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Invesco California AMT-Free Municipal Bond ETF
PWZ

38 hedge funds and large institutions have $144M invested in Invesco California AMT-Free Municipal Bond ETF in 2017 Q4 according to their latest regulatory filings, with 8 funds opening new positions, 10 increasing their positions, 15 reducing their positions, and 4 closing their positions.

New
Increased
Maintained
Reduced
Closed

100% more first-time investments, than exits

New positions opened: 8 | Existing positions closed: 4

16% more capital invested

Capital invested by funds: $124M → $144M (+$19.7M)

12% more funds holding

Funds holding: 34 → 38 (+4)

2.66% more ownership

Funds ownership: 55.9% → 58.55% (+2.7%)

33% less repeat investments, than reductions

Existing positions increased: 10 | Existing positions reduced: 15

Holders
38
Holders Change
+4
Holders Change %
+11.76%
% of All Funds
0.86%
Holding in Top 10
–
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
–
New
8
Increased
10
Reduced
15
Closed
4
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

1
CSIA
Charles Schwab Investment Advisory
California
+$20.5M
2
Bank of America
Bank of America
North Carolina
+$2.39M
3
Goldman Sachs
Goldman Sachs
New York
+$705K
4
LNC
Lincoln National Corp
Pennsylvania
+$296K
5
Wells Fargo
Wells Fargo
California
+$276K

Top Sellers

1
BPC
Banque Pictet & Cie
Switzerland
-$1.73M
2
PNAA
Pictet North America Advisors
Switzerland
-$1.73M
3
Jane Street
Jane Street
New York
-$1.33M
4
VF
Virtu Financial
New York
-$940K
5
Susquehanna International Group
Susquehanna International Group
Pennsylvania
-$656K
Name Holding Trade Value Shares
Change 		Change in
Stake
CSIA
1
Charles Schwab Investment Advisory
California
$101M +$20.5M +780,972 +26%
LPL Financial
2
LPL Financial
California
$10.6M +$235K +8,961 +2%
Bank of America
3
Bank of America
North Carolina
$9.56M +$2.39M +91,425 +34%
Morgan Stanley
4
Morgan Stanley
New York
$2.92M +$229K +8,759 +9%
UBS Group
5
UBS Group
Switzerland
$2.78M -$286K -10,938 -9%
Wells Fargo
6
Wells Fargo
California
$2.01M +$276K +10,523 +16%
GKWIM
7
Gerber Kawasaki Wealth & Investment Management
California
$1.71M -$8.77K -335 -0.5%
JMPWA
8
JP Morgan Private Wealth Advisors
California
$1.66M -$190K -7,268 -10%
BPC
9
Banque Pictet & Cie
Switzerland
$877K -$1.73M -66,100 -67%
PNAA
10
Pictet North America Advisors
Switzerland
$877K -$1.73M -66,100 -67%
EWF
11
Epstein & White Financial
California
$783K +$782K +29,858 New
HighTower Advisors
12
HighTower Advisors
Illinois
$764K -$19.7K -754 -3%
Goldman Sachs
13
Goldman Sachs
New York
$710K +$705K +26,930 New
DCM
14
Dimension Capital Management
Florida
$692K – – –
PAS
15
Partnervest Advisory Services
California
$667K -$61.8K -2,360 -9%
AA
16
Apriem Advisors
California
$636K +$50.2K +1,918 +9%
RJFSA
17
Raymond James Financial Services Advisors
Florida
$602K +$11.4K +435 +2%
LNC
18
Lincoln National Corp
Pennsylvania
$576K +$296K +11,310 +108%
Jane Street
19
Jane Street
New York
$497K -$1.33M -50,921 -73%
BCI
20
Brinker Capital Investments
Pennsylvania
$478K +$72.4K +2,766 +18%
Citigroup
21
Citigroup
New York
$367K -$99.1K -3,785 -21%
Cambridge Investment Research Advisors
22
Cambridge Investment Research Advisors
Iowa
$321K +$7.8K +298 +3%
LTFS
23
Ladenburg Thalmann Financial Services
Florida
$235K -$6.29K -240 -3%
GCA
24
Gradient Capital Advisors
California
$221K +$220K +8,384 New
Royal Bank of Canada
25
Royal Bank of Canada
Ontario, Canada
$220K -$491K -18,735 -69%
1
2

PWZ Hedge Fund Activity: Q4 2017 in Review

38 of the 4,409 institutional investors tracked by Wall St. Rank reported a position in Invesco California AMT-Free Municipal Bond ETF (PWZ) for Q4 2017, worth a combined $144M — up 16% from $124M a quarter earlier.

Buyers outnumbered sellers: 8 funds opened new PWZ positions and 4 closed out — a net gain of 4 holders — while 10 added to existing stakes and 15 trimmed.

The largest buyer was Charles Schwab Investment Advisory, adding an estimated $20.5M. The largest seller was Banque Pictet & Cie, cutting an estimated $1.73M.

  • 38 institutional investors held Invesco California AMT-Free Municipal Bond ETF (PWZ) as of Q4 2017, up from 34 in Q3 2017.
  • Funds reported $144M of Invesco California AMT-Free Municipal Bond ETF stock for Q4 2017, up 16% quarter-over-quarter.
  • 8 funds opened new Invesco California AMT-Free Municipal Bond ETF positions in Q4 2017 and 4 closed out, a net change of +4 holders.
  • The largest Invesco California AMT-Free Municipal Bond ETF buyer in Q4 2017 was Charles Schwab Investment Advisory, an estimated $20.5M added.
  • The largest Invesco California AMT-Free Municipal Bond ETF seller in Q4 2017 was Banque Pictet & Cie, an estimated $1.73M sold.

Based on aggregated 13F filings for Q4 2017.