Karpus Management, Inc.
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 19 quarters, returned +4.5% per quarter — versus +2.7% per quarter from simply owning every 13F stock. It beat that baseline in only 57.9% of quarters (excess t = 0.67, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 231 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| VOO | $235M | | NEW |
| MHD | $226M | | NEW |
| BLV | $136M | | NEW |
| BTT | $106M | | NEW |
| VB | $84M | | NEW |
| MYN | $78M | | NEW |
| VEU | $73M | | NEW |
| VWO | $71M | | NEW |
| XWIAX | $67M | | NEW |
| FINS | $60M | | NEW |
| MYI | $60M | | NEW |
| IVV | $59M | | NEW |
| MUC | $56M | | NEW |
| VCRM | $44M | | NEW |
| QQQX | $44M | | NEW |
| XGDVX | $40M | | NEW |
| NBXG | $39M | | NEW |
| VPL | $36M | | NEW |
| IEUR | $35M | | NEW |
| CSQ | $33M | | NEW |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.