Bollard Group LLC has enhanced its investment in Invesco QQQ, increasing its holdings by 5.9% during the second quarter of 2023. According to the company’s latest Form 13F filing with the Securities and Exchange Commission, Bollard Group now owns 18,531 shares of the exchange-traded fund, valued at approximately $10.22 million at the end of the reporting period.
The filing reveals that Bollard Group acquired an additional 1,035 shares during the quarter. This move reflects a broader trend among institutional investors, with several hedge funds also adjusting their positions in Invesco QQQ, a fund known for tracking the performance of the NASDAQ-100 Index.
Significant Hedge Fund Activity
Among the notable changes, Kingstone Capital Partners Texas LLC dramatically increased its stake by 704,593.7% during the same quarter. The firm now holds 67,615,365 shares, with a total value of approximately $37.3 billion after purchasing an additional 67,605,770 shares.
JPMorgan Chase & Co. also expanded its position, growing its holdings by 42.4% to 4,895,265 shares, worth around $2.7 billion following the acquisition of 1,457,109 shares. Meanwhile, Northwestern Mutual Wealth Management Co. increased its stake by 0.7%, bringing its total to 3,223,327 shares, valued at approximately $1.78 billion.
Other firms, including Symphony Financial Ltd. Co., which acquired a new position valued at $1.236 billion, and Rockefeller Capital Management L.P., which boosted its stake by 6.3%, also contributed to the active trading environment surrounding Invesco QQQ. Rockefeller now owns 1,101,906 shares, worth around $611 million.
As a result of these transactions, institutional investors collectively own approximately 44.58% of Invesco QQQ’s stock, underscoring the fund’s appeal among large financial entities.
Market Performance and Dividend Announcement
Invesco QQQ opened at $625.48 on the most recent trading day and has experienced fluctuations over the past year, with a low of $402.39 and a high of $637.01. The fund’s fifty-day simple moving average is $611.54, while the two-hundred-day moving average stands at $576.73.
Invesco QQQ has also announced a quarterly dividend of $0.694, which was paid on October 31, 2023. This dividend will translate to an annualized yield of 0.4% for investors, marking an increase from the previous quarterly dividend of $0.59. The ex-dividend date for this payment was September 22, 2023.
Invesco QQQ, also known as PowerShares QQQ Trust, Series 1, serves as a unit investment trust that issues securities known as NASDAQ-100 Index Tracking Stock. Its primary investment objective is to mirror the price and yield performance of the NASDAQ-100 Index, providing investors with access to a diversified portfolio of major tech and non-tech companies.
As the trading landscape continues to evolve, investor interest in Invesco QQQ remains strong, driven by its performance and the strategic adjustments made by significant financial players.
