Karpus Management, Inc.
Filing Date
Global Rank
#1,192
/ 8,603
▲ 145
· as of Mar 2026
Top Industry
Asset Management
64.5%
3Y Alpha vs SPY
-10.2%
Period ended 3 months ago
Filed May 14, 2026 · 56d
25 quarters · since Mar 2020
Clone Performance
Jul 2023–Jul 2026 · vs SPYHypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.
Cloned portfolio
+35.4%
SPY
+76.5%
Annualised alpha
-10.2%
Max drawdown
−12.9%
Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.
Portfolio Concentration
174 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025Top Position
11.1%
+4.8 pts
Top 5
26.4%
+2.8 pts
Top 10
38.2%
+2.0 pts
HHI
259
Diversified+53
Portfolio Trend
25 quarters · across all stocks
Sector Breakdown
As of Mar 31, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Financial Services | 98.6% | $2,007,920,710 |
| Unclassified | 0.9% | $19,282,159 |
| Consumer Defensive | 0.3% | $6,651,800 |
| Technology | 0.1% | $1,151,529 |
| Healthcare | 0.1% | $1,093,065 |
| Consumer Cyclical | 0.0% | $460,446 |
| Communication Services | 0.0% | $213,481 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
25 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| MHD | Blackrock Muniholdings Fund, Inc. | +11,542,843 | 20,033,393 | $225,976,673 | |
| MYN | Blackrock Muniyield New York Quality Fund, Inc. | +5,703,576 | 8,159,423 | $78,330,460 | |
| MYI | Blackrock Muniyield Quality Fund III, Inc. | +5,300,945 | 5,676,653 | $59,661,623 | |
| MQY | Blackrock Muniyield Quality Fund, Inc. | +1,933,082 | 2,616,894 | $28,733,496 | |
| DMII | Drugs Made In America Acquisition II Corp. | +1,454,298 | 2,597,923 | $25,901,292 | |
| USA | Liberty All Star Equity Fund | +1,286,001 | 3,116,511 | $17,296,636 | |
| AFB | Alliancebernstein National Municipal Income Fund | +1,013,420 | 2,553,118 | $27,292,831 | |
| MIN | Mfs Intermediate Income Trust | +890,186 | 5,275,910 | $13,242,534 | |
| GIW | GigCapital8 Corp. | +873,700 | 963,650 | $9,607,590 | |
| AIIA | AI Infrastructure Acquisition Corp. | +824,275 | 2,066,198 | $20,723,965 | |
| ASG | Liberty All Star Growth Fund Inc. | +703,409 | 4,220,488 | $20,047,318 | |
| MKLY | McKinley Acquisition Corp | +676,586 | 1,903,371 | $19,090,811 | |
| CSQ | Calamos Strategic Total Return Fund | +598,819 | 1,944,623 | $33,291,945 | |
| HAVA | Harvard Ave Acquisition Corp | +526,765 | 625,915 | $6,265,409 | |
| GTERA | Globa Terra Acquisition Corp | +513,925 | 1,470,687 | $15,015,714 | |
| IAF | Abrdn Australia Equity Fund, Inc. | +459,225 | 711,187 | $8,619,586 | |
| VNME | Vendome Acquisition Corp I | +445,300 | 1,085,053 | $10,937,334 | |
| LAFA | LaFayette Acquisition Corp. | +434,850 | 462,440 | $4,610,526 | |
| CHEC | Chenghe Acquisition III Co. | +392,700 | 1,188,550 | $11,980,584 | |
| APAC | StoneBridge Acquisition II Corp | +336,775 | 433,550 | $4,357,177 | |
| FIGX | FIGX Capital Acquisition Corp. | +327,183 | 439,949 | $4,443,484 | |
| IGI | Western Asset Investment Grade Opportunity Trust Inc. | +273,409 | 383,342 | $6,167,972 | |
| CHW | Calamos Global Dynamic Income Fund | +249,531 | 2,191,419 | $15,909,701 | |
| PCQ | Pimco California Municipal Income Fund | +224,590 | 1,778,933 | $15,263,245 | |
| IIF | Morgan Stanley India Investment Fund, Inc. | +221,988 | 395,688 | $8,143,259 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced
25 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| EIM | Eaton Vance Municipal Bond Fund | −1,210,332 | 2,296,254 | $22,434,401 | |
