Karpus Management, Inc.

Karpus Management, Inc. is an institution, managing $3.1B across 199 long positions as of Q3 2025 with 58% Unknown concentration and minimal technology exposure.

Portfolio Value: $3.1B
Positions: 199
Top Holding: VOO at 8.74%
Last Reported: Q3 2025

Top Holdings

Largest long holdings in Karpus Management, Inc.'s portfolio (33.1% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Vanguard S&P 500 ETF VOO	ETF ETF	$271.6M	8.74%	-$8.3M Sold	— 443.5K shares	≤ Q2 2013 Held for 12y 5m+
2 BLV Vanguard Long-Term Bond BLV	ETF ETF	$115.2M	3.70%	+$49.2M Bought	— 1.6M shares	Q1 2016 Held for 9y 8m
3 BTT BlackRock Municipal 2030 Target Term Trust BTT	Unknown Unknown	$99.0M	3.18%	+$18.4M Bought	— 4.4M shares	Q4 2022 Held for 2y 11m
4 NRK Nuveen New York AMT-Free Quality Municipal Income Fund NRK	Unknown Unknown	$88.7M	2.85%	-$59.0M Sold	— 8.7M shares	Q4 2022 Held for 2y 11m
5 Blackrock Muniholdings Fund MHD	Unknown Unknown	$84.1M	2.71%	-$314.4K Sold	— 7.2M shares	Q1 2015 Held for 10y 8m
6 Vanguard Small-Cap ETF VB	ETF ETF	$83.9M	2.70%	+$1.2M Bought	— 329.9K shares	≤ Q2 2013 Held for 12y 5m+
7 iShares Core S&P 500 ETF IVV	ETF ETF	$83.6M	2.69%	-$2.0M Sold	— 124.9K shares	Q4 2017 Held for 7y 11m
8 FINS Angel Oak Financial Strategies Income Term Trust FINS	Unknown Unknown	$69.7M	2.24%	-$2.8M Sold	— 5.3M shares	Q4 2022 Held for 2y 11m
9 Vanguard FTSE Emerging Markets VWO	ETF ETF	$67.2M	2.16%	+$887.0K Bought	— 1.2M shares	≤ Q2 2013 Held for 12y 5m+
10 WIA Western Asset Inflation-Linked Income Fund WIA	Unknown Unknown	$66.1M	2.13%	-$1.9M Sold	— 7.8M shares	Q4 2022 Held for 2y 11m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Karpus Management, Inc.'s latest filing

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Market Value

$3.1B

Prior: $3.1B

Q/Q Change

+0.418%

+$13.0M

Net Flows % of MV

-3.85%

Turnover Ratio

9.53%

New Purchases

23 stocks

$69.3M

Added To

43 stocks

+$169.0M

Sold Out Of

30 stocks

$118.7M

Reduced Holdings

114 stocks

-$239.4M

Increased Positions

Position	Shares Δ	Change
1 PCQ Pimco California Municipal Income Fund PCQ	New	0 → 1.4M +$12.0M
2 OYSE Oyster Enterprises II Acquisition Corp Class A Ordinary Shares OYSE	New	0 → 619.7K +$6.2M
3 iShares MSCI Denmark EDEN	New	0 → 54.6K +$6.0M
4 XRPN Armada Acquisition Corp. II Class A Ordinary Shares XRPN	New	0 → 547.5K +$5.7M
5 TVAI Thayer Ventures Acquisition Corporation II Class A Ordinary Shares TVAI	New	0 → 521.1K +$5.2M

Decreased Positions

Position	Shares Δ	Change
1 Invesco Trust Investment Grade Municipals VGM	Sold	1.8M → 0 −$17.3M
2 HNW Pioneer Diversified High Income Fund HNW	Sold	920.6K → 0 −$11.5M
3 Cartesian Growth Corporation II RENE	Sold	901.7K → 0 −$10.8M
4 BKHA Black Hawk Acquisition Corporation BKHA	Sold	1.0M → 0 −$10.8M
5 BioTime BTX	Sold	1.4M → 0 −$10.4M