Sax Wealth Advisors LLC Acquires New Stake in Invesco QQQ

Sax Wealth Advisors LLC has made a significant investment by acquiring a new stake in Invesco QQQ (NASDAQ:QQQ - Free Report) during the fourth quarter. This information comes from the latest Form 13F filing submitted to the Securities & Exchange Commission. The institutional investor purchased a total of 12,355 shares of the exchange-traded fund, which is valued at approximately $6,316,000.

Other Institutional Investments

In addition to Sax Wealth Advisors, several other hedge funds have also adjusted their holdings in Invesco QQQ. For instance, International Assets Investment Management LLC remarkably increased its position in Invesco QQQ by a staggering 46,491.6% during the third quarter. Following this purchase, International Assets Investment Management now holds 32,586,150 shares valued at about $15,904,322,000, having acquired an additional 32,516,210 shares in the previous quarter.

Moreover, Ameriprise Financial Inc. raised its stake in Invesco QQQ by 7.3% in the second quarter. This increase brings Ameriprise Financial’s total to 4,966,637 shares, worth roughly $2,379,676,000, after acquiring another 338,494 shares in the last quarter. Toronto Dominion Bank also expanded its holdings by 13.0% during the third quarter, now owning 4,261,790 shares valued at $2,080,052,000 after gaining 488,815 additional shares.

Furthermore, Northwestern Mutual Wealth Management Co. slightly increased its position by 1.1% during the second quarter, with total holdings amounting to 3,199,214 shares, valued at $1,532,904,000 after acquiring 33,790 extra shares. Lastly, CHURCHILL MANAGEMENT Corp grew its stake in Invesco QQQ by 0.8% in the fourth quarter, with 1,840,025 shares valued at $940,676,000 after adding 13,772 shares.

Overall, institutional investors, including hedge funds, now own approximately 44.58% of the company's stock.

Performance of Invesco QQQ

The price performance of Invesco QQQ reveals it opened at $521.74 on Friday. The exchange-traded fund has experienced a 1-year low of $409.16 and a 1-year high of $539.15. Additionally, its 50-day simple moving average stands at $515.79, while the 200-day simple moving average is at $491.80.

Dividend Declaration by Invesco QQQ

Recently, Invesco QQQ announced a dividend that was paid on December 31. Shareholders who were on record on December 23 received a dividend of $0.8347. The ex-dividend date for this payout was also set for December 23.

Understanding Invesco QQQ

The PowerShares QQQ Trust, Series 1, issues securities referred to as Nasdaq-100 Index Tracking Stock. Its primary investment aim is to yield results that generally align with the price and yield performance of the Nasdaq-100 Index. This trust allows investors to purchase units of beneficial interest representing proportionate undivided interests in the trust's portfolio, which encompasses nearly all the securities—maintaining similar weightings—as those included in the Nasdaq-100 Index.

Final Thoughts

Considering the recent surge in interest from institutional investors and the overall performance metrics, Invesco QQQ showcases a potentially attractive investment opportunity. Users are encouraged to stay informed about market conditions and institutional holdings as they make investment decisions moving forward.

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