SCHEDULE 13D/A: Karpus Management Amends Nuveen New York AMT-Free Quality Municipal Income Fund Stake, Reports Net Sales
Beneficial Ownership Update
Karpus Management, Inc. has filed Amendment No. 10 to its Schedule 13D, updating its beneficial ownership in Nuveen New York AMT-Free Quality Municipal Income Fund to 20.77% after significant net sales of common shares.
Summary
- Karpus Management, Inc. (Karpus) filed Amendment No. 10 to its Schedule 13D, amending and supplementing its previous filings regarding its beneficial ownership in Nuveen New York AMT-Free Quality Municipal Income Fund (the "Issuer").
- As of the close of business on March 14, 2025, Karpus beneficially owned an aggregate of 18,115,686.11 Common Shares of the Issuer.
- This beneficial ownership represents approximately 20.77% of the Issuer's 87,235,304 total shares outstanding, based on data as of November 8, 2024.
- The aggregate purchase price for the 18,115,686.11 shares beneficially owned by Karpus is approximately $192,765,876.32, excluding brokerage commissions.
- Since the previous Schedule 13D filing on January 22, 2025, Karpus has engaged in numerous transactions, primarily sales of Common Stock, with a few minor purchases.
- The reported sales transactions occurred between January 21, 2025, and March 14, 2025, with prices per share ranging from $10.44 to $10.78.
Sentiment
Score: 4
Explanation: The sentiment is slightly negative due to the significant net sales of shares by a major beneficial owner, which could be interpreted as a lack of confidence or a strategic reduction in exposure. However, it's a routine filing for an ownership update, so not severely negative.
Negatives
- Karpus Management, a significant beneficial owner, has engaged in substantial net sales of the Issuer's common stock since January 22, 2025, indicating a reduction in their holding.
- The sales transactions occurred across various dates in January, February, and March 2025, at prices ranging from $10.44 to $10.78 per share, potentially signaling a less favorable outlook from this large investor.
Future Outlook
NA
Industry Context
This filing reflects an institutional investor's ongoing management of a significant stake in a closed-end municipal bond fund. Such adjustments in holdings are common as investment strategies evolve or market conditions change, and do not necessarily indicate a broader industry trend.
Stakeholder Impact
- Shareholders: The net selling activity by a large institutional investor like Karpus Management could put downward pressure on the share price or signal a less favorable outlook, potentially impacting other shareholders.
Key Dates
| Date | Description |
|---|---|
| 2023-11-07 | Original Schedule 13D filed by Karpus Management, Inc. |
| 2023-12-26 | Amendment No. 1 to Schedule 13D filed. |
| 2024-01-08 | Amendment No. 2 to Schedule 13D filed. |
| 2024-03-01 | Amendment No. 3 to Schedule 13D filed. |
| 2024-04-22 | Amendment No. 4 to Schedule 13D filed. |
| 2024-05-31 | Amendment No. 5 to Schedule 13D filed. |
| 2024-06-03 | Amendment No. 6 and Amendment No. 7 to Schedule 13D filed. |
| 2024-08-31 | Reporting period end date for Issuer's Form N-CSR, stating 87,235,304 shares outstanding. |
| 2024-10-04 | Amendment No. 8 to Schedule 13D filed. |
| 2024-11-08 | Date as of which the total number of Shares outstanding (87,235,304) was reported on Form N-CSR. |
| 2025-01-21 | First reported sale of Common Stock by Karpus Management since the previous amendment. |
| 2025-01-22 | Amendment No. 9 to Schedule 13D filed; also a date of a reported sale of Common Stock. |
| 2025-03-14 | Date of event which requires filing of this statement; also the date of the last reported sale of Common Stock by Karpus Management. |
| 2025-03-18 | Date of signing of the Schedule 13D Amendment No. 10. |
Keywords
Karpus Management, Nuveen New York AMT-Free Quality Municipal Income Fund, Schedule 13D, Beneficial Ownership, Common Shares, Investment Management, SEC Filing, Share Sales, Institutional Investor, Closed-End Fund
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