Mcgowan Group Asset Management Lowers stake in First Trust Intrmdt Drtn Prfrd & Incm Fd (FPF)

First Trust Intrmdt Drtn Prfrd & Incm Fd (FPF) : Mcgowan Group Asset Management reduced its stake in First Trust Intrmdt Drtn Prfrd & Incm Fd by 15.55% during the most recent quarter end. The investment management company now holds a total of 966,847 shares of First Trust Intrmdt Drtn Prfrd & Incm Fd which is valued at $22,730,573 after selling 177,964 shares in First Trust Intrmdt Drtn Prfrd & Incm Fd , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.First Trust Intrmdt Drtn Prfrd & Incm Fd makes up approximately 5.55% of Mcgowan Group Asset Management’s portfolio.

Other Hedge Funds, Including , Two Sigma Securities sold out all of its stake in FPF during the most recent quarter. The investment firm sold 10,951 shares of FPF which is valued $257,458.Vident Investment Advisory reduced its stake in FPF by selling 56,480 shares or 43.75% in the most recent quarter. The Hedge Fund company now holds 72,624 shares of FPF which is valued at $1,707,390. First Trust Intrmdt Drtn Prfrd & Incm Fd makes up approx 0.23% of Vident Investment Advisory’s portfolio.Bb&t Securities reduced its stake in FPF by selling 7,949 shares or 9.87% in the most recent quarter. The Hedge Fund company now holds 72,594 shares of FPF which is valued at $1,706,685. First Trust Intrmdt Drtn Prfrd & Incm Fd makes up approx 0.03% of Bb&t Securities’s portfolio.

First Trust Intermediate Duration Preferred & Income Fund (the Fund) is a newly organized non-diversified closed-end management investment company. The Fund’s primary investment objective is to seek a high level of current income. The Fund has a secondary objective of capital appreciation. The Fund will invest at least 80% of its managed assets in a portfolio of preferred and other income-producing securities issued by United States and non-United States Companies. The Fund also will invest at least 25% of its Managed Assets in the group of industries that are part of the financials sector as classified under the Global Industry Classification Standards developed by MSCI Inc. and Standard & Poor’s. First Trust Advisors L.P. is the investment advisor and Stonebridge Advisors LLC is the Fund’s sub-advisor.

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