Latest Karpus Management, Inc. Stock Portfolio

Karpus Management, Inc. Performance:

2025 Q4: 1.17%YTD: 7.21%2024: 5.49%

Performance for 2025 Q4 is 1.17%, and YTD is 7.21%, and 2024 is 5.49%.

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

Karpus Management, Inc. is a hedge fund based in United Kingdom. On 2026-02-17, the fund reported it's updated stock portfolio. In the 13F Holdings report, Karpus Management, Inc. reported an equity portfolio of $3.3 Billions as of 31 Dec, 2025.

The top stock holdings of Karpus Management, Inc. are VB, BIV, . The fund has invested 8.1% of it's portfolio in VANGUARD INDEX FDS S&P 500 ETF SH and 4.2% of portfolio in VANGUARD BD INDEX FD INC LONG TERM BOND.

The fund managers got completely rid off IB ACQ CRP; TNT ACQ DT: 9/26/2025; CASH: $10.05 stocks. They significantly reduced their stock positions in ABERDEEN TOTAL DYNAMIC DIVID, SPDR SER TR NUVN BR SHT MUNI (BIL) and FINANCIAL SELECT SECTOR SPDR (XLB). Karpus Management, Inc. opened new stock positions in LAKE SUPERIOR ACQ CRP; TNT ACQ DT: 4/7/2027; CASH: $10.00, PAYCHEX INC (PAYX) and AMGEN INC COM (AMGN). The fund showed a lot of confidence in some stocks as they added substantially to BLACKROCK MUNIHOLDINGS QUALITY FUND II INC, ISHARES MSCI DENMARK ETF (AMPS) and VANGUARD BD INDEX FD INC TOTAL BND MRKT (BIV).

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

Our best estimate is that Karpus Management, Inc. made a return of 1.17% in the last quarter. In trailing 12 months, it's portfolio return was 7.21%.

Performance
S&P 500

New Buys

Ticker	$ Bought
lake superior acq crp; tnt acq dt: 4/7/2027; cash: $10.00	17,681,000
ai infrastructure acq crp; tnt acq dt: 4/3/2027; cash: $10.00	12,344,700
mckinley acq crp; tnt acq dt: 8/12/2027; cash: $10.00	12,231,000
liberty all-star equity fund	11,495,600
drugs made in america acq crp ii; tnt acq dt: 9/25/2027; cash: $10.00	11,321,900
emmis acq crp; tnt acq dt: 3/25/2027; cash: $10.00	9,074,390
chenghe acq crp iii; tnt acq dt: 3/16/2027; cash: $10.00	7,934,620
blackrock muniyield quality	7,727,080

New stocks bought by Karpus Management, Inc.

Additions

Ticker	% Inc.
blackrock muniholdings quality fund ii inc	3,196
silver pegasus acq crp; tnt acq dt: 1/15/2027; cash: $10.00	3,136
calamos strat tot return fd	781
blackrock muniyield quality fund iii	566
kochav defense acq crp; tnt acq dt: 11/28/2026; cash: $10.00	564
blackrock income tr inc com	538
indigo acq crp; tnt acq dt: 03/30/2027; cash: $10.00	527
globa terra acq crp; tnt acq dt: 10/08/2026; cash: $10.00	522

Additions to existing portfolio by Karpus Management, Inc.

Reductions

Ticker	% Reduced
aberdeen total dynamic divid	-98.8
aimei acq crp; tnt acq dt: 12/02/2024; cash: $10.10	-92.39
columbus acq crp; tnt acq dt: 1/22/2026; cash: $10.00	-84.91
oak woods acq crp; tnt acq dt: 3/24/2024; cash: $10.175	-78.04
aberdeen emerging markets equity income fund inc	-74.71
dt cloud star acq crp; tnt acq dt: 10/25/2025; cash: $10.05	-72.14
nuveen ny amt free mun income com	-59.34
spdr ser tr nuvn br sht muni	-55.55

Karpus Management, Inc. reduced stake in above stock

Sold off

Ticker	$ Sold
ib acq crp; tnt acq dt: 9/26/2025; cash: $10.05	-27,246,000
crane harbor acq crp; tnt ac dt: 4/24/2027; cash: $10.00	-18,386,400
gigcapital 7 acq crp; tnt acq dt: 05/29/2026; cash: $10.00	-17,968,000
texas ventures acq crp iii; tnt acq dt: 10/23/2026; cash: $10.05	-15,761,900
voya glbl eqty div & prem opp com	-4,869,730
pimco new york municipal ii	-3,673,050
invesco municipal trust	-4,773,550
western asset managed munici	-4,523,530

Karpus Management, Inc. got rid off the above stocks

Sector Distribution

Karpus Management, Inc. has about 99.6% of it's holdings in Others sector.

