Cetera Investment Advisers has decreased its stake in the First Trust Senior Floating Rate Income Fund II (NYSE:FCT) by 10.0%, according to a recent Form 13F filing with the Securities and Exchange Commission. The firm now holds 44,370 shares after selling 4,922 shares during the first quarter of 2023. The value of these holdings amounts to approximately $450,000.
Several other institutional investors have also adjusted their positions in the First Trust fund. Notably, SeaCrest Wealth Management LLC increased its stake by 6.6%, acquiring an additional 1,128 shares to reach a total of 18,280 shares, valued at $185,000. Meanwhile, Invesco Ltd. raised its holdings by 0.7% in the previous quarter, now owning 380,667 shares worth $3,940,000 after adding 2,560 shares.
In a significant move, NBC Securities Inc. has dramatically increased its holdings by 140,400.0%, now owning 2,810 shares worth $28,000 following the acquisition of 2,808 shares. Additionally, Envestnet Asset Management Inc. raised its stake by 10.6%, bringing its total to 30,238 shares valued at $313,000. Cullen Frost Bankers Inc. also boosted its position by 30.0%, owning 13,000 shares valued at $132,000 after acquiring an additional 3,000 shares in the same quarter.
Market Performance and Fund Overview
As of the latest trading session, shares of the First Trust Senior Floating Rate Income Fund II opened at $10.06. The fund has demonstrated stability, with a 50-day simple moving average of $10.06 and a 200-day simple moving average of $10.04. Over the past year, the fund has fluctuated between a low of $8.61 and a high of $10.93.
The First Trust Senior Floating Rate Income Fund II is a closed-end fixed income mutual fund managed by First Trust Advisors L.P.. The fund primarily invests in the U.S. fixed income markets, focusing on a portfolio of senior secured floating rate corporate loans. Its performance is benchmarked against the S&P/LSTA Leveraged Loan Index, providing investors with a measure of its effectiveness in managing floating rate assets.
With institutional investors actively adjusting their stakes, the dynamics of the First Trust Senior Floating Rate Income Fund II highlight ongoing interest in floating rate strategies amid varying market conditions. Investors are keen to monitor how these changes may impact future fund performance and overall market trends.
