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Invesco Pennsylvania Value Municipal Income Trust
VPV

41 hedge funds and large institutions have $43.2M invested in Invesco Pennsylvania Value Municipal Income Trust in 2018 Q4 according to their latest regulatory filings, with 5 funds opening new positions, 8 increasing their positions, 16 reducing their positions, and 7 closing their positions.

New
Increased
Maintained
Reduced
Closed

2.26% less ownership

Funds ownership: 17.89% → 15.63% (-2.3%)

5% less funds holding

Funds holding: 43 → 41 (-2)

15% less capital invested

Capital invested by funds: $50.7M → $43.2M (-$7.45M)

29% less first-time investments, than exits

New positions opened: 5 | Existing positions closed: 7

50% less repeat investments, than reductions

Existing positions increased: 8 | Existing positions reduced: 16

Holders
41
Holders Change
-2
Holders Change %
-4.65%
% of All Funds
0.91%
Holding in Top 10
–
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
–
New
5
Increased
8
Reduced
16
Closed
7
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Fiera Capital (Canada)
Fiera Capital (Canada)
Quebec, Canada
+$666K
2
LCM
Landscape Capital Management
New Jersey
+$367K
3
WAM
Weiss Asset Management
Massachusetts
+$200K
4
LTFS
Ladenburg Thalmann Financial Services
Florida
+$137K
5
Commonwealth Equity Services
Commonwealth Equity Services
Massachusetts
+$125K

Top Sellers

Rank Fund Capital Flow
1
KIM
Karpus Investment Management
New York
-$3.07M
2
SIA
Sit Investment Associates
Minnesota
-$1.53M
3
Morgan Stanley
Morgan Stanley
New York
-$999K
4
Walleye Trading
Walleye Trading
New York
-$635K
5
NCMW
Northern Capital Management (Wisconsin)
Wisconsin
-$270K
Name Holding Trade Value Shares
Change 		Change in
Stake
Stifel Financial
26
Stifel Financial
Missouri
$167K -$16.1K -1,387 -9%
LTFS
27
Ladenburg Thalmann Financial Services
Florida
$162K +$137K +11,736 +640%
MAFM
28
Mid Atlantic Financial Management
Pennsylvania
$161K +$161K +13,850 New
DBRC
29
D.B. Root & Company
Pennsylvania
$154K – – –
RJFSA
30
Raymond James Financial Services Advisors
Florida
$142K -$2.17K -186 -1%
Commonwealth Equity Services
31
Commonwealth Equity Services
Massachusetts
$125K +$125K +10,769 New
TSS
32
Two Sigma Securities
New York
$124K +$124K +10,669 New
GP
33
Girard Partners
Pennsylvania
$116K – – –
HI
34
Hudock Inc
Pennsylvania
$73K -$90.4K -7,764 -55%
Northwestern Mutual Wealth Management
35
Northwestern Mutual Wealth Management
Wisconsin
$70K +$35.7K +3,065 +103%
FCMT
36
Founders Capital Management (Texas)
Texas
$46K – – –
CFG
37
Citizens Financial Group
Rhode Island
$38K +$536 +46 +1%
GWM
38
Geneos Wealth Management
Colorado
$37K – – –
KTC
39
Kistler-Tiffany Companies
Pennsylvania
$12K – – –
AIC
40
Ameritas Investment Company
Nebraska
$7K +$6.86K +589 New
First Manhattan
41
First Manhattan
New York
$4K – – –
Walleye Trading
42
Walleye Trading
New York
– -$635K -53,407 Closed
PAG
43
Private Advisor Group
New Jersey
– -$236K -19,857 Closed
AA
44
AQR Arbitrage
Connecticut
– -$145K -12,235 Closed
ACA
45
Anchor Capital Advisors
Massachusetts
– -$126K -10,635 Closed
PTC
46
Philadelphia Trust Company
Pennsylvania
– -$124K -10,401 Closed
SWP
47
Stratos Wealth Partners
Ohio
– -$28K -2,345 Closed
SPIA
48
Steward Partners Investment Advisory
New York
– -$12K -1,000 Closed
1
2

VPV Hedge Fund Activity: Q4 2018 in Review

41 of the 4,489 institutional investors tracked by Wall St. Rank reported a position in Invesco Pennsylvania Value Municipal Income Trust (VPV) for Q4 2018, worth a combined $43.2M — down 15% from $50.7M a quarter earlier.

Sellers outnumbered buyers: 7 funds closed out of VPV and 5 opened new positions — a net loss of 2 holders — while 16 trimmed existing stakes and 8 added.

The largest buyer was Fiera Capital (Canada), adding an estimated $666K. The largest seller was Karpus Investment Management, cutting an estimated $3.07M.

  • 41 institutional investors held Invesco Pennsylvania Value Municipal Income Trust (VPV) as of Q4 2018, down from 43 in Q3 2018.
  • Funds reported $43.2M of Invesco Pennsylvania Value Municipal Income Trust stock for Q4 2018, down 15% quarter-over-quarter.
  • 5 funds opened new Invesco Pennsylvania Value Municipal Income Trust positions in Q4 2018 and 7 closed out, a net change of -2 holders.
  • The largest Invesco Pennsylvania Value Municipal Income Trust buyer in Q4 2018 was Fiera Capital (Canada), an estimated $666K added.
  • The largest Invesco Pennsylvania Value Municipal Income Trust seller in Q4 2018 was Karpus Investment Management, an estimated $3.07M sold.

Based on aggregated 13F filings for Q4 2018.