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Invesco Trust Investment Grade Municipals
VGM

108 hedge funds and large institutions have $142M invested in Invesco Trust Investment Grade Municipals in 2025 Q3 according to their latest regulatory filings, with 8 funds opening new positions, 39 increasing their positions, 25 reducing their positions, and 14 closing their positions.

New
Increased
Maintained
Reduced
Closed

56% more repeat investments, than reductions

Existing positions increased: 39 | Existing positions reduced: 25

0% more funds holding in top 10

Funds holding in top 10: 1 → 1 (0)

0.71% less ownership

Funds ownership: 29.51% → 28.81% (-0.71%)

6% less funds holding

Funds holding: 115 → 108 (-7)

6% less capital invested

Capital invested by funds: $152M → $142M (-$9.71M)

43% less first-time investments, than exits

New positions opened: 8 | Existing positions closed: 14

Holders
108
Holders Change
-7
Holders Change %
-6.09%
% of All Funds
1.42%
Holding in Top 10
1
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.01%
New
8
Increased
39
Reduced
25
Closed
14
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
GP
Gridiron Partners
Pennsylvania
+$15.2M
2
LPL Financial
LPL Financial
California
+$5.66M
3
GC
Guggenheim Capital
Illinois
+$924K
4
Commonwealth Equity Services
Commonwealth Equity Services
Massachusetts
+$804K
5
Wells Fargo
Wells Fargo
California
+$782K

Top Sellers

Rank Fund Capital Flow
1
KIM
Karpus Investment Management
New York
-$17.3M
2
RCM
Rivernorth Capital Management
Florida
-$6.8M
3
LA
LexAurum Advisors
Kansas
-$985K
4
DWM
Dakota Wealth Management
Florida
-$922K
5
RIL
Rothschild Investment LLC
Illinois
-$799K
Name Holding Trade Value Shares
Change 		Change in
Stake
Commonwealth Equity Services
26
Commonwealth Equity Services
Massachusetts
$1.48M +$804K +83,002 +131%
AIA
27
Absolute Investment Advisers
Florida
$1.24M -$115K -11,863 -9%
Cetera Investment Advisers
28
Cetera Investment Advisers
Illinois
$1.17M +$528K +54,513 +90%
SWP
29
Stratos Wealth Partners
Ohio
$1.1M +$59.2K +6,115 +6%
Invesco
30
Invesco
Georgia
$1.03M -$1.16K -120 -0.1%
Mercer Global Advisors
31
Mercer Global Advisors
Colorado
$916K +$217K +22,408 +33%
CCM
32
Cutler Capital Management
Massachusetts
$872K – – –
CA
33
Claro Advisors
Massachusetts
$869K -$170K -17,561 -17%
Osaic Holdings
34
Osaic Holdings
Arizona
$863K +$114K +11,776 +15%
PNC Financial Services Group
35
PNC Financial Services Group
Pennsylvania
$858K – – –
TWP
36
Tyche Wealth Partners
Texas
$831K +$111K +11,500 +16%
WA
37
Whipplewood Advisors
Colorado
$724K +$58.5K +6,042 +9%
PAG
38
Private Advisor Group
New Jersey
$701K -$18.9K -1,955 -3%
LA
39
LexAurum Advisors
Kansas
$667K -$985K -101,652 -61%
CIAS
40
Capital Investment Advisory Services
North Carolina
$638K +$17.7K +1,830 +3%
WIA
41
World Investment Advisors
California
$565K +$541K +55,834 New
CA
42
Calton & Associates
Florida
$546K +$309K +31,935 +145%
Baird Financial Group
43
Baird Financial Group
Wisconsin
$519K – – –
NEWAS
44
N.E.W. Advisory Services
Wisconsin
$504K +$125K +12,854 +35%
QL
45
Quarry LP
New York
$495K -$46K -4,745 -9%
Rockefeller Capital Management
46
Rockefeller Capital Management
New York
$461K +$8.52K +879 +2%
NA
47
NewEdge Advisors
Louisiana
$436K +$194K +20,000 +87%
Bank of Montreal
48
Bank of Montreal
Ontario, Canada
$413K +$7.37K +761 +2%
MWM
49
Melfa Wealth Management
Massachusetts
$378K – – –
SFG
50
Sovereign Financial Group
Connecticut
$307K -$959 -99 -0.3%
1
2
3 4 5

VGM Hedge Fund Activity: Q3 2025 in Review

108 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in Invesco Trust Investment Grade Municipals (VGM) for Q3 2025, worth a combined $142M — down 6.4% from $152M a quarter earlier.

Sellers outnumbered buyers: 14 funds closed out of VGM and 8 opened new positions — a net loss of 6 holders — while 25 trimmed existing stakes and 39 added.

The largest buyer was Gridiron Partners, adding an estimated $15.2M. The largest seller was Karpus Investment Management, exiting entirely with an estimated $17.3M sold.

  • 108 institutional investors held Invesco Trust Investment Grade Municipals (VGM) as of Q3 2025, down from 115 in Q2 2025.
  • Funds reported $142M of Invesco Trust Investment Grade Municipals stock for Q3 2025, down 6.4% quarter-over-quarter.
  • 8 funds opened new Invesco Trust Investment Grade Municipals positions in Q3 2025 and 14 closed out, a net change of -6 holders.
  • The largest Invesco Trust Investment Grade Municipals buyer in Q3 2025 was Gridiron Partners, an estimated $15.2M added.
  • The largest Invesco Trust Investment Grade Municipals seller in Q3 2025 was Karpus Investment Management, an estimated $17.3M sold.

Based on aggregated 13F filings for Q3 2025.