Vault-13

BENTLEY SYS INC BSY 0.125 01.15.26

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

48 institutional holders -3 vs Q1 2025
19,526,81019.5m shares reported held*
$675.0mreported value*
6 new 19 added 8 reduced 9 sold out net sold ≈ $27.6m (+1.7m 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 ≈ $34.57.

Trends to Q2 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: 51Q2 25: 4848Q3 22Q2 23Q1 24Q4 24Q2 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
Q2 202548

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 23: 29 bought or addedQ3 23: 24 cut or sold outQ4 23: 30 bought or addedQ4 23: 21 cut or sold outQ4 23Q1 24: 24 bought or addedQ1 24: 34 cut or sold outQ2 24: 29 bought or addedQ2 24: 37 cut or sold outQ2 24Q3 24: 22 bought or addedQ3 24: 31 cut or sold outQ4 24: 20 bought or addedQ4 24: 28 cut or sold outQ4 24Q1 25: 20 bought or addedQ1 25: 29 cut or sold outQ2 25: 25 bought or addedQ2 25: 17 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20232924
Q4 20233021
Q1 20242434
Q2 20242937
Q3 20242231
Q4 20242028
Q1 20252029
Q2 20252517

Biggest buyers

Balyasny Asset Management L.P. New +40,500,000+40.5m
SUSQUEHANNA ADVISORS GROUP, INC. Added +15,350,000+15.3m
Jain Global LLC New +15,000,000+15.0m
LAZARD ASSET MANAGEMENT LLC New +12,534,000+12.5m
TENOR CAPITAL MANAGEMENT Co., L.P. Added +9,125,000+9.1m
UBS Group AG Added +6,288,000+6.3m
Jefferies Financial Group Inc. Added +5,663,000+5.7m
DeepCurrents Investment Group LLC Added +5,500,000+5.5m
HIGHBRIDGE CAPITAL MANAGEMENT LLC Added +5,000,000+5.0m
BANK OF AMERICA CORP /DE/ Added +3,809,000+3.8m

Biggest sellers

VOYA INVESTMENT MANAGEMENT LLC Sold out -55,660,000-55.7m
III Capital Management Sold out -35,605,000-35.6m
Opti Capital Management, LP Sold out -22,500,000-22.5m
BlackRock, Inc. Reduced -10,300,000-10.3m
SOROS FUND MANAGEMENT LLC Sold out -10,000,000-10.0m
MILLENNIUM MANAGEMENT LLC Reduced -6,156,000-6.2m
CITIGROUP INC Reduced -2,535,000-2.5m
STATE STREET CORP Reduced -2,400,000-2.4m
TORONTO DOMINION BANK Sold out -2,000,000-2.0m
FMR LLC Reduced -1,118,000-1.1m

