Southland Equity Partners Trims Stake in California Municipal Bond ETF

The investment firm reduced its position in the First Trust California Municipal High Income ETF by nearly 20% in Q4 2025.

Mar. 28, 2026 at 11:04am

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Southland Equity Partners LLC has decreased its stake in the First Trust California Municipal High Income ETF (NASDAQ:FCAL) by 19.6% in the fourth quarter, according to a recent regulatory filing. The fund now owns 43,439 shares of the financial services provider's stock, valued at $2.14 million as of the end of 2025.

Why it matters

This move by Southland Equity Partners reflects broader trends in the municipal bond market, as investors navigate rising interest rates and economic uncertainty. The reduction in their FCAL position could signal a shift in their investment strategy or outlook on the California municipal bond sector.

The details

Southland Equity Partners sold 10,598 shares of the First Trust California Municipal High Income ETF during the fourth quarter. The ETF provides exposure to high-yield municipal bonds issued in California. Other major investors in FCAL include Jane Street Group LLC and Guggenheim Capital LLC, both of which increased their positions in the fund last year.

  • Southland Equity Partners reduced its FCAL stake in the fourth quarter of 2025.
  • The filing reflects the fund's holdings as of the end of 2025.

The players

Southland Equity Partners LLC

An investment management firm that has reduced its position in the First Trust California Municipal High Income ETF.

First Trust California Municipal High Income ETF

An exchange-traded fund that provides exposure to high-yield municipal bonds issued in California.

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The takeaway

This move by Southland Equity Partners reflects broader uncertainty in the municipal bond market, as investors weigh the impact of rising interest rates and economic conditions on California's municipal debt. The reduction in their FCAL position could signal a shift in investment strategy or a more cautious outlook on the California municipal bond sector.