Karpus Management, Inc.
Long book
$3.21B
Q1 2026
Positions
231
Top-10 weight
35%
concentration
Last quarter
+7.6%
SPY +14.8%
Turnover
25%
of book per quarter
Strategy in plain words
auto-generated from filingsKarpus Management, Inc. is an institutional manager, specialised in financials (95% of the long book), running a $3.21B US long book across 231 positions.
The portfolio is moderately concentrated (top 10 ≈ 35% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: VANGUARD S&P 500 ETF, BLACKROCK MUNIHOLDINGS FUND, VANGUARD LONG-TERM BOND ETF, BLACKROCK 2030 MUNI TRGT TRM, VANGUARD SMALL-CAP ETF.
Over the last 9 quarters its long book ran on average 1.9pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+1.8%
Q2 2024
+4.9%
Q3 2024
-1.9%
Q4 2024
-0.2%
Q1 2025
+4.4%
Q2 2025
+4.4%
Q3 2025
+3.6%
Q4 2025
-1.2%
Q1 2026
+7.6%
Sector allocation
Financials 95%
Services media 3%
Technology 1%
Industrials 0%
Healthcare 0%
Other 0%
Consumer discretionary 0%
Long book by quarter
What does Karpus Management, own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| SCII SC II ACQUISITION CORP-CL A | Financials | 3.0M | $30.2M | 0.9% | New |
| DMAA DRUGS MADE IN AMERICA ACQUIS | Financials | 2.5M | $26.5M | 0.8% | -0.3% |
| DMII DRUGS MADE IN AMERICA ACQUIS | Financials | 2.6M | $25.9M | 0.8% | +127.2% |
| GPAT GP-ACT III ACQUISITION-A | Financials | 2.2M | $24.2M | 0.8% | -4.4% |
| QSEA QUARTZSEA ACQUISITION CORP | Financials | 2.3M | $23.4M | 0.7% | -0.3% |
| TAVI TAVIA ACQUISITION CORP | Financials | 2.2M | $23.0M | 0.7% | -0.8% |
| AIIA AI INFRASTRUCTURE AC-A | Financials | 2.1M | $20.7M | 0.6% | +66.4% |
| MKLY MCKINLEY ACQUISITION CO-CL A | Financials | 1.9M | $19.1M | 0.6% | +55.2% |
| ANSC AGRICULTURE & NATURAL SOLUTI | Financials | 1.7M | $18.8M | 0.6% | -1.4% |
| SIMA SIM ACQUISITION CORP I-A | Financials | 1.7M | $18.5M | 0.6% | -0.6% |
| RFAI RF ACQUISITION CORP II | Financials | 1.6M | $17.9M | 0.6% | -31.6% |
| WPAC WHITE PEARL ACQUISITION CO-A | Financials | 1.6M | $15.8M | 0.5% | New |
| COPL COPLEY ACQUISITION CORP-A | Financials | 1.5M | $15.7M | 0.5% | -0.5% |
| CHAR CHARLTON ARIA ACQUISITI-CL A | Financials | 1.4M | $15.0M | 0.5% | -0.4% |
| GTERA GLOBA TERRA ACQUISITION CO-A | Financials | 1.5M | $15.0M | 0.5% | +53.7% |
| WSTN WESTIN ACQUISITION CORP-A | Financials | 1.4M | $13.9M | 0.4% | New |
| KFII K&F GROWTH ACQUISITION COR-A | Financials | 1.3M | $13.7M | 0.4% | -0.8% |
| LKSP LAKE SUPERIOR ACQUISITI-CL A | Financials | 1.3M | $12.9M | 0.4% | -28.0% |
| SSAC SPACSPHERE ACQUISITION-CL A | Financials | 1.2M | $12.1M | 0.4% | New |
| CHEC CHENGHE ACQUISITION II-CL A | Financials | 1.2M | $12.0M | 0.4% | +49.3% |
| LPAA LAUNCH ONE ACQUISITION CORP | Financials | 1.1M | $11.6M | 0.4% | -2.7% |
| APXT APEX TREASURY CORP-CL A | Financials | 1.2M | $11.6M | 0.4% | New |
| CUB LIONHEART HOLDINGS - CL A | Financials | 1.0M | $11.1M | 0.3% | -4.2% |
| VNME VENDOME ACQUISITION CORP-A | Financials | 1.1M | $10.9M | 0.3% | +69.6% |
| MACI MELAR ACQUISITION CORP I-A | Services media | 988.5K | $10.6M | 0.3% | -13.7% |
| IPEX INFLECTION POINT ACQUISITION | Financials | 1.0M | $10.5M | 0.3% | -0.9% |
| EMIS EMMIS ACQUISITION CORP-CL A | Financials | 981.2K | $9.9M | 0.3% | +7.4% |
| GIW GIGCAPITAL8 CORP-A | Financials | 963.6K | $9.6M | 0.3% | +971.3% |
| ORIQ ORIGIN INVESTMENT CORP I | Financials | 875.7K | $8.9M | 0.3% | +6.9% |
| NMP NMP ACQUISITION CORP - A | Financials | 867.8K | $8.8M | 0.3% | +13.1% |
| OBA OXLEY BRIDGE ACQUISITIO-CL A | Financials | 862.0K | $8.7M | 0.3% | +12.5% |
| PGAC PANTAGES CAPITAL ACQUISITION | Financials | 831.5K | $8.7M | 0.3% | -1.6% |
| YHNA YHN ACQUISITION I LTD | Financials | 765.7K | $8.2M | 0.3% | -0.2% |
| CRAC CROWN RESERVE ACQUISITI-CL A | Financials | 807.3K | $8.1M | 0.3% | +13.1% |
| GIX GIGCAPITAL9 CORP-CL A | Financials | 815.3K | $8.0M | 0.3% | New |
| FSHP FLAG SHIP ACQUISITION CORP | Financials | 727.8K | $8.0M | 0.2% | -1.2% |
| KCHV KOCHAV DEFENSE ACQUISITION-A | Financials | 764.0K | $7.8M | 0.2% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 231 | $3.21B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR/ARESTATEMENT | Feb 17, 2026 | 214 | $3.26B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 100 | $489.0M | SEC ↗ | |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 204 | $3.16B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 199 | $3.10B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 202 | $3.09B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 205 | $3.38B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 220 | $3.60B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 230 | $3.55B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 13, 2024 | 239 | $3.47B | canonical | SEC ↗ |