigan
|
-$1.62M |
| 2 |
AC
Almitas Capital
Santa Monica,
California
|
-$526K |
| 3 |
LWM
Level Wealth Management
Greensboro,
North Carolina
|
-$333K |
| 4 |
AA
AQR Arbitrage
Greenwich,
Connecticut
|
-$217K |
| 5 |
Citadel Advisors
Miami,
Florida
|
-$139K |
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.