Latest Karpus Management, Inc. Stock Portfolio

$3.21Billion– No. of Holdings #231

Karpus Management, Inc. Performance:

2026 Q1: -1.58%YTD: -1.58%2025: 7.21%

Performance for 2026 Q1 is -1.58%, and YTD is -1.58%, and 2025 is 7.21%.

About Karpus Management, Inc. and 13F Hedge Fund Stock Holdings

Karpus Management, Inc. is a hedge fund based in United Kingdom. On 2026-05-14, the fund reported it's updated stock portfolio. In the 13F Holdings report, Karpus Management, Inc. reported an equity portfolio of $3.2 Billions as of 31 Mar, 2026.

The top stock holdings of Karpus Management, Inc. are VB, , BIV. The fund has invested 7.3% of it's portfolio in VANGUARD INDEX FDS S&P 500 ETF SH and 7% of portfolio in BLACKROCK MUNIHOLDINGS FUND INC.

The fund managers got completely rid off BLACKROCK MUNIVEST FUND, FOUR LEAF ACQ CRP; TNT ACQ DT: 3/17/2024; CASH: $10.30 (FORL) and PAYCHEX INC (PAYX) stocks. They significantly reduced their stock positions in AA MISSION ACQ CRP; TNT ACQ DT: 8/1/2026; CASH: $10.05, ISHARES LEHMAN 7-10YR TREAS (IJR) and VANGUARD SHORT-TERM TAX-EXEMPT BOND ETF (VFLQ). Karpus Management, Inc. opened new stock positions in SC ACQ CRP II; TNT ACQ DT: 5/25/2027; CASH: $10.00 and ISHARES LEHMAN 20-PLUS YR TREAS (IJR). The fund showed a lot of confidence in some stocks as they added substantially to LAFAYETTE ACQUISTION CORP, ISHARES CORE DIVIDEND GROWTH ETF (ACWF) and SPDR BLOOMBERG 1-3 MONTH T-BILL ETF (BIL).

Karpus Management, Inc. Equity Portfolio Value

Last Reported on: 14 May, 2026

Karpus Management, Inc. Annual Return Estimates Vs S&P 500

Our best estimate is that Karpus Management, Inc. made a return of -1.58% in the last quarter. In trailing 12 months, it's portfolio return was 6.06%.

Performance
S&P 500

New Buys

Ticker	$ Bought
sc acq crp ii; tnt acq dt: 5/25/2027; cash: $10.00	30,174,000
ishares lehman 20-plus yr treas	23,702,300
white pearl acq crp; tnt acq dt: 7/30/2027; cash: $10.00	15,801,600
westin acq crp; tnt acq dt: 5/4/2027; cash: $10.00	13,884,000
spacsphere acq crp; tnt acq dt: 5/5/2027; cash: $10.00	12,050,400
apex treausry acq crp; tnt acq dt: 10/28/2027; cash: $10.00	11,565,800
gigcapital9 acq crp; tnt acq dt: 1/27/2028; cash: $10.00	8,014,710
ishares s&p gssi natural res	7,998,350

New stocks bought by Karpus Management, Inc.

Additions

Ticker	% Inc.
lafayette acquistion corp	1,576
blackrock muniyield quality fund iii	1,410
gigcapital8 acq crp ; tnt acq dt: 10/6/2027; cash: $10.00	971
harvard ave acq crp; tnt acq dt: 4/30/2027; cash:$10.00	531
stonebridge acq crp ii; tnt acq dt: 4/3/2027; cash: $10.00	348
figx capital acq crp; tnt acq dt: 6/27/2027; cash: $10.00	290
blackrock muniyield quality	282
nuveen core equity alpha fund com	275

Additions to existing portfolio by Karpus Management, Inc.

Reductions

Ticker	% Reduced
aa mission acq crp; tnt acq dt: 8/1/2026; cash: $10.05	-99.65
ishares lehman 7-10yr treas	-94.29
srh total return fund inc	-89.31
vanguard short-term tax-exempt bond etf	-86.7
spdr ser tr nuvn br sht muni	-73.08
putnam muni opportunities	-60.61
vanguard growth etf	-53.67
armada acq crp ii; tnt acq dt: 5/16/2027; cash: $10.00	-52.64

Karpus Management, Inc. reduced stake in above stock

Sold off

Ticker	$ Sold
blackrock munivest fund	-57,872,100
blackrock municipal income trust	-49,684,500
blackrock mun inc trust ii	-51,130,400
blackrock muniholdings new york quality fund inc	-37,480,300
nuveen ny amt free mun income com	-35,685,700
blackrock new york municipal income trust	-16,765,100
keen vision acq crp; tnt acq dt: 4/25/2024; cash: $10.13	-14,387,400
blackrock muniyield fund, inc.	-8,558,300

Karpus Management, Inc. got rid off the above stocks

Sector Distribution

Karpus Management, Inc. has about 99.7% of it's holdings in Others sector.

