Avantax Advisory Services Inc. recently made a significant strategic move in the financial markets, notably increasing its investment in the Western Asset Intermediate Muni Fund Inc. This calculated decision, detailed in its latest disclosure with the Securities and Exchange Commission (SEC Filings), saw the firm boost its holdings by 1.3% during the first quarter, adding a substantial 1,957 shares to its portfolio.
This particular institutional holding by Avantax Advisory Services Inc. now totals an impressive 157,567 shares, valued at $1,229,000 as of the close of the most recent reporting period. The increased stake underscores Avantax’s confidence in the Western Asset Intermediate Muni Fund, a key player in the fund management landscape, especially within the municipal bond sector.
Beyond Avantax, several other prominent institutional investors and hedge funds have also been actively adjusting their positions in Western Asset Intermediate Muni Fund. HighTower Advisors LLC, for instance, dramatically lifted its stake by 82.7% in the fourth quarter, accumulating 22,615 shares valued at $175,000 through the acquisition of an additional 10,240 shares.
Similarly, Wells Fargo & Company MN demonstrated its continued interest by increasing its holdings by 8.3% during the fourth quarter, now owning 44,824 shares worth $347,000. These adjustments by major players highlight a broader trend of shifting institutional holdings and strategic investment in the municipal bond market.
New entrants to the fund’s investor roster include Invesco Ltd., which established a new position valued at approximately $603,000 in the fourth quarter, and Raymond James Financial Inc., which also acquired a new stake worth about $1,313,000 during the same period. This influx of new capital from diverse firms points to a growing attraction to the Western Asset Intermediate Muni Fund’s offerings.
Further emphasizing this trend, Carson Advisory Inc. significantly grew its holdings by a remarkable 95.5% in the fourth quarter, now commanding 174,753 shares valued at $1,353,000. Such substantial increases by multiple advisory firms provide a strong indicator for those conducting financial analysis of the Muni Bonds market.
Regarding its market performance, the Western Asset Intermediate Muni Fund Inc. closed at $7.62 on a recent Friday. The fund has maintained a 50-day simple moving average of $7.55 and a 200-day simple moving average of $7.65, demonstrating a relatively stable price trajectory within its 1-year low of $7.30 and a 1-year high of $8.29.
The Western Asset Intermediate Muni Fund Inc. itself is a closed-ended fixed-income mutual fund, expertly launched and managed by Legg Mason Partners Fund Advisor, LLC, with co-management provided by Western Asset Management Company. Its primary objective is to invest in the fixed-income markets of the United States, specifically targeting securities that offer income exempt from federal income tax, making it a compelling option for certain investment strategies focused on tax-efficient returns.
