Stonehage Fleming Reduces Holdings in California Muni Bond ETF

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Stonehage Fleming Financial Services Holdings Ltd, a large institutional investor, reduced its holdings in the iShares California Muni Bond ETF (CMF) by 38% during the fourth quarter of 2025. The firm sold 38,178 shares, leaving it with 62,258 shares worth $3.6 million at the end of the reporting period.

Why it matters

This reduction in holdings by a major investor signals potential shifts in the municipal bond market, particularly for California-focused funds. Stonehage Fleming's move could indicate broader trends or concerns about the California municipal bond landscape that investors should monitor.

The details

According to a filing with the SEC, Stonehage Fleming sold 38,178 shares of the iShares California Muni Bond ETF during Q4 2025, reducing its total position to 62,258 shares. The ETF tracks the investment-grade segment of the California municipal bond market, with a focus on transportation and utility companies.

• Stonehage Fleming reported the holdings reduction in a 13F filing for Q4 2025, which was published on March 27, 2026.
• The firm's position in the iShares California Muni Bond ETF stood at 62,258 shares at the end of Q4 2025.