Vault-13

BENTLEY SYS INC BSY 0.125 01.15.26

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

47 institutional holders -1 vs Q2 2025
8,133,1778.1m shares reported held*
$651.1mreported value*
5 new 15 added 19 reduced 4 sold out net sold ≈ $20.3m (-11.4m 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 ≈ $80.05.

Trends to Q3 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: 48Q3 25: 4747Q3 22Q2 23Q1 24Q4 24Q3 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
Q3 202547

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q4 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 25Q2 25: 25 bought or addedQ2 25: 17 cut or sold outQ3 25: 20 bought or addedQ3 25: 23 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 20233021
Q1 20242434
Q2 20242937
Q3 20242231
Q4 20242028
Q1 20252029
Q2 20252517
Q3 20252023

Biggest buyers

Daiwa Securities Group Inc. New +25,000,000+25.0m
JPMORGAN CHASE & CO Added +16,514,000+16.5m
Balyasny Asset Management L.P. Added +15,000,000+15.0m
Jain Global LLC Added +7,891,000+7.9m
SHENKMAN CAPITAL MANAGEMENT INC Added +7,645,000+7.6m
MANUFACTURERS LIFE INSURANCE COMPANY, THE Added +6,000,000+6.0m
Aequim Alternative Investments LP Added +5,000,000+5.0m
BARCLAYS PLC Added +4,565,000+4.6m
RWC Asset Management LLP New +4,497,000+4.5m
Jefferies Financial Group Inc. Added +1,811,000+1.8m

Biggest sellers

MILLENNIUM MANAGEMENT LLC Reduced -22,710,000-22.7m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -15,058,000-15.1m
HIGHBRIDGE CAPITAL MANAGEMENT LLC Reduced -14,687,000-14.7m
LAZARD ASSET MANAGEMENT LLC Reduced -8,177,000-8.2m
FMR LLC Sold out -7,612,000-7.6m
SUSQUEHANNA ADVISORS GROUP, INC. Reduced -7,246,000-7.2m
GOLDMAN SACHS GROUP INC Sold out -6,862,000-6.9m
DeepCurrents Investment Group LLC Reduced -6,451,000-6.5m
UBS Group AG Reduced -6,375,000-6.4m
WELLINGTON MANAGEMENT GROUP LLP Reduced -5,982,000-6.0m

