Q1 Portfolio Rebalancing
Rareview Capital Actively Adjusts Portfolio in Q1 with New Stakes and Significant Reductions
Key Points
FAX accounts for about 2.2% of Rareview Capital LLC’s portfolio, indicating the new stake adds meaningful exposure to abrdn Asia-Pacific Income Fund without becoming a top holding.
The BlackRock MuniHoldings Fund (MHD) stake rose to 606,318 shares (up 207,695) and amounts to roughly 4% of Rareview’s portfolio; the stock opened at $11.90, with a 12-month range of $10.92–$12.05 and 50-/200-day averages near $11.70–$11.72.
Rareview sold 192,599 shares of Inv Vk Mun Tr (VKQ) during the quarter, leaving 96,145 shares worth about $880,000 (0.17% of Rareview’s portfolio).
AllianceBernstein National Municipal Income Fund (AFB) became a new Rareview position with 420,224 shares valued at roughly $4.33 million, representing about 2.5% of the portfolio.
Rareview increased its Morgan Stanley Emerging Markets Domestic Debt Fund (EDD) stake to 958,773 shares (up 242,712), about 2.9% of the portfolio, with a value near $4.91 million.
Rareview Capital LLC made a series of bold portfolio moves in the first quarter, adding new funds, boosting existing stakes, and cutting one position sharply. The most notable addition was a brand-new stake in AllianceBernstein National Municipal Income Fund (AFB) — 420,224 shares worth roughly $4.33 million, according to Ticker Report.
The firm also poured more money into BlackRock MuniHoldings Fund (MHD), buying 207,695 additional shares and pushing its total to 606,318 shares — about 4% of its entire portfolio. At the same time, it slashed its stake in Invesco Value Municipal Trust (VKQ) by 66.7%, selling 192,599 shares and leaving just 96,145 shares worth around $880,000, per Watchlist News.
New Positions Signal a Push Into Municipal Bonds
Rareview opened two fresh positions this quarter. It bought 420,224 shares of AllianceBernstein National Municipal Income Fund (AFB), valued at about $4.33 million and representing 2.5% of its portfolio, according to Ticker Report. It also picked up 76,836 shares of BlackRock Taxable Municipal Bond Trust (BBN), worth roughly $1.24 million.
A third new position came in BlackRock MuniYield Quality Fund (MQY), which became Rareview's 7th-largest holding after the firm bought 443,717 shares. These moves show a clear lean toward tax-advantaged municipal bond funds — debt issued by state and local governments that often pays interest free from federal taxes.
Emerging Markets Debt and Asia-Pacific Income Get Bigger Bets
Rareview raised its stake in Morgan Stanley Emerging Markets Domestic Debt Fund (EDD) by 33.9%, adding 242,712 shares and bringing its total to 958,773 shares. That holding is now worth about $4.91 million and sits as the firm's 8th-largest position, according to Watchlist News.
The firm also boosted its position in abrdn Asia-Pacific Income Fund (FAX) by 33.3%, reaching 240,034 shares and making it the 13th-largest holding. FAX now accounts for about 2.2% of Rareview's portfolio. Rounding out its new activity, the firm bought 307,199 shares of BlackRock Corporate High Yield Fund (HYT) worth approximately $2.62 million, per Watchlist News.
One Sharp Cut: Rareview Dumps Most of Its VKQ Stake
Not every move was a buy. Rareview sold 192,599 shares of Invesco Value Municipal Trust (VKQ) during the quarter — a 66.7% reduction in its position. What remains is just 96,145 shares worth about $880,000, now equal to only 0.17% of the firm's total portfolio, according to Watchlist News.
The VKQ cut stands out against Rareview's otherwise bullish tone this quarter. The firm raised or opened positions in at least seven other funds. The VKQ sale may reflect a shift away from certain muni trusts in favor of ones with higher yield or better market conditions.
MHD Becomes a Core Holding as Rareview Doubles Down
BlackRock MuniHoldings Fund (MHD) is now one of Rareview's biggest bets. The firm added 207,695 shares this quarter, pushing its total to 606,318 shares — about 4% of its full portfolio. MHD opened the period at $11.90 per share, within a 12-month range of $10.92 to $12.05, with 50- and 200-day moving averages both near $11.71, per Ticker Report.
The MHD increase of 52.1% was one of the quarter's largest percentage gains in Rareview's existing positions. Rareview also added to its Brookfield Real Assets Income Fund (RA) stake by 21.1%, bringing that holding to 253,193 shares. Taken together, these moves show a firm actively reshaping its book — not just tinkering at the edges, according to Ticker Report.
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