| LEGT | Legato Merger Corp. III | −1,194,233 | 2,139,308 | $23,510,994 | |
| RFAI | RF Acquisition Corp II | −756,300 | 1,640,733 | $17,883,989 | |
| BGY | BlackRock Enhanced International Dividend Trust | −563,349 | 1,949,687 | $10,547,806 | |
| LKSP | Lake Superior Acquisition Corp | −498,325 | 1,284,033 | $12,904,531 | |
| FINS | Angel Oak Financial Strategies Income Term Trust | −453,195 | 4,697,846 | $59,897,536 | |
| KTF | Dws Municipal Income Trust | −424,533 | 3,291,016 | $29,948,245 | |
| EXG | Eaton Vance Tax-Managed Global Diversified Equity Income Fund | −289,345 | 1,178,492 | $10,205,740 | |
| XRPN | Armada Acquisition Corp. II | −288,200 | 259,300 | $2,673,383 | |
| STEW | SRH Total Return Fund, Inc. | −245,517 | 29,393 | $502,620 | |
| ZTR | Virtus Total Return Fund Inc. | −201,459 | 475,766 | $3,149,570 | |
| MACI | Melar Acquisition Corp. I/Cayman | −156,650 | 988,505 | $10,646,198 | |
| GDV | Gabelli Dividend & Income Trust | −151,816 | 1,499,700 | $40,386,921 | |
| JOF | Japan Smaller Capitalization Fund Inc | −129,961 | 436,454 | $4,757,348 | |
| EURK | Eureka Acquisition Corp | −125,350 | 200,925 | $2,278,489 | |
| DPG | Duff & Phelps Utility & Infrastructure Fund Inc. | −118,543 | 533,200 | $7,699,408 | |
| GPAT | GP-Act III Acquisition Corp. | −101,650 | 2,230,216 | $24,175,541 | |
| PMO | Putnam Municipal Opportunities Trust | −97,922 | 63,644 | $655,533 | |
| CAF | Morgan Stanley China A Share Fund, Inc. | −83,468 | 473,263 | $8,282,102 | |
| NOEM | CO2 Energy Transition Corp. | −50,575 | 729,671 | $7,566,688 | |
| MEGI | NYLI CBRE Global Infrastructure Megatrends Term Fund | −49,833 | 509,109 | $7,478,811 | |
| CUB | Lionheart Holdings | −44,700 | 1,031,975 | $11,104,051 | |
| QQQX | Nuveen NASDAQ 100 Dynamic Overwrite Fund | −33,820 | 1,636,959 | $43,657,696 | |
| LPAA | Launch One Acquisition Corp. | −30,550 | 1,085,250 | $11,623,027 | |
| ETG | Eaton Vance Tax-Advantaged Global Dividend Income Fund | −29,902 | 387,327 | $7,793,019 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter
25 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| SCII | SC II Acquisition Corp. | 3,026,479 | $30,173,995 | |
| WPAC | White Pearl Acquisition Corp. | 1,602,595 | $15,801,586 | |
| SSAC | SPACSphere Acquisition Corp. | 1,217,210 | $12,050,379 | |
| APXT | Apex Treasury Corp | 1,163,557 | $11,565,756 | |
| GIX | GigCapital9 Corp. | 815,332 | $8,014,713 | |
| BPAC | Blueport Acquisition Ltd | 716,625 | $7,173,416 | |
| HEQ | John Hancock Diversified Income Fund | 518,501 | $5,630,920 | |
| LWAC | LightWave Acquisition Corp. | 516,600 | $5,269,320 | |
| PNI | Pimco New York Municipal Income Fund II | 735,635 | $5,039,099 | |
| UTF | Cohen & Steers Infrastructure Fund Inc | 169,477 | $4,386,064 | |
| AIO | Virtus Artificial Intelligence & Technology Opportunities Fund | 193,632 | $4,145,661 | |
| KOYN | CSLM Digital Asset Acquisition Corp III, Ltd | 410,000 | $4,116,400 | |
| TWLV | Twelve Seas Investment Co III/Cayman | 277,715 | $2,741,047 | |
| ITHA | ITHAX Acquisition Corp III | 264,154 | $2,615,124 | |
| EOS | Eaton Vance Enhanced Equity Income Fund II | 110,532 | $2,261,484 | |
| XFLH | XFLH Capital Corp | 224,850 | $2,219,269 | |
| GLO | Clough Global Opportunities Fund | 377,188 | $2,100,937 | |
| HVMC | Highview Merger Corp. | 197,200 | $1,981,860 | |
| TDWD | Tailwind 2.0 Acquisition Corp. | 177,086 | $1,756,693 | |
| BMEZ | BlackRock Health Sciences Term Trust | 117,675 | $1,689,813 | |
