Vault-13

BENTLEY SYS INC BSY 0.125 01.15.26

NOTE 0.125% 1/1 · US DOMESTIC · CUSIP 08265TAB5

51 institutional holders -7 vs Q4 2024
17,847,81017.8m shares reported held*
$685.2mreported value*
7 new 13 added 17 reduced 12 sold out net bought ≈ $43.9m (-2.2m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $38.39.

Trends to Q1 2025

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 60Q4 22: 54Q1 23: 58Q2 23: 58Q3 23: 70Q4 23: 68Q1 24: 70Q2 24: 71Q3 24: 64Q4 24: 58Q1 25: 5151Q3 22Q1 23Q3 23Q1 24Q3 24Q1 25
Numbers
QuarterHolders
Q3 202260
Q4 202254
Q1 202358
Q2 202358
Q3 202370
Q4 202368
Q1 202470
Q2 202471
Q3 202464
Q4 202458
Q1 202551

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q2 23: 23 bought or addedQ2 23: 24 cut or sold outQ3 23: 29 bought or addedQ3 23: 24 cut or sold outQ3 23Q4 23: 30 bought or addedQ4 23: 21 cut or sold outQ1 24: 24 bought or addedQ1 24: 34 cut or sold outQ1 24Q2 24: 29 bought or addedQ2 24: 37 cut or sold outQ3 24: 22 bought or addedQ3 24: 31 cut or sold outQ3 24Q4 24: 20 bought or addedQ4 24: 28 cut or sold outQ1 25: 20 bought or addedQ1 25: 29 cut or sold outQ1 25
Numbers
QuarterBought or addedCut or sold out
Q2 20232324
Q3 20232924
Q4 20233021
Q1 20242434
Q2 20242937
Q3 20242231
Q4 20242028
Q1 20252029

Biggest buyers

DeepCurrents Investment Group LLC New +45,285,000+45.3m
TENOR CAPITAL MANAGEMENT Co., L.P. Added +36,635,000+36.6m
MILLENNIUM MANAGEMENT LLC Added +32,156,000+32.2m
VOYA INVESTMENT MANAGEMENT LLC Added +19,910,000+19.9m
HIGHBRIDGE CAPITAL MANAGEMENT LLC Added +14,700,000+14.7m
ADVENT CAPITAL MANAGEMENT /DE/ Added +13,260,000+13.3m
GOLDMAN SACHS GROUP INC New +6,195,000+6.2m
CITIGROUP INC Added +5,360,000+5.4m
NEW YORK STATE COMMON RETIREMENT FUND Added +3,059,000+3.1m
ROYAL BANK OF CANADA Added +2,604,000+2.6m

Biggest sellers

SHENKMAN CAPITAL MANAGEMENT INC Reduced -40,003,000-40.0m
Calamos Advisors LLC Reduced -27,143,000-27.1m
SOROS FUND MANAGEMENT LLC Reduced -13,000,000-13.0m
Union Bancaire Privee, UBP SA Reduced -7,880,000-7.9m
SUSQUEHANNA ADVISORS GROUP, INC. Reduced -7,850,000-7.8m
BlackRock, Inc. Reduced -7,530,000-7.5m
Opti Capital Management, LP Reduced -7,500,000-7.5m
CSS LLC/IL Sold out -3,096,000-3.1m
JANE STREET GROUP, LLC Sold out -2,815,000-2.8m
OAKTREE CAPITAL MANAGEMENT LP Sold out -2,500,000-2.5m

