Karpus Management, Inc.

Q4 2025 13F-HR/A Holdings

Location
Pittsford, NY
Holdings as of
12/31/2025
Date filed
2/17/2026
Form type
13F-HR/A - RESTATEMENT
Num holdings
214
Total value ($000)
$3,256,197
Net value change ($000)
+98,603 (3.1%)
New positions
35
Sold out positions
25
Turnover %
8.8%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 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)
CSQ 22,894 777.4%
LKSP 17,681 NEW
BKT 17,278 527.6%
MHD 15,581 18.5%
VEU 14,956 28.2%
AIIA 12,345 NEW
MKLY 12,231 NEW
BND 11,931 32.0%
USA 11,496 NEW
DMII 11,322 NEW
Top Reduces (Value $000, Stocks/ETFs)
NRK -53,047 -59.8%
IBAC -27,246 -100.0%
SHM -24,115 -55.8%
EIM -21,499 -38.7%
CHAC -18,386 -100.0%
GIG -17,968 -100.0%
TVA -15,762 -100.0%
VTI -12,291 -28.0%
IVV -11,108 -13.3%
AFJK -10,724 -92.4%
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.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type