| ZKP | Lafayette Digital Acquisition Corp. I | 127,757 | $1,259,684 | |
| BTZ | Blackrock Credit Allocation Income Trust | 121,250 | $1,224,625 | |
| VBF | Invesco Bond Fund | 72,031 | $1,080,465 | |
| BLRK | Bluerock Acquisition Corp. | 85,000 | $841,500 | |
| BIXI | Bitcoin Infrastructure Acquisition Corp Ltd | 82,411 | $817,517 | |
| No positions match the current search. | ||||
Sold Out
Positions the filer fully exited
10 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| NRK | Nuveen New York Amt-Free Quality Municipal Income Fund | 3,536,744 | $35,685,746 | |
| KVAC | Keen Vision Acquisition Corp. | 1,224,460 | $14,387,405 | |
| NFJ | Virtus Dividend, Interest & Premium Strategy Fund | 413,044 | $5,324,137 | |
| PELI | Pelican Acquisition Corp | 344,025 | $3,492,197 | |
| CAPN | Cayson Acquisition Corp | 284,189 | $3,023,770 | |
| FTW | PRESIDIO PRODUCTION Co | 65,800 | $690,242 | |
| PAYX | Paychex Inc | 3,290 | $369,072 | |
| COLA | Columbus Acquisition Corp/Cayman Islands | 30,399 | $315,784 | |
| AEF | abrdn Emerging Markets ex-China Fund, Inc. | 40,947 | $286,629 | |
| BCAR | D. Boral ARC Acquisition I Corp. | 10,500 | $105,315 | |
| No positions match the current search. | ||||
174 positions ·
$2,036,773,190 total
· as of Mar 31, 2026
All sectors
Communication Services
Consumer Cyclical
Consumer Defensive
Financial Services
Healthcare
Technology
Showing 1–50
of 174 positions by value
· page 1 of 4
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| MHD |
Blackrock Muniholdings Fund, Inc.
Financial Services
|
Added | 20,033,393 | $225,976,673 | 11.09% | |
| BTT |
BlackRock Municipal 2030 Target Term Trust
Financial Services
|
Added | 4,689,313 | $106,447,405 | 5.23% | |
| MYN |
Blackrock Muniyield New York Quality Fund, Inc.
Financial Services
|
Added | 8,159,423 | $78,330,460 | 3.85% | |
| WIA |
Western Asset Inflation-Linked Income Fund
Financial Services
|
Added | 8,346,410 | $67,438,992 | 3.31% | |
| FINS |
Angel Oak Financial Strategies Income Term Trust
Financial Services
|
Reduced | 4,697,846 | $59,897,536 | 2.94% | |
| MYI |
Blackrock Muniyield Quality Fund III, Inc.
Financial Services
|
Added | 5,676,653 | $59,661,623 | 2.93% | |
| MUC |
Blackrock Muniholdings California Quality Fund, Inc.
Financial Services
|
Reduced | 5,379,853 | $55,950,471 | 2.75% | |
| QQQX |
Nuveen NASDAQ 100 Dynamic Overwrite Fund
Financial Services
|
Reduced | 1,636,959 | $43,657,696 | 2.14% | |
| GDV |
Gabelli Dividend & Income Trust
Financial Services
|
Reduced | 1,499,700 | $40,386,921 | 1.98% | |
| NBXG |
Neuberger Next Generation Connectivity Fund Inc.
Financial Services
|
Reduced | 3,069,100 | $39,499,317 | 1.94% | |
| CSQ |
Calamos Strategic Total Return Fund
Financial Services
|
Added | 1,944,623 | $33,291,945 | 1.63% | |
| SCII |
SC II Acquisition Corp.
Financial Services
|
NEW | 3,026,479 | $30,173,995 | 1.48% | |
| KTF |
Dws Municipal Income Trust
Financial Services
|
Reduced | 3,291,016 | $29,948,245 | 1.47% | |
| MQY |
Blackrock Muniyield Quality Fund, Inc.
Financial Services
|
Added | 2,616,894 | $28,733,496 | 1.41% | |
| AFB |
Alliancebernstein National Municipal Income Fund
Financial Services
|
Added | 2,553,118 | $27,292,831 | 1.34% | |
| DMAA |
Drugs Made In America Acquisition Corp.
Financial Services
|
Reduced | 2,530,517 | $26,519,818 | 1.30% | |
| DMII |
Drugs Made In America Acquisition II Corp.
Financial Services
|
Added | 2,597,923 | $25,901,292 | 1.27% | |
| GPAT |
GP-Act III Acquisition Corp.
