Bridgewater Advisors Inc. has acquired a substantial position in the JPMorgan Municipal ETF (BATS:JMUB), purchasing 112,941 shares valued at approximately $5.57 million during the second quarter of 2023. This investment highlights the growing interest from large financial firms in municipal securities as part of their portfolio diversification strategies.
Several other major investors have also adjusted their holdings in the JPMorgan Municipal ETF. LPL Financial LLC increased its stake by 7.1% in the first quarter, bringing its total ownership to 2,847,971 shares, valued at around $142.4 million. The firm purchased an additional 188,645 shares during the last quarter.
In a similar move, Meeder Advisory Services Inc. entered the market with a new investment in the first quarter, acquiring shares worth about $126.6 million. Northwestern Mutual Wealth Management Co. also expanded its stake by 9.5%, now holding 2,199,520 shares valued at $110 million after an additional purchase of 190,891 shares.
Wealth Enhancement Advisory Services LLC significantly boosted its position by 42.9% in the second quarter, now owning 1,899,154 shares worth $94.04 million. Raymond James Financial Inc. increased its stake by 20.5% in the first quarter, accumulating 1,519,479 shares valued at approximately $76 million.
JPMorgan Municipal ETF Performance and Profile
As of Monday, the JPMorgan Municipal ETF stock opened at $50.66. The fund’s 50-day simple moving average stands at $50.31, while its 200-day simple moving average is $49.71. Over the past year, the stock has fluctuated between a low of $47.95 and a high of $51.31. The ETF currently has a market capitalization of $3.11 billion and a price-to-earnings ratio of 9.96, with a beta of 0.21, indicating lower volatility compared to the overall market.
The JPMorgan Municipal ETF, launched on October 29, 2018, primarily invests in investment-grade fixed income. The ETF is actively managed and comprises a diversified portfolio of various U.S. municipal securities.
For those interested in tracking the latest developments, Holdings Channel provides updates on hedge fund activities related to JMUB, including the latest 13F filings.