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 TENOR CAPITAL MANAGEMENT Co., L.P. 1.86% of their portfolio NEW YORK, NY 138,536,000138.5m $138.0m $138.0m 1.86% Added +9.1m +9,125,000
2 MILLENNIUM MANAGEMENT LLC 0.09% of their portfolio NEW YORK, NY 99,474,00099.5m $98.9m $98.9m 0.09% Reduced -6.2m -6,156,000
3 HIGHBRIDGE CAPITAL MANAGEMENT LLC 3.04% of their portfolio NEW YORK, NY 59,246,00059.2m $58.8m $58.8m 3.04% Added +5.0m +5,000,000
4 DeepCurrents Investment Group LLC 1.85% of their portfolio NEW YORK, NY 50,785,00050.8m $50.7m $50.7m 1.85% Added +5.5m +5,500,000
5 ADVENT CAPITAL MANAGEMENT /DE/ 0.90% of their portfolio NEW YORK, NY 41,079,00041.1m $41.0m $41.0m 0.90% Added +2.2m +2,200,000
6 Balyasny Asset Management L.P. 0.09% of their portfolio Chicago, IL 40,500,00040.5m $40.3m $40.3m 0.09% New
7 LMR Partners LLP 0.49% of their portfolio LONDON, X0 32,000,00032.0m $31.8m $31.8m 0.49% Unchanged
8 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 20,754,00020.8m $20.6m $20.6m 0.00% Added +1.7m +1,689,000
9 SUSQUEHANNA ADVISORS GROUP, INC. 0.01% of their portfolio BALA CYNWYD, PA 17,500,00017.5m $173.7k $173.7k 0.01% Added +15.3m +15,350,000
10 Calamos Advisors LLC 0.07% of their portfolio NAPERVILLE, IL 16,398,00016.4m $16.3m $16.3m 0.07% Reduced -623.0k -623,000
11 Jain Global LLC 0.23% of their portfolio NEW YORK, NY 15,000,00015.0m $14.9m $14.9m 0.23% New
12 LAZARD ASSET MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 12,534,00012.5m $12.5m $12.5m 0.02% New
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 11,761,00011.8m $11.6m $11.6m 0.00% Reduced -2.4m -2,400,000
14 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 10,122,00010.1m $10.0m $10.0m 0.00% Unchanged
15 NEW YORK STATE COMMON RETIREMENT FUND 0.01% of their portfolio ALBANY, NY 8,551,0008.6m $8.5m $8.5m 0.01% Added +1.7m +1,681,000
16 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 8,186,0008.2m $8.1m $8.1m 0.00% Added +843.0k +843,000
17 MacKay Shields LLC 0.26% of their portfolio New York, NY 8,106,0008.1m $8.1m $8.1m 0.26% Unchanged
18 FMR LLC 0.00% of their portfolio BOSTON, MA 7,612,0007.6m $7.6m $7.6m 0.00% Reduced -1.1m -1,118,000
19 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 7,531,0007.5m $7.5m $7.5m 0.00% Added +6.0k +6,000
20 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 7,000,0007.0m $6.9m $6.9m 0.01% Unchanged
21 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 6,862,0006.9m $6.8m $6.8m 0.00% Added +667.0k +667,000
22 BlackRock, Inc. 0.00% of their portfolio New York, NY 6,531,0006.5m $6.5m $6.5m 0.00% Reduced -10.3m -10,300,000
23 UBS Group AG 0.00% of their portfolio ZURICH, V8 6,379,0006.4m $6.3m $6.3m 0.00% Added +6.3m +6,288,000
24 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.02% of their portfolio Paris, I0 6,300,0006.3m $6.2m $6.2m 0.02% Unchanged
25 SHENKMAN CAPITAL MANAGEMENT INC 0.64% of their portfolio NEW YORK, NY 6,096,0006.1m $6.4m $6.4m 0.64% Added +2.7m +2,676,000
26 Jefferies Financial Group Inc. 0.10% of their portfolio NEW YORK, NY 5,788,0005.8m $5.8m $5.8m 0.10% Added +5.7m +5,663,000
27 PALISADE CAPITAL MANAGEMENT, LP 0.15% of their portfolio FORT LEE, NJ 5,175,0005.2m $5.1m $5.1m 0.15% Unchanged
28 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 5,031,4005.0m $5.0m $5.0m 0.00% Added +3.8m +3,809,000
29 EUBEL BRADY & SUTTMAN ASSET MANAGEMENT INC 0.63% of their portfolio Miamisburg, OH 5,000,0005.0m $5.0m $5.0m 0.63% Unchanged
30 Aequim Alternative Investments LP 0.16% of their portfolio MILL VALLEY, CA 5,000,0005.0m $5.0m $5.0m 0.16% Added +2.5m +2,500,000
31 OFI INVEST ASSET MANAGEMENT 0.10% of their portfolio ISSY LES MOULINEAUX, I0 4,600,0004.6m $3.9m $3.9m 0.10% Unchanged
32 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 3,971,0004.0m $3.9m $3.9m 0.00% Reduced -2.5m -2,535,000
33 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 3,204,0003.2m $3.2m $3.2m 0.00% New
34 Union Bancaire Privee, UBP SA 0.03% of their portfolio GENEVA 1, V8 2,245,0002.2m $1.9m $1.9m 0.03% Added +450.0k +450,000
35 Man Group plc 0.00% of their portfolio LONDON, X0 2,200,0002.2m $2.2m $2.2m 0.00% Unchanged
36 Quaero Capital S.A. 2.48% of their portfolio GENEVE, V8 2,000,0002.0m $2.0m $2.0m 2.48% Added +400.0k +400,000
37 Erste Asset Management GmbH 0.02% of their portfolio VIENNA, C4 1,900,0001.9m $1.9m $1.9m 0.02% Added +1.9m +1,900,000
38 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio Toronto, A6 1,000,0001.0m $990.6k $990.6k 0.00% New
39 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 750,000750.0k $744.1k $744.1k 0.00% Unchanged
40 SSI INVESTMENT MANAGEMENT LLC 0.05% of their portfolio Los Angeles, CA 703,000703.0k $697.4k $697.4k 0.05% Reduced -20.0k -20,000
41 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 554,000554.0k $552.3k $552.3k 0.00% Reduced -20.0k -20,000
42 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 329,000329.0k $326.4k $326.4k 0.00% Unchanged
43 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 304,000304.0k $301.6k $301.6k 0.00% Added +162.0k +162,000
44 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 75,00075.0k $74.4k $74.4k 0.00% Unchanged
45 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 14,20014.2k $1.4m $1.4m 0.01% Unchanged
46 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 6,0006.0k $6.0k $6.0k 0.00% New
47 ODDO BHF ASSET MANAGEMENT SAS 0.03% of their portfolio PARIS, I0 810810 $804.1k $804.1k 0.03% Unchanged
48 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged