
Smith Chas P & Associates PA Cuts Stake in Invesco QQQ ETF to $43.49 Million
Smith Chas P & Associates PA, a respected firm in the financial services sector, recently made notable adjustments to its stock holdings in the Invesco QQQ ETF (NASDAQ: QQQ). According to a filing with the Securities and Exchange Commission (SEC), the firm reduced its position in the exchange-traded fund by 2.1% during the fourth quarter of 2024. This move followed the sale of 1,863 shares, leaving the firm with a total of 85,067 shares in QQQ.
As of the latest filing, Smith Chas P & Associates PA’s holdings in Invesco QQQ are valued at approximately $43.49 million. This makes QQQ the 13th largest position in the firm's portfolio, accounting for about 2.5% of their total assets. The firm’s adjustment aligns with broader market dynamics and reflects a shift in how institutional investors manage their portfolios amid market fluctuations.
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Invesco QQQ, which tracks the performance of the NASDAQ-100 Index, has been a key player in many institutional portfolios due to its exposure to major technology and growth companies. However, Smith Chas P & Associates PA is not alone in adjusting their stake in this popular ETF. Several other institutional investors have similarly modified their holdings of QQQ recently. For example, International Assets Investment Management LLC significantly increased its position in QQQ by over 46,000%, purchasing more than 32 million additional shares. Similarly, Granite Bay Wealth Management LLC made a major move, boosting its position by an impressive 6,215%, acquiring almost 895,000 shares in just one quarter.
On the flip side, other firms, such as Geneos Wealth Management Inc., also reduced their holdings in QQQ during the same period. Their cut of 8.8% saw the firm selling 5,855 shares, leaving them with 60,348 shares of the ETF, worth around $30.85 million. These actions reflect ongoing changes in investor sentiment, with some reducing their exposure to QQQ, while others are increasing their stakes, likely anticipating future gains.
Despite these movements, QQQ remains a significant player in the ETF space, offering broad exposure to top technology stocks. As of the most recent trading session, QQQ saw a slight dip, down by 0.6%, bringing its share price to $529.63. This price point remains close to the ETF’s 52-week high of $539.15, demonstrating the ongoing strength and popularity of the fund among institutional investors. However, the fund's short-term price fluctuations highlight the risks that come with holding large amounts of QQQ during periods of market volatility.
The Invesco QQQ ETF continues to be a primary investment tool for those seeking exposure to high-growth sectors, especially technology. As the firm Smith Chas P & Associates PA adjusts its position, the actions of other institutional investors will be key to watch in the coming quarters. These institutional moves give investors valuable insights into the sentiment surrounding QQQ and its future performance within broader market conditions.
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