Sector	%
Others	99.6

Market Cap. Distribution

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

Category	%
UNALLOCATED	99.6

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.

Index	%
Others	99.6

Top 5 Winners (%)		%
XLB	financial select sector spdr	77.6 %
LLY	lilly eli & co com	40.9 %
ACWV	ishares msci south korea ind	21.2 %
	eaton vance tax-adv global div opp fund	10.0 %
	eaton vance tax-adv global div income fund	7.8 %

Top 5 Winners ($)		$
XLB	financial select sector spdr	16.6 M
VB	vanguard index fds s&p 500 etf sh	6.4 M
VEU	vanguard intl equity index fd allwrld ex us	1.8 M
IJR	ishares core s&p500 etf	1.8 M
	nuveen nas100 dyn overwrt fd	1.8 M

Top 5 Losers (%)		%
ORCL	oracle corp com	-30.7 %
HD	home depot inc com	-15.1 %
	kkr income opportunities fund	-7.5 %
MSFT	microsoft corp com	-6.6 %
	neuberger berman next generation connectivity fund	-6.0 %

Top 5 Losers ($)		$
	neuberger berman next generation connectivity fund	-2.9 M
BIV	vanguard bd index fd inc long term bond	-2.4 M
	blackrock muniholdings california quality fund	-1.3 M
	western asset clym infl sec in com sh ben int	-1.2 M
	eaton vance mun bd fd com	-1.0 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 214 stocks in it's portfolio. About 31.9% of the portfolio is in top 10 stocks. proved to be the most loss making stock for the portfolio. XLB was the most profitable stock for Karpus Management, Inc. last quarter.

Last Reported on: 17 Feb, 2026

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
AAXJ	ishares tr msci acwi ex us	0.01	5,935	398,417	reduced	-0.05

ABBV	abbvie inc com	0.01	1,050	239,915	unchanged	0.00

ACWF	ishares tr core msci euro	1.06	488,052	34,642,000	added	0.67

ACWF	ishares core dividend growth etf	0.22	102,418	7,109,860	added	5.58

ACWV	ishares msci cda etf	0.48	286,858	15,470,200	added	6.43

ACWV	ishares emu etf	0.41	210,019	13,462,200	added	8.65

ACWV	ishares msci south korea ind	0.27	89,087	8,661,040	reduced	-1.79

ACWV	ishares brazil etf	0.21	217,760	6,918,240	added	0.25

AFTY	pacer global cash cows dividend	0.45	353,352	14,565,200	added	5.02

AMGN	amgen inc com	0.01	680	222,571	new

AMPS	ishares msci denmark etf	0.27	77,516	8,873,270	added	42.04

BBAX	jpmorgan betabuilders japan etf	0.46	226,543	14,931,400	reduced	-1.37

BIL	spdr ser tr nuvn br sht muni	0.59	398,706	19,133,900	reduced	-55.55

BIL	spdr bloomberg 1-3 month t-bill etf	0.02	6,290	574,780	unchanged	0.00

BIV	vanguard bd index fd inc long term bond	4.20	1,964,670	136,584,000	added	20.87

BIV	vanguard bd index fd inc total bnd mrkt	1.51	665,035	49,259,100	added	32.5

BIV	vanguard bd index fd inc short trm bond	0.15	60,295	4,751,850	added	0.96

DIS	disney walt co com disney	0.01	2,215	252,001	unchanged	0.00

EMGF	ishares core msci emerging markets etf	0.01	6,605	443,988	reduced	-2.8

FORL	four leaf acq crp; tnt acq dt: 3/17/2024; cash: $10.30	0.03	73,238	843,702	unchanged	0.00