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 TENOR CAPITAL MANAGEMENT Co., L.P. 1.78% of their portfolio NEW YORK, NY 137,036,000137.0m $135.6m $135.6m 1.78% Reduced -1.5m -1,500,000
2 MILLENNIUM MANAGEMENT LLC 0.06% of their portfolio NEW YORK, NY 76,764,00076.8m $75.7m $75.7m 0.06% Reduced -22.7m -22,710,000
3 Balyasny Asset Management L.P. 0.11% of their portfolio Chicago, IL 55,500,00055.5m $54.8m $54.8m 0.11% Added +15.0m +15,000,000
4 HIGHBRIDGE CAPITAL MANAGEMENT LLC 2.23% of their portfolio NEW YORK, NY 44,559,00044.6m $44.0m $44.0m 2.23% Reduced -14.7m -14,687,000
5 DeepCurrents Investment Group LLC 1.43% of their portfolio NEW YORK, NY 44,334,00044.3m $43.7m $43.7m 1.43% Reduced -6.5m -6,451,000
6 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 37,268,00037.3m $36.8m $36.8m 0.00% Added +16.5m +16,514,000
7 LMR Partners LLP 0.39% of their portfolio LONDON, X0 30,600,00030.6m $30.1m $30.1m 0.39% Reduced -1.4m -1,400,000
8 ADVENT CAPITAL MANAGEMENT /DE/ 0.58% of their portfolio NEW YORK, NY 26,021,00026.0m $25.7m $25.7m 0.58% Reduced -15.1m -15,058,000
9 Daiwa Securities Group Inc. 0.08% of their portfolio CHIYODA-KU,TOKYO, M0 25,000,00025.0m $24.7m $24.7m 0.08% New
10 Jain Global LLC 0.29% of their portfolio NEW YORK, NY 22,891,00022.9m $22.6m $22.6m 0.29% Added +7.9m +7,891,000
11 Calamos Advisors LLC 0.07% of their portfolio NAPERVILLE, IL 16,398,00016.4m $16.2m $16.2m 0.07% Unchanged
12 SHENKMAN CAPITAL MANAGEMENT INC 1.36% of their portfolio NEW YORK, NY 13,741,00013.7m $13.9m $13.9m 1.36% Added +7.6m +7,645,000
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 13,461,00013.5m $13.2m $13.2m 0.00% Added +1.7m +1,700,000
14 SUSQUEHANNA ADVISORS GROUP, INC. 0.00% of their portfolio BALA CYNWYD, PA 10,254,00010.3m $100.9k $100.9k 0.00% Reduced -7.2m -7,246,000
15 Aequim Alternative Investments LP 0.22% of their portfolio MILL VALLEY, CA 10,000,00010.0m $9.9m $9.9m 0.22% Added +5.0m +5,000,000
16 Jefferies Financial Group Inc. 0.07% of their portfolio NEW YORK, NY 7,599,0007.6m $7.6m $7.6m 0.07% Added +1.8m +1,811,000
17 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 7,500,0007.5m $7.4m $7.4m 0.01% Added +500.0k +500,000
18 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.01% of their portfolio Toronto, A6 7,000,0007.0m $6.9m $6.9m 0.01% Added +6.0m +6,000,000
19 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 6,841,0006.8m $6.7m $6.7m 0.00% Reduced -690.0k -690,000
20 BlackRock, Inc. 0.00% of their portfolio New York, NY 5,531,0005.5m $5.5m $5.5m 0.00% Reduced -1.0m -1,000,000
21 PALISADE CAPITAL MANAGEMENT, LP 0.14% of their portfolio FORT LEE, NJ 5,175,0005.2m $5.1m $5.1m 0.14% Unchanged
22 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 5,104,0005.1m $5.0m $5.0m 0.00% Reduced -3.1m -3,082,000
23 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 5,000,0005.0m $4.9m $4.9m 0.00% Added +1.0m +1,029,000
24 EUBEL BRADY & SUTTMAN ASSET MANAGEMENT INC 0.57% of their portfolio Miamisburg, OH 5,000,0005.0m $4.9m $4.9m 0.57% Unchanged
25 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 4,869,0004.9m $4.8m $4.8m 0.00% Added +4.6m +4,565,000
26 MacKay Shields LLC 0.16% of their portfolio New York, NY 4,661,0004.7m $4.6m $4.6m 0.16% Reduced -3.4m -3,445,000
27 RWC Asset Management LLP 0.21% of their portfolio LONDON, X0 4,497,0004.5m $4.4m $4.4m 0.21% New
28 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 4,400,0004.4m $4.3m $4.3m 0.00% Added +1.2m +1,196,000
29 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 4,357,0004.4m $43.0k $43.0k 0.00% Reduced -8.2m -8,177,000
30 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 4,140,0004.1m $4.1m $4.1m 0.00% Reduced -6.0m -5,982,000
31 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 3,409,0003.4m $3.4m $3.4m 0.00% Reduced -5.1m -5,142,000
32 Union Bancaire Privee, UBP SA 0.03% of their portfolio GENEVA 1, V8 2,745,0002.7m $2.3m $2.3m 0.03% Added +500.0k +500,000
33 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.01% of their portfolio Paris, I0 2,300,0002.3m $2.2m $2.2m 0.01% Reduced -4.0m -4,000,000
34 Man Group plc 0.00% of their portfolio LONDON, X0 2,200,0002.2m $2.2m $2.2m 0.00% Unchanged
35 OFI INVEST ASSET MANAGEMENT 0.04% of their portfolio ISSY LES MOULINEAUX, I0 2,200,0002.2m $1.8m $1.8m 0.04% Reduced -2.4m -2,400,000
36 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 2,050,0002.0m $2.0m $2.0m 0.00% Added +1.3m +1,300,000
37 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 1,791,0001.8m $1.8m $1.8m 0.00% Added +1.5m +1,462,000
38 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 729,000729.0k $718.4k $718.4k 0.00% New
39 SSI INVESTMENT MANAGEMENT LLC 0.05% of their portfolio Los Angeles, CA 703,000703.0k $692.8k $692.8k 0.05% Unchanged
40 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 594,400594.4k $585.8k $585.8k 0.00% Reduced -4.4m -4,437,000
41 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 181,000181.0k $178.9k $178.9k 0.00% New
42 NOMURA HOLDINGS INC 0.03% of their portfolio TOKYO, M0 148,367148.4k $7.6m $7.6m 0.03% New
43 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 75,00075.0k $73.9k $73.9k 0.00% Unchanged
44 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 14,20014.2k $1.4m $1.4m 0.01% Unchanged
45 UBS Group AG 0.00% of their portfolio ZURICH, V8 4,0004.0k $3.9k $3.9k 0.00% Reduced -6.4m -6,375,000
46 ODDO BHF ASSET MANAGEMENT SAS 0.03% of their portfolio PARIS, I0 810810 $799.6k $799.6k 0.03% Unchanged
47 Erste Asset Management GmbH 0.00% of their portfolio VIENNA, C4 00 $0 $0 0.00% Reduced -1.9m -1,900,000