Karpus Management, Inc.
Q3 2025 13F-HR Holdings
Net value change ($000)
+56,352
(1.8%)
New positions
33
Sold out positions
28
Turnover %
8.0%
Sector allocation + QoQ delta (equities-only)
Snapshot: Change Analysis
Compared to Q2 2025
Methodology:
sector metrics are equities-only;
instrument mix chart is ex-options;
options exposure is shown separately.
Why this matters.
Top Adds (Value $000, Stocks/ETFs)
| VCRM | 40,143 | NEW |
| BTT | 20,462 | 26.1% |
| MHN | 16,581 | 82.3% |
| IEF | 12,724 | 42.3% |
| VOO | 12,007 | 4.6% |
| PCQ | 11,957 | NEW |
| BND | 11,365 | 43.8% |
| VEU | 9,979 | 23.2% |
| VTES | 7,177 | 30.6% |
| VB | 6,870 | 8.9% |
Top Reduces (Value $000, Stocks/ETFs)
| NRK | -54,843 | -38.2% |
| VGM | -17,298 | -100.0% |
| VKQ | -15,221 | -76.1% |
| EIM | -14,924 | -21.2% |
| Pioneer Diversified High Income Fund, Inc. | -11,512 | -100.0% |
| RENEF | -10,785 | -100.0% |
| BKHA | -10,782 | -100.0% |
| BTX | -10,446 | -100.0% |
| AI Transportation Acquisition Corp | -10,426 | -100.0% |
| HYAC | -7,448 | -100.0% |
Instrument mix + QoQ Δ (ex-options)
How this table is calculated:
SEC
VALUE ($000) is used as reported.
For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received.
Column % is bucket-based:
non-options share is calculated inside non-option total, options share is calculated inside options total.
Details.
Filter:
Instrument:
| Issuer Name | Ticker | Sector | Industry | Class | History | Value ($000) | % | Shares | Shares Δ | Shares Δ% | Value Δ ($000) | Value Δ% | Principal | Option Type |
|---|