Holders, Q1 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 TENOR CAPITAL MANAGEMENT Co., L.P. 1.78% of their portfolio NEW YORK, NY 129,411,000129.4m $125.3m $125.3m 1.78% Added +36.6m +36,635,000
2 MILLENNIUM MANAGEMENT LLC 0.10% of their portfolio NEW YORK, NY 105,630,000105.6m $102.0m $102.0m 0.10% Added +32.2m +32,156,000
3 VOYA INVESTMENT MANAGEMENT LLC 0.03% of their portfolio ATLANTA, GA 55,660,00055.7m $53.9m $53.9m 0.03% Added +19.9m +19,910,000
4 HIGHBRIDGE CAPITAL MANAGEMENT LLC 2.32% of their portfolio NEW YORK, NY 54,246,00054.2m $52.5m $52.5m 2.32% Added +14.7m +14,700,000
5 DeepCurrents Investment Group LLC 1.52% of their portfolio NEW YORK, NY 45,285,00045.3m $43.9m $43.9m 1.52% New
6 ADVENT CAPITAL MANAGEMENT /DE/ 0.86% of their portfolio NEW YORK, NY 38,879,00038.9m $37.6m $37.6m 0.86% Added +13.3m +13,260,000
7 III Capital Management 8.12% of their portfolio BOCA RATON, FL 35,605,00035.6m $34.4m $34.4m 8.12% Unchanged
8 LMR Partners LLP 0.62% of their portfolio LONDON, X0 32,000,00032.0m $30.8m $30.8m 0.62% Added +2.0m +2,000,000
9 Opti Capital Management, LP 1.34% of their portfolio New York, NY 22,500,00022.5m $21.9m $21.9m 1.34% Reduced -7.5m -7,500,000
10 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 19,065,00019.1m $18.5m $18.5m 0.00% Reduced -1.8m -1,813,000
11 Calamos Advisors LLC 0.08% of their portfolio NAPERVILLE, IL 17,021,00017.0m $16.5m $16.5m 0.08% Reduced -27.1m -27,143,000
12 BlackRock, Inc. 0.00% of their portfolio New York, NY 16,831,00016.8m $16.2m $16.2m 0.00% Reduced -7.5m -7,530,000
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 14,161,00014.2m $13.7m $13.7m 0.00% Reduced -2.0m -2,000,000
14 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 10,122,00010.1m $9.8m $9.8m 0.00% Reduced -1.1m -1,150,000
15 SOROS FUND MANAGEMENT LLC 0.17% of their portfolio NEW YORK, NY 10,000,00010.0m $9.7m $9.7m 0.17% Reduced -13.0m -13,000,000
16 FMR LLC 0.00% of their portfolio BOSTON, MA 8,730,0008.7m $8.4m $8.4m 0.00% Unchanged
17 MacKay Shields LLC 0.25% of their portfolio New York, NY 8,106,0008.1m $7.8m $7.8m 0.25% Unchanged
18 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 7,525,0007.5m $7.2m $7.2m 0.00% Reduced -2.2m -2,210,000
19 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 7,343,0007.3m $7.1m $7.1m 0.00% Added +2.6m +2,604,000
20 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 7,000,0007.0m $6.8m $6.8m 0.01% Added +1.0m +1,000,000
21 NEW YORK STATE COMMON RETIREMENT FUND 0.01% of their portfolio ALBANY, NY 6,870,0006.9m $6.6m $6.6m 0.01% Added +3.1m +3,059,000
22 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 6,506,0006.5m $6.3m $6.3m 0.00% Added +5.4m +5,360,000
23 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.02% of their portfolio Paris, I0 6,300,0006.3m $6.1m $6.1m 0.02% Unchanged
24 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 6,195,0006.2m $6.0m $6.0m 0.00% New
25 PALISADE CAPITAL MANAGEMENT, LP 0.14% of their portfolio FORT LEE, NJ 5,175,0005.2m $5.0m $5.0m 0.14% Reduced -25.0k -25,000
26 EUBEL BRADY & SUTTMAN ASSET MANAGEMENT INC 0.63% of their portfolio Miamisburg, OH 5,000,0005.0m $4.8m $4.8m 0.63% Unchanged
27 OFI INVEST ASSET MANAGEMENT 0.11% of their portfolio ISSY LES MOULINEAUX, I0 4,600,0004.6m $4.1m $4.1m 0.11% Reduced -2.4m -2,400,000
28 SHENKMAN CAPITAL MANAGEMENT INC 0.34% of their portfolio NEW YORK, NY 3,420,0003.4m $3.3m $3.3m 0.34% Reduced -40.0m -40,003,000
29 Aequim Alternative Investments LP 0.10% of their portfolio MILL VALLEY, CA 2,500,0002.5m $2.4m $2.4m 0.10% Unchanged
30 Man Group plc 0.01% of their portfolio LONDON, X0 2,200,0002.2m $2.1m $2.1m 0.01% Reduced -2.0m -2,000,000
31 SUSQUEHANNA ADVISORS GROUP, INC. 0.13% of their portfolio BALA CYNWYD, PA 2,150,0002.1m $2.1m $2.1m 0.13% Reduced -7.8m -7,850,000
32 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 2,000,0002.0m $1.9m $1.9m 0.00% New
33 Union Bancaire Privee, UBP SA 0.03% of their portfolio GENEVA 1, V8 1,795,0001.8m $1.6m $1.6m 0.03% Reduced -7.9m -7,880,000
34 Quaero Capital S.A. 2.21% of their portfolio GENEVE, V8 1,600,0001.6m $1.6m $1.6m 2.21% Unchanged
35 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 1,222,4001.2m $1.2m $1.2m 0.00% Reduced -2.4m -2,445,000
36 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 1,115,0001.1m $1.1m $1.1m 0.00% New
37 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 750,000750.0k $726.6k $726.6k 0.00% New
38 SSI INVESTMENT MANAGEMENT LLC 0.05% of their portfolio Los Angeles, CA 723,000723.0k $695.9k $695.9k 0.05% Reduced -40.0k -40,000
39 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 574,000574.0k $555.3k $555.3k 0.00% Unchanged
40 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 329,000329.0k $318.6k $318.6k 0.00% Unchanged
41 KBC Group NV 0.00% of their portfolio Brussels, C9 200,000200.0k $194.0k $194.0k 0.00% Unchanged
42 Calamos Wealth Management LLC 0.01% of their portfolio NAPERVILLE, IL 151,000151.0k $146.2k $146.2k 0.01% Reduced -2.0k -2,000
43 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 142,000142.0k $137.5k $137.5k 0.00% Added +135.0k +135,000
44 Jefferies Financial Group Inc. 0.00% of their portfolio NEW YORK, NY 125,000125.0k $119.9k $119.9k 0.00% New
45 UBS Group AG 0.00% of their portfolio ZURICH, V8 91,00091.0k $87.6k $87.6k 0.00% Added +87.0k +87,000
46 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 75,00075.0k $72.2k $72.2k 0.00% Unchanged
47 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 14,20014.2k $1.4m $1.4m 0.00% Unchanged
48 LANARK FINANCIAL, INC. 0.00% of their portfolio BIRMINGHAM, AL 2,0002.0k $1.0k $1.0k 0.00% Added +2.0k +1,998
49 ODDO BHF ASSET MANAGEMENT SAS 0.03% of their portfolio PARIS, I0 810810 $784.7k $784.7k 0.03% Unchanged
50 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged
51 Erste Asset Management GmbH 0.00% of their portfolio VIENNA, C4 00 $0 $0 0.00% New