1y return+9.9%S&P 500 +20.9%
3y return+22.3%S&P 500 +68.5%
5y return+9.3%S&P 500 +74.5%
10y return+52.2%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $152 against $357 in the S&P 500.2
Karpus Management, Inc.S&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| VOOVanguard Index Fds S&p 500 Etf Sh | $251.7M | 7.2% | −6.7% |
| MHDBlackrock Muniholdings Fund Inc | $235.8M | 6.8% | −1.1% |
| BLVVanguard Bd Index Fd Inc Long Term Bond | $147.0M | 4.2% | +8.2% |
| BTTBlackrock 2030 Municipal Target Term Trust | $105.6M | 3.0% | −1.0% |
| VBVanguard Index Fds Small Cp Etf | $96.9M | 2.8% | |
| MYNBlackrock Muniyield New York Quality Fund Inc | $80.6M | 2.3% | −2.7% |
| VWOVanguard Intl Equity Index Fd Ftse Emr Mkt Etf | $77.3M | 2.2% | −2.1% |
| VEUVanguard Intl Equity Index Fd Allwrld Ex Us | $76.4M | 2.2% | −6.6% |
| TLTISHARES LEHMAN 20plus YR TREAS | $76.3M | 2.2% | +222.9% |
| XWIAXWestern Asset Clym Infl Sec In Com Sh Ben Int | $70.3M | 2.0% | +3.6% |
| MYIBlackRock MuniYield Quality Fund III | $60.5M | 1.7% | −4.1% |
| IVVIshares Core S&p500 Etf | $60.4M | 1.7% | −11.2% |
| FINSAngel Oak Financial Strategies Income Term Trust | $59.6M | 1.7% | |
| MUCBlackrock Muniholdings California Quality Fund | $50.6M | 1.5% | −14.4% |
| NBXGNeuberger Berman Next Generation Connectivity Fund | $49.3M | 1.4% | −2.9% |
| VCRMVanguard Core Tax Exempt Bond Etf | $46.9M | 1.3% | +4.0% |
| XGDVXGabelli Divd & Income Tr Com | $42.5M | 1.2% | −3.7% |
| CSQCalamos Strat Tot Return Fd | $42.2M | 1.2% | +5.5% |
| QQQXNuveen Nas100 Dyn Overwrt Fd | $42.0M | 1.2% | −14.9% |
| BNDVanguard Bd Index Fd Inc Total Bnd Mrkt | $41.5M | 1.2% | +61.6% |
| AFBAlliance National Municipal Income Fund | $41.1M | 1.2% | +41.1% |
| VPLVanguard Ftse Pacific Etf | $39.0M | 1.1% | −8.4% |
| IEURIshares Tr Core Msci Euro | $36.2M | 1.0% | −2.3% |
| BSTBlackrock Science & Tech Tr | $32.4M | 0.9% | +13.6% |
| IEFIshares Lehman 7-10yr Treas | $31.4M | 0.9% | +1118.7% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| VOOVanguard Index Fds S&p 500 Etf Sh | June 30, 2020 | +142.3% | $251.7M |
| IVVIshares Core S&p500 Etf | June 30, 2020 | +141.8% | $60.4M |
| VTIVanguard Index Fds Total Stk Mkt | June 30, 2020 | +136.4% | $25.4M |
| VBVanguard Index Fds Small Cp Etf | June 30, 2020 | +108.0% | $96.9M |
| VPLVanguard Ftse Pacific Etf | June 30, 2020 | +81.8% | $39.0M |
| VGKVanguard Intl Equity Index Fd Ftse Europe Etf | June 30, 2020 | +75.9% | $25.1M |
| VEUVanguard Intl Equity Index Fd Allwrld Ex Us | June 30, 2020 | +75.9% | $76.4M |
| XGDVXGabelli Divd & Income Tr Com | June 30, 2020 | +67.0% | $42.5M |
| CHWCalamos Global Dynamic Income Fund | December 31, 2023 | +54.4% | $21.9M |
| VWOVanguard Intl Equity Index Fd Ftse Emr Mkt Etf | June 30, 2020 | +50.7% | $77.3M |
Sold off last quarter
- Gp-act III Acq Crp; Tnt Acq Dt: 5/10/2026; Cash: $10.00CUSIP G4035N103 was $24.2M
- Legato Acq Crp Iii; Tnt Acq Dt: 2/08/2026; Cash: $10.00CUSIP G5451A103 was $23.5M
- Sim Acq Crp; Tnt Acq Dt8/30/2024 7/12/2026; Cash $10.00CUSIP G8431T101 was $18.5M
- Launch One Acp Crp; Tnt Acq Dt: 7/12/2026; Cash: $10.00CUSIP G5S86M100 was $11.6M
- Lionheart Holdings Acq Crp; Tnt Acq Dt: 6/18/2026; Cash $10.00CUSIP G5501C109 was $11.1M
- IGEIshares S&p Gssi Natural Res was $8.0M
- Flag Ship Acq Crp; Tnt Acq Dt: 6/18/2025; Cash $10.00CUSIP G3530C109 was $8.0M
- ETGEaton Vance Tax-adv Global Div Income Fund was $7.8M
- Rising Dragon Acquisition CorpCUSIP G7576K107 was $7.7M
- Voyager Acq Crp; Tnt Acq Dt: 8/9/2026; Cash: $10.05CUSIP G93A7H104 was $7.1M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +7.0% | +14.8% |
| March 31, 2026 | −1.8% | −4.6% |
| December 31, 2025 | +0.8% | +2.4% |
| September 30, 2025 | +3.8% | +7.8% |
| June 30, 2025 | +3.1% | +10.5% |
| March 31, 2025 | −0.6% | −4.6% |
| December 31, 2024 | −3.1% | +2.1% |
| September 30, 2024 | +4.1% | +5.4% |
| June 30, 2024 | +1.6% | +4.0% |
| March 31, 2024 | +3.5% | +10.0% |
| December 31, 2023 | +9.3% | +11.2% |
| September 30, 2023 | −6.4% | −3.6% |
| June 30, 2023 | +0.6% | +8.3% |
| March 31, 2023 | +3.3% | +7.0% |
| December 31, 2022 | +3.8% | +7.1% |
| September 30, 2022 | −4.5% | −5.3% |
| June 30, 2022 | −8.9% | −16.5% |
| March 31, 2022 | −5.7% | −4.9% |
| December 31, 2021 | +2.1% | +10.7% |
| September 30, 2021 | −1.0% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Karpus Management, Inc. Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1048703&type=13F-HR&dateb=&owner=include&count=40CIK 1048703
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1048703/000107261326000683/Filed August 14, 2026 · accession 0001072613-26-000683