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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
Bank of America
1
Bank of America
North Carolina
$64.9M +$10.3M +446,266 +19%
Morgan Stanley
2
Morgan Stanley
New York
$15.8M -$7.46M -323,216 -32%
UBS AM
3
UBS AM
Illinois
$8.11M
AssetMark Inc
4
AssetMark Inc
California
$7.85M -$376K -16,279 -5%
U
5
UBS
Switzerland
$7.78M +$642K +27,813 +9%
Wells Fargo
6
Wells Fargo
California
$7.12M -$3.2M -138,675 -31%
BTS
7
BB&T Securities
Virginia
$5.88M +$9.77K +423 +2%
LPL Financial
8
LPL Financial
California
$5.46M -$2.22M -96,054 -29%
FAAM
9
First Allied Asset Management
California
$4.36M -$1.04M -45,016 -19%
TFA
10
Transamerica Financial Advisors
Florida
$3.92M -$3.21K -139 -0.1%
B
11
Baird
Wisconsin
$3.88M -$62.1K -2,688 -2%
TIM
12
Tortoise Investment Management
New York
$3.26M +$111K +4,800 +4%
Royal Bank of Canada
13
Royal Bank of Canada
Ontario, Canada
$2.88M +$430K +18,640 +17%
LTFS
14
Ladenburg Thalmann Financial Services
Florida
$2.46M +$806K +34,914 +48%
CB
15
Commerce Bank
Missouri
$2.45M -$364K -15,772 -13%
Invesco
16
Invesco
Georgia
$2.44M -$596K -25,804 -20%
Commonwealth Equity Services
17
Commonwealth Equity Services
Massachusetts
$2.25M -$1.18M -51,189 -34%
Goldman Sachs
18
Goldman Sachs
New York
$1.6M +$1.61M +69,524 New
Citigroup
19
Citigroup
New York
$1.49M -$2.09M -90,392 -58%
Ameriprise
20
Ameriprise
Minnesota
$1.46M -$254 -11 -0%
FAAS
21
First Allied Advisory Services
California
$1.44M -$4.61M -199,700 -76%
DADC
22
D.A. Davidson & Co
Montana
$1.35M
FBFS
23
First Business Financial Services
Wisconsin
$1.17M +$1.17M +50,878 New
Chevy Chase Trust
24
Chevy Chase Trust
Maryland
$1.02M -$427K -18,500 -29%
BOTW
25
Bank of the West
California
$1.01M +$1.02M +44,082 New

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.