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PMM

Franklin Managed Municipal Income Trust
PMM

75 hedge funds and large institutions have $45.8M invested in Franklin Managed Municipal Income Trust in 2018 Q4 according to their latest regulatory filings, with 11 funds opening new positions, 16 increasing their positions, 20 reducing their positions, and 13 closing their positions.

New
Increased
Maintained
Reduced
Closed

0.13% less ownership

Funds ownership: 12.8% → 12.68% (-0.13%)

4% less capital invested

Capital invested by funds: $47.5M → $45.8M (-$1.69M)

4% less funds holding

Funds holding: 78 → 75 (-3)

15% less first-time investments, than exits

New positions opened: 11 | Existing positions closed: 13

20% less repeat investments, than reductions

Existing positions increased: 16 | Existing positions reduced: 20

100% less funds holding in top 10

Funds holding in top 10: 1 → 0 (-1)

Holders
75
Holders Change
-3
Holders Change %
-3.85%
% of All Funds
1.67%
Holding in Top 10
–
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-100%
% of All Funds
–
New
11
Increased
16
Reduced
20
Closed
13
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Morgan Stanley
Morgan Stanley
New York
+$1.2M
2
GI
Glovista Investments
New Jersey
+$906K
3
LCM
Landscape Capital Management
New Jersey
+$569K
4
Cohen & Steers
Cohen & Steers
New York
+$437K
5
AA
AQR Arbitrage
Connecticut
+$334K

Top Sellers

Rank Fund Capital Flow
1
RCM
Robinson Capital Management
Michigan
-$1.62M
2
PPA
Parametric Portfolio Associates
Washington
-$1.07M
3
Invesco
Invesco
Georgia
-$566K
4
ICA
Infrastructure Capital Advisors
New York
-$356K
5
Royal Bank of Canada
Royal Bank of Canada
Ontario, Canada
-$323K
Name Holding Trade Value Shares
Change 		Change in
Stake
AA
26
AQR Arbitrage
Connecticut
$573K +$334K +49,069 +136%
BRWA
27
B. Riley Wealth Advisors
Florida
$514K +$288K +42,333 +124%
AAM
28
Advisors Asset Management
Colorado
$486K -$311K -45,777 -39%
Wells Fargo
29
Wells Fargo
California
$475K -$212K -31,192 -31%
TFCP
30
Twin Focus Capital Partners
Massachusetts
$416K – – –
Cambridge Investment Research Advisors
31
Cambridge Investment Research Advisors
Iowa
$344K +$10.1K +1,490 +3%
WS
32
Wedbush Securities
California
$339K -$36K -5,292 -9%
TCM
33
Tradewinds Capital Management
Washington
$336K – – –
WAM
34
Weiss Asset Management
Massachusetts
$304K +$308K +45,277 New
LTFS
35
Ladenburg Thalmann Financial Services
Florida
$298K -$36.1K -5,310 -11%
Commonwealth Equity Services
36
Commonwealth Equity Services
Massachusetts
$297K +$46.2K +6,792 +18%
QCIG
37
Quad-Cities Investment Group
Iowa
$219K -$44.5K -6,538 -17%
Stifel Financial
38
Stifel Financial
Missouri
$208K +$211K +30,971 New
AA
39
Ancora Advisors
Ohio
$172K – – –
Susquehanna International Group
40
Susquehanna International Group
Pennsylvania
$168K -$94.6K -13,907 -36%
Creative Planning
41
Creative Planning
Kansas
$164K +$6.47K +951 +4%
CAN
42
Cetera Advisor Networks
California
$153K – – –
GHAM
43
Gilman Hill Asset Management
Connecticut
$134K – – –
SWP
44
Stratos Wealth Partners
Ohio
$134K – – –
OC
45
Oppenheimer & Co
New York
$122K – – –
QAM
46
Questar Asset Management
Minnesota
$121K +$122K +17,985 New
ICA
47
Infrastructure Capital Advisors
New York
$113K -$356K -52,400 -76%
HR
48
Hayden Royal
North Carolina
$110K +$111K +16,358 New
SBH
49
Segall Bryant & Hamill
Illinois
$104K – – –
RJT
50
Raymond James Trust
Florida
$97K – – –
1
2
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PMM Hedge Fund Activity: Q4 2018 in Review

75 of the 4,488 institutional investors tracked by Wall St. Rank reported a position in Franklin Managed Municipal Income Trust (PMM) for Q4 2018, worth a combined $45.8M — down 3.5% from $47.5M a quarter earlier.

Sellers outnumbered buyers: 13 funds closed out of PMM and 11 opened new positions — a net loss of 2 holders — while 20 trimmed existing stakes and 16 added.

The largest buyer was Morgan Stanley, adding an estimated $1.2M. The largest seller was Robinson Capital Management, cutting an estimated $1.62M.

  • 75 institutional investors held Franklin Managed Municipal Income Trust (PMM) as of Q4 2018, down from 78 in Q3 2018.
  • Funds reported $45.8M of Franklin Managed Municipal Income Trust stock for Q4 2018, down 3.5% quarter-over-quarter.
  • 11 funds opened new Franklin Managed Municipal Income Trust positions in Q4 2018 and 13 closed out, a net change of -2 holders.
  • The largest Franklin Managed Municipal Income Trust buyer in Q4 2018 was Morgan Stanley, an estimated $1.2M added.
  • The largest Franklin Managed Municipal Income Trust seller in Q4 2018 was Robinson Capital Management, an estimated $1.62M sold.

Based on aggregated 13F filings for Q4 2018.