Mason & Associates Dials Back COWG After Aggressive Buy
Key Points
Mason sold 161,704 shares of COWG; estimated transaction value of $5.67 million based on average closing prices for the quarter.
The position value declined by $5.91 million over the quarter, reflecting both trading activity and price movement.
The transaction represented a 1.1% shift in reportable assets under management (AUM).
Mason held 88,667 shares valued at $2.91 million at quarter-end.
The COWG stake now accounts for 0.5% of 13F AUM, placing it outside the fund's top five holdings.
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Pacer US Large Cap Cash Cows Growth Leaders ETF (NASDAQ:COWG) targets U.S. large-cap growth companies with strong free cash flow margins. On April 30, 2026, Mason & Associates Inc reported a sale of 161,704 shares of COWG, with the estimated transaction value at $5.67 million based on quarterly average pricing, in its SEC filing.
What happened
According to a filing with the Securities and Exchange Commission (SEC) dated April 30, 2026, Mason & Associates Inc reduced its position in Pacer US Large Cap Cash Cows Growth Leaders ETF by 161,704 shares. The estimated value of the shares sold was $5.67 million, calculated using the mean unadjusted close during the first quarter of 2026. The fund ended the period holding 88,667 shares worth $2.91 million. The net position change, including both trades and price movement, was a decrease of $5.91 million.
What else to know
- Following the sale, the COWG position represented 0.5% of Mason & Associates Inc’s reported U.S. equity AUM.
- Top holdings after the filing:
- NYSEMKT: IWB: $57,198,895 (11.1% of AUM)
- NYSEMKT: RECS: $39,231,478 (7.6% of AUM)
- NYSEMKT: DFUS: $33,998,592 (6.6% of AUM)
- NYSEMKT: AVDE: $22,299,763 (4.3% of AUM)
- NYSEMKT: HFXI: $21,386,676 (4.2% of AUM)
- As of April 29, 2026, COWG shares were priced at $35.82, up 13.1% over the past year, underperforming the S&P 500 by 15.3 percentage points.
- The prior quarter’s COWG stake was 1.7% of fund AUM.
- COWG offered an indicated dividend yield of 0.3% as of April 30, 2026.
ETF overview
| Metric | Value |
|---|---|
| Price (as of market close April 29, 2026) | $35.82 |
| AUM | $516,250,405 |
| Dividend Yield | 0.3% |
| 1-Year Total Return | 13.1% |
ETF snapshot
- Investment strategy targets U.S. large-cap growth companies within the Russell 1000 Index, emphasizing those with above-average free cash flow margins.
- Portfolio is composed of equity holdings screened for robust cash flow generation, resulting in a concentrated allocation toward leading growth businesses.
- Structured as an exchange-traded fund with a transparent, rules-based approach; expense ratio details are not provided in the current data.
Pacer US Large Cap Cash Cows Growth Leaders ETF is designed to provide exposure to U.S. large-cap companies that demonstrate strong growth characteristics and superior free cash flow margins. The fund employs a quantitative screening process to identify and invest in a select group of high-quality growth leaders within the Russell 1000 universe.
This ETF offers investors a focused approach to growth investing, seeking to combine the upside potential of leading large-cap equities with the financial discipline of strong cash flow generation. Its strategy-driven methodology aims to deliver competitive risk-adjusted returns for institutional and individual investors seeking targeted growth exposure.
What this transaction means for investors
In Q4 2025, Mason purchased 104,308 shares of Pacer US Large Cap Cash Cows Growth ETF (COWG). In the most recent quarter, Q1 2026, it sold 161,704 -- nearly two-thirds of its position. When a fund makes a sizable purchase and then quickly trims it, one wonders: What changed?
Mason still holds a meaningful position in COWG, but it dropped from No. 17 to No. 36 in its portfolio. That suggests not a rejection of the strategy, but a shift in how the firm wants to achieve it, perhaps moving away from all-in-one growth ETFs and toward a mix of individual stocks and more targeted funds.
While COWG focuses on U.S. large-cap companies with above-average free cash flow margins. It becomes a redundant holding in a portfolio that also includes broad index funds, targeted ETFs, and individual holdings in many of the same companies.
The takeaway is this: COWG may be a one-stop shop for exposure to profitable stocks. But for investors who already own broad ETFs or individual large-caps, it’s worth checking how much overlap you’re holding. Too much duplication can reduce diversification, which is the point of using ETFs in the first place.
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Pamela Kock has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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