Stegent Portfolio Adjustments
Stegent Equity Advisors Trims Stakes in AbbVie and ETFs Amidst Q1 Portfolio Rebalancing
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Key Points
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In FIW, several other hedge funds moved in during Q2, expanding or initiating positions: Jane Street Group LLC opened a new FIW stake (about $1.26 million); Ausdal Financial Partners increased to 10,976 shares (≈$1.19 million); Bank of America Corp DE added 22,581 shares to reach 469,117 shares (≈$50.66 million); Modern Wealth Management LLC opened a new position (≈$4.68 million); and B. Riley Wealth Advisors Inc. took on a new stake (≈$228,000).
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ABBV represents about 1.4% of Stegent Equity Advisors' portfolio and is its 23rd largest holding after Stegent cut its stake by 29.1% to 7,750 shares (worth ≈$1.69 million).
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ABBV pays a quarterly dividend of $1.73 per share, with the payout scheduled for August 14 to shareholders of record as of July 15 (ex-dividend date July 15).
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ABBV pipeline and recent clinical/news developments highlighted this week include Phase 3 data for venetoclax-based CLL at the EHA 2026 Congress, Epkinly meeting its primary endpoint in a Phase 3 trial with Genmab, plus AbbVie’s acquisition of Apogee Therapeutics and EU approval signals for Aquipta.
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RDVY remains a sizable position for Stegent: 53,133 shares, about 3.1% of the portfolio, valued at roughly $3.63 million, making it Stegent’s 7th largest holding.
Stegent Equity Advisors Inc. slashed its position in the First Trust Water ETF (FIW) by 72.1% in the first quarter of 2026, cutting its stake to just 10,193 shares worth about $1.05 million, according to Fintel. The Houston-based advisory firm also trimmed its AbbVie (ABBV) stake by 29.1%, leaving 7,750 shares valued at roughly $1.69 million — now the firm's 23rd largest holding at just 1.4% of its portfolio.
The moves reflect a pattern of selective rebalancing rather than a broad exit. Stegent also cut its First Trust Rising Dividend Achievers ETF (RDVY) stake by 12.6%, leaving 53,133 shares worth about $3.63 million — still its 7th largest holding at 3.1% of the portfolio, per Quiver Quantitative.
Other Institutions Rush Into FIW as Stegent Steps Back
While Stegent was selling, bigger players were buying. Bank of America Corp DE added 22,581 FIW shares in Q2, pushing its total to 469,117 shares worth roughly $50.66 million, according to Fintel. Jane Street Group LLC opened a brand-new FIW position worth about $1.26 million. Modern Wealth Management LLC also started a fresh stake, valued at approximately $4.68 million.
Smaller buyers joined in too. Ausdal Financial Partners grew its position to 10,976 shares worth about $1.19 million. B. Riley Wealth Advisors Inc. initiated a new stake worth roughly $228,000. The First Trust Water ETF holds roughly $1.86 billion in net assets across 36 holdings, per First Trust.
Essex LLC Also Cuts AbbVie While Clinical News Heats Up
Stegent was not alone in trimming AbbVie. Essex LLC sold 2,394 ABBV shares, cutting its stake to just 3,233 shares worth about $703,000, according to Fintel. The selloff came even as AbbVie delivered a string of positive clinical results. At the European Hematology Association Congress in June, the company presented nine-year data from the CLL14 trial for venetoclax-based treatment. AbbVie VP Daejin Abidoye said the results "affirm venetoclax's enduring safety and efficacy."
On June 29, AbbVie and partner Genmab reported that Epkinly met its primary endpoint in the Phase 3 EPCORE DLBCL-4 trial. The drug cut the risk of disease progression or death by 60%, according to Endpoints News. Analysts at Jefferies and William Blair said the result addresses earlier concerns about monotherapy setbacks and could lead to a label expansion by 2027.
AbbVie's $10.9 Billion Apogee Bet Signals Post-Humira Push
AbbVie announced on June 22 it would acquire Apogee Therapeutics for roughly $10.9 billion — $135.11 per share in an all-cash deal — according to PR Newswire. The target company's lead drug, zumilokibart, targets atopic dermatitis. Analysts at Seeking Alpha called the move a bid to "widen an already dominant moat," noting the 49% premium signals AbbVie's drive to own next-generation IL-13 inhibitors. The deal is expected to close in Q3 2026.
The European Commission also approved AbbVie's migraine drug Aquipta for acute treatment in adults on June 2. AbbVie Chief Scientific Officer Roopal Thakkar said the drug offers "fast and lasting relief" for patients in Europe. AbbVie shareholders can also look forward to a $1.73 quarterly dividend, with an ex-dividend date of July 15 and payment set for August 14, per NASDAQ.
RDVY's Strong Run May Explain Stegent's Profit-Taking
The 12.6% trim in RDVY may be straightforward profit-taking. The First Trust Rising Dividend Achievers ETF posted a one-year return of 26.4%, according to Morningstar. Even after the cut, Stegent holds 53,133 shares worth $3.63 million — keeping RDVY firmly in its top-10 holdings. Morningstar noted the ETF still carries a high "Parent Pillar" rating, suggesting the underlying fund quality has not changed.
Across all three trimmed positions — ABBV, FIW, and RDVY — Stegent's moves look like disciplined rebalancing after strong price runs, not a loss of conviction. Meanwhile, large institutions stepping into the same assets suggest the underlying holdings remain in demand. The contrast highlights how the same security can draw sellers and buyers at the same time depending on portfolio strategy.
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