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Invesco Municipal Trust
VKQ

60 hedge funds and large institutions have $77.9M invested in Invesco Municipal Trust in 2013 Q4 according to their latest regulatory filings, with 21 funds opening new positions, 21 increasing their positions, 9 reducing their positions, and 11 closing their positions.

New
Increased
Maintained
Reduced
Closed

133% more repeat investments, than reductions

Existing positions increased: 21 | Existing positions reduced: 9

91% more first-time investments, than exits

New positions opened: 21 | Existing positions closed: 11

61% more capital invested

Capital invested by funds: $48.3M → $77.9M (+$29.6M)

18% more funds holding

Funds holding: 51 → 60 (+9)

4.77% more ownership

Funds ownership: 7% → 11.76% (+4.8%)

Holders
60
Holders Change
+9
Holders Change %
+17.65%
% of All Funds
1.74%
Holding in Top 10
–
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
–
New
21
Increased
21
Reduced
9
Closed
11
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

1
KIM
Karpus Investment Management
New York
+$23.4M
2
RCM
Rivernorth Capital Management
Florida
+$8.63M
3
NVIM
New Vernon Investment Management
Illinois
+$2.97M
4
GEM
Global Endowment Management
North Carolina
+$1.86M
5
PNC Financial Services Group
PNC Financial Services Group
Pennsylvania
+$960K

Top Sellers

1
FTCM
Fir Tree Capital Management
New York
-$13M
2
GC
Guggenheim Capital
Illinois
-$1.88M
3
TC
TFS Capital
Pennsylvania
-$1.27M
4
JP Morgan Chase
JP Morgan Chase
New York
-$282K
5
AAM
Advisors Asset Management
Colorado
-$258K
Name Holding Trade Value Shares
Change 		Change in
Stake
KIM
1
Karpus Investment Management
New York
$25.8M +$23.4M +2,041,348 +1,126%
RCM
2
Rivernorth Capital Management
Florida
$12.8M +$8.63M +753,961 +213%
Morgan Stanley
3
Morgan Stanley
New York
$5.57M +$392K +34,226 +8%
Bank of America
4
Bank of America
North Carolina
$4.76M +$488K +42,642 +12%
BTS
5
BB&T Securities
Virginia
$3.21M -$11.5K -1,000 -3%
NVIM
6
New Vernon Investment Management
Illinois
$3M +$2.97M +259,000 New
GC
7
Guggenheim Capital
Illinois
$2.63M -$1.88M -163,897 -42%
GEM
8
Global Endowment Management
North Carolina
$2.39M +$1.86M +162,800 +375%
Wells Fargo
9
Wells Fargo
California
$1.37M +$33.8K +2,954 +3%
AQR Capital Management
10
AQR Capital Management
Connecticut
$1.18M +$527K +46,055 +83%
PNC Financial Services Group
11
PNC Financial Services Group
Pennsylvania
$1.11M +$960K +83,819 +689%
LPL Financial
12
LPL Financial
California
$1.05M +$16.6K +1,454 +2%
GCM
13
Gruss Capital Management
New York
$933K +$922K +80,534 New
CA
14
Cornerstone Advisors
North Carolina
$909K +$713K +62,260 +384%
MPEM
15
Marathon Partners Equity Management
New York
$904K +$893K +78,000 New
WAM
16
Wolverine Asset Management
Illinois
$880K +$512K +44,751 +143%
PPA
17
Parametric Portfolio Associates
Washington
$777K +$173K +15,135 +29%
TCM
18
Tradewinds Capital Management
Washington
$733K +$725K +63,281 New
SG Americas Securities
19
SG Americas Securities
New York
$567K +$560K +48,927 New
First Trust Advisors
20
First Trust Advisors
Illinois
$514K +$312K +27,276 +159%
VanEck Associates
21
VanEck Associates
New York
$468K -$57K -4,977 -11%
IH
22
IFC Holdings
Florida
$440K -$22.9K -2,000 -5%
COLIM
23
City of London Investment Management
United Kingdom
$440K +$435K +37,974 New
SWM
24
Segment Wealth Management
Texas
$394K -$11.5K -1,000 -3%
U
25
UBS
Switzerland
$392K +$203K +17,747 +110%
1
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VKQ Hedge Fund Activity: Q4 2013 in Review

60 of the 3,445 institutional investors tracked by Wall St. Rank reported a position in Invesco Municipal Trust (VKQ) for Q4 2013, worth a combined $77.9M — up 61% from $48.3M a quarter earlier.

Buyers outnumbered sellers: 21 funds opened new VKQ positions and 11 closed out — a net gain of 10 holders — while 21 added to existing stakes and 9 trimmed.

The largest buyer was Karpus Investment Management, adding an estimated $23.4M. The largest seller was Fir Tree Capital Management, exiting entirely with an estimated $13M sold.

  • 60 institutional investors held Invesco Municipal Trust (VKQ) as of Q4 2013, up from 51 in Q3 2013.
  • Funds reported $77.9M of Invesco Municipal Trust stock for Q4 2013, up 61% quarter-over-quarter.
  • 21 funds opened new Invesco Municipal Trust positions in Q4 2013 and 11 closed out, a net change of +10 holders.
  • The largest Invesco Municipal Trust buyer in Q4 2013 was Karpus Investment Management, an estimated $23.4M added.
  • The largest Invesco Municipal Trust seller in Q4 2013 was Fir Tree Capital Management, an estimated $13M sold.

Based on aggregated 13F filings for Q4 2013.