Financial Services
|
Reduced | 2,230,216 | $24,175,541 | 1.19% | |
| LEGT |
Legato Merger Corp. III
Financial Services
|
Reduced | 2,139,308 | $23,510,994 | 1.15% | |
| QSEA |
Quartzsea Acquisition Corp
Financial Services
|
Reduced | 2,256,805 | $23,403,067 | 1.15% | |
| TAVI |
Tavia Acquisition Corp.
Financial Services
|
Reduced | 2,177,202 | $22,991,253 | 1.13% | |
| EIM |
Eaton Vance Municipal Bond Fund
Financial Services
|
Reduced | 2,296,254 | $22,434,401 | 1.10% | |
| AIIA |
AI Infrastructure Acquisition Corp.
Financial Services
|
Added | 2,066,198 | $20,723,965 | 1.02% | |
| BST |
BlackRock Science & Technology Trust
Financial Services
|
Added | 562,909 | $20,461,742 | 1.00% | |
| ASG |
Liberty All Star Growth Fund Inc.
Financial Services
|
Added | 4,220,488 | $20,047,318 | 0.98% | |
| BKT |
Blackrock Income Trust, Inc.
Financial Services
|
Reduced | 1,851,052 | $19,565,619 | 0.96% | |
| MKLY |
McKinley Acquisition Corp
Financial Services
|
Added | 1,903,371 | $19,090,811 | 0.94% | |
| ANSC |
Agriculture & Natural Solutions Acquisition Corp
Financial Services
|
Reduced | 1,662,443 | $18,768,981 | 0.92% | |
| SIMA |
SIM Acquisition Corp. I
Financial Services
|
Reduced | 1,725,032 | $18,492,343 | 0.91% | |
| RFAI |
RF Acquisition Corp II
Financial Services
|
Reduced | 1,640,733 | $17,883,989 | 0.88% | |
| USA |
Liberty All Star Equity Fund
Financial Services
|
Added | 3,116,511 | $17,296,636 | 0.85% | |
| BHK |
Blackrock Core Bond Trust
Financial Services
|
Reduced | 1,879,578 | $17,216,934 | 0.85% | |
| ETO |
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund
Financial Services
|
Added | 645,796 | $17,210,463 | 0.84% | |
| CHW |
Calamos Global Dynamic Income Fund
Financial Services
|
Added | 2,191,419 | $15,909,701 | 0.78% | |
| WPAC |
White Pearl Acquisition Corp.
Financial Services
|
NEW | 1,602,595 | $15,801,586 | 0.78% | |
| COPL |
Copley Acquisition Corp
Financial Services
|
Reduced | 1,526,827 | $15,756,854 | 0.77% | |
| PCQ |
Pimco California Municipal Income Fund
Financial Services
|
Added | 1,778,933 | $15,263,245 | 0.75% | |
| GTERA |
Globa Terra Acquisition Corp
Financial Services
|
Added | 1,470,687 | $15,015,714 | 0.74% | |
| CHAR |
Charlton Aria Acquisition Corp
Financial Services
|
Reduced | 1,418,110 | $15,003,603 | 0.74% | |
| ETW |
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund
Financial Services
|
Reduced | 1,625,403 | $14,271,038 | 0.70% | |
| KFII |
K&F Growth Acquisition Corp. II
Financial Services
|
Reduced | 1,317,137 | $13,737,738 | 0.67% | |
| BOE |
BlackRock Enhanced Global Dividend Trust
Financial Services
|
Reduced | 1,211,742 | $13,280,692 | 0.65% | |
| MIN |
Mfs Intermediate Income Trust
Financial Services
|
Added | 5,275,910 | $13,242,534 | 0.65% | |
| LKSP |
Lake Superior Acquisition Corp
Financial Services
|
Reduced | 1,284,033 | $12,904,531 | 0.63% | |
| SSAC |
SPACSphere Acquisition Corp.
Financial Services
|
NEW | 1,217,210 | $12,050,379 | 0.59% | |
| CHEC |
Chenghe Acquisition III Co.
Financial Services
|
Added | 1,188,550 | $11,980,584 | 0.59% | |
| LPAA |
Launch One Acquisition Corp.
Financial Services
|
Reduced | 1,085,250 | $11,623,027 | 0.57% | |
| APXT |
Apex Treasury Corp
Financial Services
|
NEW | 1,163,557 | $11,565,756 | 0.57% | |
| CUB |
Lionheart Holdings
Financial Services
|
Reduced | 1,031,975 | $11,104,051 | 0.55% | |
| VNME |
Vendome Acquisition Corp I
Financial Services
|
Added | 1,085,053 | $10,937,334 | 0.54% |