Others

Sector	%
Others	99.7

Market Cap. Distribution

Karpus Management, Inc. has about 0% of it's portfolio invested in the large-cap and mega-cap stocks.

UNALLOCATED

Category	%
UNALLOCATED	99.7

Stocks belong to which Index?

About 0% of the stocks held by Karpus Management, Inc. either belong to S&P 500 or RUSSELL 2000 index.

Others

Index	%
Others	99.7

Top 5 Winners (%)		%
ACWV	ishares msci south korea ind	24.5 %
	taiwan fd inc com	22.8 %
ACWV	ishares brazil etf	19.1 %
	duff & phelps utility & inc	12.4 %
AFTY	pacer global cash cows dividend	11.5 %

Top 5 Winners ($)		$
VEU	vanguard ftse pacific etf	2.7 M
ACWV	ishares msci south korea ind	2.1 M
AFTY	pacer global cash cows dividend	1.9 M
ACWV	ishares brazil etf	1.6 M
VEU	vanguard intl equity index fd allwrld ex us	1.5 M

Top 5 Losers (%)		%
ORCL	oracle corp com	-24.5 %
MSFT	microsoft corp com	-23.5 %
DIS	disney walt co com disney	-15.3 %
LLY	lilly eli & co com	-14.4 %
	morgan stanley india invs fd com	-13.3 %

Top 5 Losers ($)		$
VB	vanguard index fds s&p 500 etf sh	-12.1 M
	blackrock muniholdings fund inc	-6.6 M
	neuberger berman next generation connectivity fund	-4.8 M
	calamos strat tot return fd	-3.4 M
IJR	ishares core s&p500 etf	-3.1 M

Karpus Management, Inc. Holdings Map

This heatmap illustrates the top 50 positions within the fund's portfolio.

Current Stock Holdings of Karpus Management, Inc.

Karpus Management, Inc. has 231 stocks in it's portfolio. About 35.5% of the portfolio is in top 10 stocks. VB proved to be the most loss making stock for the portfolio. VEU was the most profitable stock for Karpus Management, Inc. last quarter.

Last Reported on: 14 May, 2026

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
AAXJ	ishares tr msci acwi ex us	0.01	5,935	406,369	unchanged	0.00

ABBV	abbvie inc com	0.01	1,050	228,365	unchanged	0.00

ACWF	ishares tr core msci euro	1.08	492,537	34,610,600	added	0.92

ACWF	ishares core dividend growth etf	0.43	195,078	13,690,500	added	90.47

ACWV	ishares emu etf	0.55	280,297	17,557,800	added	33.46

ACWV	ishares msci cda etf	0.54	314,292	17,220,000	added	9.56

ACWV	ishares brazil etf	0.30	253,399	9,727,990	added	16.37

ACWV	ishares msci south korea ind	0.29	75,475	9,284,180	reduced	-15.28

AFTY	pacer global cash cows dividend	0.56	391,956	18,124,000	added	10.93

AMGN	amgen inc com	0.01	680	239,258	unchanged	0.00

AMPS	ishares msci denmark etf	0.26	78,755	8,244,470	added	1.6

BBAX	jpmorgan betabuilders japan etf	0.50	230,737	15,900,100	added	1.85

BIL	spdr ser tr nuvn br sht muni	0.16	107,350	5,134,530	reduced	-73.08

BIL	spdr bloomberg 1-3 month t-bill etf	0.03	11,240	1,030,030	added	78.7

BIV	vanguard bd index fd inc long term bond	4.23	1,970,330	135,519,000	added	0.29

BIV	vanguard bd index fd inc total bnd mrkt	0.80	349,587	25,743,600	reduced	-47.43

BIV	vanguard bd index fd inc short trm bond	0.14	59,395	4,657,160	reduced	-1.49

DIS	disney walt co com disney	0.01	2,215	213,482	unchanged	0.00

EMGF	ishares core msci emerging markets etf	0.01	6,326	441,239	reduced	-4.22

FORL	four leaf acq crp; tnt acq dt: 3/17/2024; cash: $10.30	0.00	0.00	0.00	sold off	-100