13F Insight
DOSSIER · 13F-HR · Q1 2026

Karpus Management, Inc.

$3.2B in tracked AUM across 231 positions as of Q1 2026.

KM
CIK 0001048703 · last filed Mar 31, 2026
Total AUM
$3.2B
as of Q1 2026
Holdings
231
—
positions
Whale Score
55
55
tracked
Activity
—
no data
changes this Q
AI Analysis · Q1 2026
Comprehensive Analysis of Karpus Management, Inc. SEC 13F Filing

Report Period: Q3 2025 (Report Date: September 30, 2025)

1. Portfolio Overview

Karpus Management, Inc. reported a significant contraction in portfolio assets during the third quarter of 2025, with the total value decreasing by 42.1%, dropping from $3.10 billion to $1.80 billion. This reduction is not solely attributable to market performance but indicates a substantial capital reallocation strategy, likely driven by clien...

The portfolio consists of 151 holdings. Despite the reduction in total assets, the manager maintains a focused strategy, with the top 10 positions accounting for approximately 36% of the total portfolio value. The composition suggests a defensive posture, heavily weighted toward fixed-income instruments, specifically municipal bonds and closed-end funds (CEFs), rather than broad-based equity appreciation.

2. Key Holdings

The portfolio is dominated by closed-end funds (CEFs) and specific term trusts, with a distinct lack of traditional individual common stocks in the top echelons.

Analysis generated by 13F Insight from SEC Form 13F filing data · Q1 2026. Methodology

Quarter at a glance — Q1 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q1 2026.

#HoldingValueSharesWeight
01
VOO
VANGUARD INDEX FDS S&P 500 ETF SH
$235M393K7.3%02
MHD
BLACKROCK MUNIHOLDINGS FUND INC
$226M20.0M7.0%03
BLV
VANGUARD BD INDEX FD INC LONG TERM BOND
$136M2.0M4.2%04
BTT
BLACKROCK 2030 MUNICIPAL TARGET TERM TRUST
$106M4.7M3.3%05
VB
VANGUARD INDEX FDS SMALL CP ETF
$84M322K2.6%06
MYN
BLACKROCK MUNIYIELD NEW YORK QUALITY FUND INC
$78M8.2M2.4%07
VEU
VANGUARD INTL EQUITY INDEX FD ALLWRLD EX US
$73M977K2.3%08
VWO
VANGUARD INTL EQUITY INDEX FD FTSE EMR MKT ETF
$71M1.3M2.2%09
XWIAX
WESTERN ASSET CLYM INFL SEC IN COM SH BEN INT
$67M8.3M2.1%10
FINS
ANGEL OAK FINANCIAL STRATEGIES INCOME TERM TRUST
$60M4.7M1.9%

Filing history

2026Q1Mar 31
$3.2B▼ 1.6%
231 positionsView →2025Q4Dec 31
$3.3B▲ 81.3%
214 positionsView →2025Q3Sep 30
$1.8B▼ 42.1%
151 positionsView →2025Q2Jun 30
$3.1B▲ 62.5%
199 positionsLocked2025Q1Mar 31
$1.9B▼ 43.6%
148 positionsLocked2024Q4Dec 31
$3.4B▼ 6.1%
205 positionsLocked2024Q3Sep 30
$3.6B▲ 1.3%
220 positionsLocked2024Q2Jun 30
$3.6B▲ 2.5%
230 positionsLocked2024Q1Mar 31
$3.5B▲ 5.5%
239 positionsLocked2023Q4Dec 31
$3.3B▲ 10.5%
257 positionsLocked2023Q3Sep 30
$3.0B▼ 6.5%
275 positionsLocked2023Q2Jun 30
$3.2B▼ 0.2%
316 positionsLocked
Showing 12 of 39