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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
KFI
101
Key Financial Inc
Pennsylvania
$6.21K – – –
MCM
102
MAI Capital Management
Ohio
$5.06K – – –
CFO
103
CVA Family Office
Colorado
$4.05K – – –
NFSG
104
Newbridge Financial Services Group
Florida
$3.57K – – –
MWM
105
Mascoma Wealth Management
New Hampshire
$3.24K – – –
CA
106
CoreCap Advisors
Michigan
$2.96K – – –
PS
107
Principal Securities
Iowa
$2.53K – – –
Carson Wealth (CWM LLC)
108
Carson Wealth (CWM LLC)
Nebraska
$2K +$1.94K +200 New
CFD
109
Creative Financial Designs
Indiana
$1.48K – – –
KIM
110
Karpus Investment Management
New York
– -$17.3M -1,822,741 Closed
DWM
111
Dakota Wealth Management
Florida
– -$922K -97,200 Closed
Envestnet Asset Management
112
Envestnet Asset Management
Illinois
– -$559K -58,949 Closed
MHS
113
M Holdings Securities
Oregon
– -$318K -33,530 Closed
RP
114
Riverbridge Partners
Minnesota
– -$206K -21,707 Closed
FPAS
115
Focus Partners Advisor Solutions
Missouri
– -$169K -17,818 Closed
Millennium Management
116
Millennium Management
New York
– -$133K -14,000 Closed
Susquehanna International Group
117
Susquehanna International Group
Pennsylvania
– -$123K -12,986 Closed
CI
118
CX Institutional
Indiana
– -$23K -2,399 Closed
EC
119
Elequin Capital
New York
– -$14.1K -1,482 Closed
TRCT
120
Tower Research Capital (TRC)
New York
– -$6.77K -713 Closed
B
121
Birchbrook
Maine
– -$6.04K -636 Closed
FCAS
122
First Command Advisory Services
Texas
– -$949 -100 Closed
FFA
123
Farther Finance Advisors
California
– -$380 -40 Closed
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.