Westwood Holdings Group Inc. has reduced its stake in the Invesco QQQ (NASDAQ: QQQ) by 5.3% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), the firm now holds 35,625 shares of the exchange-traded fund, following the sale of 1,984 shares in the period. The value of Westwood’s holdings in Invesco QQQ stood at approximately $19,652,000 at the end of the quarter.
Other hedge funds have also made notable adjustments to their positions in Invesco QQQ. Kingstone Capital Partners Texas LLC significantly increased its stake by an impressive 704,593.7% during the same quarter. The firm now possesses 67,615,365 shares, valued at around $37.3 billion, after acquiring an additional 67,605,770 shares.
Goldman Sachs Group Inc. also expanded its holdings during the first quarter, raising its position in Invesco QQQ by 959.6%. The investment giant now owns 24,097,975 shares, worth approximately $11.3 billion, after adding 21,823,765 shares to its portfolio during that period.
Additionally, Mullooly Asset Management Inc. entered the scene with a new position in Invesco QQQ valued at $2,775,904,000 during the first quarter. Northwestern Mutual Wealth Management Co. boosted its stake by 1.7%, now holding 3,201,107 shares worth about $1.5 billion. Commonwealth Equity Services LLC also increased its position by 2.3%, owning 2,480,244 shares now valued at approximately $1.16 billion.
As it stands, hedge funds and other institutional investors currently own 44.58% of Invesco QQQ’s stock.
Invesco QQQ Trading Performance
On the trading front, Invesco QQQ shares opened at $608.86 on the latest trading day. Over the past year, the stock has experienced fluctuations, with a 12-month low of $402.39 and a 12-month high of $637.01. The fund’s 50-day moving average is currently $605.86, while the 200-day moving average stands at $565.19.
Overview of Invesco QQQ
Invesco QQQ is part of the PowerShares QQQ Trust, Series 1, which is a unit investment trust that issues securities known as Nasdaq-100 Index Tracking Stock. The Trust aims to provide investment results that closely mirror the performance of the Nasdaq-100 Index. It offers investors a chance to acquire units that represent undivided interests in the portfolio of securities held by the Trust, which predominantly includes all the securities in the Nasdaq-100 Index with similar weighting.
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