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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.

New
Increased
Maintained
Reduced
Closed

2.3% less ownership

Funds ownership: 32.22%29.91% (-2.3%)

7% less funds holding

Funds holding: 6964 (-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

Holders
64
Holders Change
-5
Holders Change %
-7.25%
% of All Funds
1.86%
Holding in Top 10
Holding in Top 10 Change
Holding in Top 10 Change %
% of All Funds
New
8
Increased
14
Reduced
38
Closed
11
Calls
Puts
Net Calls
Net Calls Change
Name Holding Trade Value Shares
Change
Change in
Stake
NES
51
New England Securities
New York
$131K -$56.1K -2,429 -30%
CAPTRUST Financial Advisors
52
CAPTRUST Financial Advisors
North Carolina
$125K +$6K +260 +5%
MFS
53
MSI Financial Services
Massachusetts
$78K -$12.1K -525 -13%
BIT
54
BlackRock Institutional Trust
California
$67K -$797K -34,500 -92%
Deutsche Bank
55
Deutsche Bank
Germany
$51K -$65.9K -2,854 -56%
ASN
56
Advisory Services Network
Georgia
$51K +$50.8K +2,200 New
MAS
57
Madden Advisory Services
Florida
$41K -$8.89K -385 -18%
Creative Planning
58
Creative Planning
Kansas
$35K
TRCT
59
Tower Research Capital (TRC)
New York
$34K +$34.6K +1,500 New
Fifth Third Bancorp
60
Fifth Third Bancorp
Ohio
$18K -$32.7K -1,416 -64%
FAM
61
Formidable Asset Management
Ohio
$18K +$7.81K +338 +79%
US Bancorp
62
US Bancorp
Minnesota
$15K -$89.3K -3,865 -86%
ST
63
Smithfield Trust
Pennsylvania
$7K
WA
64
WFG Advisors
Texas
$4K +$4.11K +178 New
Northern Trust
65
Northern Trust
Illinois
$3K -$52.4K -2,270 -13%
KIM
66
Karpus Investment Management
New York
-$9.53M -413,084 Closed
Jane Street
67
Jane Street
New York
-$1.3M -56,556 Closed
Comerica Bank
68
Comerica Bank
Texas
-$952K -41,265 Closed
Susquehanna International Group
69
Susquehanna International Group
Pennsylvania
-$488K -21,160 Closed
BCM
70
Bluefin Capital Management
New York
-$300K -12,037 Closed
BA
71
Boston Advisors
Massachusetts
-$252K -10,935 Closed
LS
72
Lattice Strategies
Pennsylvania
-$240K -10,391 Closed
JP Morgan Chase
73
JP Morgan Chase
New York
-$211K -9,180 Closed
BCM
74
Bares Capital Management
Texas
-$201K -8,728 Closed
WF
75
WealthTrust Fairport
Ohio
-$53K -2,300 Closed

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.