Invesco National AMT-Free Municipal Bond ETF
64 hedge funds and large institutions have $176M invested in Invesco National AMT-Free Municipal Bond ETF in 2013 Q4 according to their latest regulatory filings, with 8 funds opening new positions, 14 increasing their positions, 38 reducing their positions, and 11 closing their positions.
2.3% less ownership
Funds ownership: 32.22% → 29.91% (-2.3%)
7% less funds holding
Funds holding: 69 → 64 (-5)
12% less capital invested
Capital invested by funds: $200M → $176M (-$23.9M)
27% less first-time investments, than exits
New positions opened: 8 | Existing positions closed: 11
63% less repeat investments, than reductions
Existing positions increased: 14 | Existing positions reduced: 38
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Bank of America
Charlotte,
North Carolina
|
+$10.3M |
| 2 |
Goldman Sachs
New York
|
+$1.61M |
| 3 |
FBFS
First Business Financial Services
Madison,
Wisconsin
|
+$1.17M |
| 4 |
BOTW
Bank of the West
Monterey Park,
California
|
+$1.02M |
| 5 |
LTFS
Ladenburg Thalmann Financial Services
Miami,
Florida
|
+$806K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
KIM
Karpus Investment Management
Pittsford,
New York
|
-$9.53M |
| 2 |
Morgan Stanley
New York
|
-$7.46M |
| 3 |
FAAS
First Allied Advisory Services
San Diego,
California
|
-$4.61M |
| 4 |
Wells Fargo
San Francisco,
California
|
-$3.2M |
| 5 |
LPL Financial
San Diego,
California
|
-$2.22M |
PZA Hedge Fund Activity: Q4 2013 in Review
64 of the 3,445 institutional investors tracked by Wall St. Rank reported a position in Invesco National AMT-Free Municipal Bond ETF (PZA) for Q4 2013, worth a combined $176M — down 12% from $200M a quarter earlier.
Sellers outnumbered buyers: 11 funds closed out of PZA and 8 opened new positions — a net loss of 3 holders — while 38 trimmed existing stakes and 14 added.
The largest buyer was Bank of America, adding an estimated $10.3M. The largest seller was Karpus Investment Management, exiting entirely with an estimated $9.53M sold.
- 64 institutional investors held Invesco National AMT-Free Municipal Bond ETF (PZA) as of Q4 2013, down from 69 in Q3 2013.
- Funds reported $176M of Invesco National AMT-Free Municipal Bond ETF stock for Q4 2013, down 12% quarter-over-quarter.
- 8 funds opened new Invesco National AMT-Free Municipal Bond ETF positions in Q4 2013 and 11 closed out, a net change of -3 holders.
- The largest Invesco National AMT-Free Municipal Bond ETF buyer in Q4 2013 was Bank of America, an estimated $10.3M added.
- The largest Invesco National AMT-Free Municipal Bond ETF seller in Q4 2013 was Karpus Investment Management, an estimated $9.53M sold.
Based on aggregated 13F filings for Q4 2013.