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Karpus Management, Inc.
Karpus Management, Inc. (doing business as Karpus Investment Management) is an independent investment advisory and asset management firm headquartered in Pittsford, New York. Founded in 1986, the firm manages assets primarily for individuals, retirement plans, corporations, and other institutions. It is registered with the SEC and employs a team of investment professionals and support staff to serve its clients' portfolio management and advisory needs.
Investment Strategy
Karpus Management, Inc. specializes in managed portfolios for individual and institutional clients, with a primary focus on closed-end fund strategies. The firm employs a research-driven, value-oriented approach, seeking to capitalize on inefficiencies and mispricings within closed-end funds and other investment vehicles. They emphasize individualized portfolio construction, risk management, and maximizing after-tax returns for their clients.
Latest 13F Filing Activity
Karpus Management, Inc. filed their most recent 13F report on Jun 30, 2025 disclosing 188 equity positions with a total 13F market value of $3B. The fund increased holdings in Vanguard BD Index FD Inc. Long Term Bond, Angel Oak Financial Strategies Income Term Trust, Quartzsea Acq Crp; TNT Acq Dt: 6/18/2026; Cash: $10.00 among other positions. Karpus Management, Inc. reduced exposure to Nuveen Amt-fr QLTY Muni Inc., Nuveen NY Amt Free Mun Income Com, Nuveen Quality Municipal Income Fund among others.
Top Holdings
Equity Positions (188)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
V VOO | VANGUARD INDEX FDS S&P 500 ETF SH | 8.37% | $259.6M | 457,002 | $381.97 | $568.03 | +$22.3M |
N NRK | NUVEEN NY AMT FREE MUN INCOME COM | 4.63% | $143.6M | 14,487,996 | $11.34 | $9.91 | -$41.2M |
M MHD | BLACKROCK MUNIHOLDINGS FUND INC | 2.59% | $80.5M | 7,184,055 | $11.86 | $11.20 | -$7.0M |
I IVV | ISHARES CORE S&P500 ETF | 2.56% | $79.5M | 127,960 | $359.08 | $620.90 | +$733.2K |
B BTT | BLACKROCK 2030 MUNICIPAL TARGET TERM TRUST | 2.53% | $78.5M | 3,587,879 | $21.06 | $21.89 | +$14.6M |
Industry Allocation
Investment Team (3)
| Name | Role | Location | |
|---|---|---|---|
 | International Equity Analyst | Honeoye Falls, NY , United States | |
 | Investment Analyst | Rochester, NY , United States | |
 | Investment Analyst | Seneca Falls, NY , United States |
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