Vault-13

BENTLEY SYS INC BSY 0.375 07.01.27

NOTE 0.375% 7/0 · US DOMESTIC · CUSIP 08265TAD1

58 institutional holders +2 vs Q4 2024
15,067,42715.1m shares reported held*
$541.8mreported value*
10 new 12 added 16 reduced 8 sold out net bought ≈ $47.9m (-8.4m 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 ≈ $35.96.

Trends to Q1 2025

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 56Q4 22: 58Q1 23: 62Q2 23: 63Q3 23: 58Q4 23: 57Q1 24: 63Q2 24: 67Q3 24: 61Q4 24: 56Q1 25: 5858Q3 22Q1 23Q3 23Q1 24Q3 24Q1 25
Numbers
QuarterHolders
Q3 202256
Q4 202258
Q1 202362
Q2 202363
Q3 202358
Q4 202357
Q1 202463
Q2 202467
Q3 202461
Q4 202456
Q1 202558

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q2 23: 22 bought or addedQ2 23: 25 cut or sold outQ3 23: 21 bought or addedQ3 23: 21 cut or sold outQ3 23Q4 23: 20 bought or addedQ4 23: 25 cut or sold outQ1 24: 29 bought or addedQ1 24: 17 cut or sold outQ1 24Q2 24: 32 bought or addedQ2 24: 31 cut or sold outQ3 24: 20 bought or addedQ3 24: 30 cut or sold outQ3 24Q4 24: 17 bought or addedQ4 24: 21 cut or sold outQ1 25: 22 bought or addedQ1 25: 24 cut or sold outQ1 25
Numbers
QuarterBought or addedCut or sold out
Q2 20232225
Q3 20232121
Q4 20232025
Q1 20242917
Q2 20243231
Q3 20242030
Q4 20241721
Q1 20252224

Biggest buyers

TENOR CAPITAL MANAGEMENT Co., L.P. Added +41,534,000+41.5m
VOYA INVESTMENT MANAGEMENT LLC Added +35,225,000+35.2m
Man Group plc Added +25,000,000+25.0m
UBS Group AG New +11,963,000+12.0m
Paloma Partners Management Co New +8,000,000+8.0m
Brevan Howard Capital Management LP New +7,500,000+7.5m
LAZARD ASSET MANAGEMENT LLC New +7,393,000+7.4m
WELLINGTON MANAGEMENT GROUP LLP New +6,878,000+6.9m
JANE STREET GROUP, LLC New +5,557,000+5.6m
ROYAL BANK OF CANADA Added +3,786,000+3.8m

Biggest sellers

SUSQUEHANNA ADVISORS GROUP, INC. Sold out -32,515,000-32.5m
MILLENNIUM MANAGEMENT LLC Reduced -22,950,000-22.9m
AQR Arbitrage LLC Reduced -13,500,000-13.5m
Amundi Reduced -9,724,000-9.7m
WOLVERINE ASSET MANAGEMENT LLC Reduced -4,500,000-4.5m
GOLDMAN SACHS GROUP INC Sold out -4,466,000-4.5m
JANE STREET GROUP, LLC Sold out -4,207,000-4.2m
TORONTO DOMINION BANK Sold out -4,000,000-4.0m
RWC Asset Management LLP Reduced -4,000,000-4.0m
WELLS FARGO & COMPANY/MN Reduced -2,951,000-3.0m

Holders, Q1 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 TENOR CAPITAL MANAGEMENT Co., L.P. 0.94% of their portfolio NEW YORK, NY 72,595,00072.6m $66.2m $66.2m 0.94% Added +41.5m +41,534,000
2 VOYA INVESTMENT MANAGEMENT LLC 0.04% of their portfolio ATLANTA, GA 70,450,00070.5m $64.0m $64.0m 0.04% Added +35.2m +35,225,000
3 READYSTATE ASSET MANAGEMENT LP 1.72% of their portfolio CHICAGO, IL 37,690,00037.7m $34.2m $34.2m 1.72% Unchanged
4 BNP PARIBAS FINANCIAL MARKETS 0.02% of their portfolio PARIS, I0 27,096,00027.1m $24.7m $24.7m 0.02% First filing
5 Man Group plc 0.07% of their portfolio LONDON, X0 26,900,00026.9m $24.5m $24.5m 0.07% Added +25.0m +25,000,000
6 DeepCurrents Investment Group LLC 0.77% of their portfolio NEW YORK, NY 24,500,00024.5m $22.3m $22.3m 0.77% Unchanged
7 BlackRock, Inc. 0.00% of their portfolio New York, NY 22,085,00022.1m $20.0m $20.0m 0.00% Reduced -350.0k -350,000
8 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 20,665,00020.7m $18.8m $18.8m 0.02% Reduced -22.9m -22,950,000
9 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 20,458,00020.5m $18.6m $18.6m 0.00% Reduced -3.0m -2,951,000
10 AQR Arbitrage LLC 0.44% of their portfolio Greenwich, CT 19,765,00019.8m $18.0m $18.0m 0.44% Reduced -13.5m -13,500,000
11 SILVERBACK ASSET MANAGEMENT LLC 2.59% of their portfolio DURHAM, NC 17,500,00017.5m $15.9m $15.9m 2.59% Added +3.5m +3,500,000
12 CAPSTONE INVESTMENT ADVISORS, LLC 0.14% of their portfolio NEW YORK, NY 16,752,00016.8m $15.2m $15.2m 0.14% Unchanged
13 Aequim Alternative Investments LP 0.56% of their portfolio MILL VALLEY, CA 15,500,00015.5m $14.1m $14.1m 0.56% Unchanged
14 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 13,000,00013.0m $11.8m $11.8m 0.00% Reduced -1.0m -1,000,000
15 ABSOLUTE INVESTMENT ADVISERS, LLC 1.66% of their portfolio ROSEMARY BEACH, FL 12,500,00012.5m $11.3m $11.3m 1.66% Unchanged
16 UBS Group AG 0.00% of their portfolio ZURICH, V8 11,963,00012.0m $10.8m $10.8m 0.00% New
17 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 11,617,00011.6m $10.6m $10.6m 0.01% Added +2.5m +2,543,000
18 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 10,750,00010.8m $9.8m $9.8m 0.00% Reduced -1.0m -1,000,000
19 Balyasny Asset Management L.P. 0.02% of their portfolio Chicago, IL 10,000,00010.0m $9.1m $9.1m 0.02% Unchanged
20 FMR LLC 0.00% of their portfolio BOSTON, MA 8,605,0008.6m $7.8m $7.8m 0.00% Unchanged
21 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 8,371,0008.4m $7.6m $7.6m 0.00% Unchanged
22 Paloma Partners Management Co 1.36% of their portfolio GREENWICH, CT 8,000,0008.0m $7.3m $7.3m 1.36% New
23 KIM, LLC 1.15% of their portfolio WICHITA, KS 8,000,0008.0m $7.3m $7.3m 1.15% Unchanged
24 Brevan Howard Capital Management LP 0.19% of their portfolio ST. HELIER, Y9 7,500,0007.5m $6.8m $6.8m 0.19% New
25 LAZARD ASSET MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 7,393,0007.4m $6.7m $6.7m 0.01% New
26 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 7,038,0007.0m $6.4m $6.4m 0.00% Added +3.8m +3,786,000
27 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 6,878,0006.9m $6.3m $6.3m 0.00% New
28 LMR Partners LLP 0.12% of their portfolio LONDON, X0 6,500,0006.5m $5.9m $5.9m 0.12% Unchanged
29 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 5,557,0005.6m $5.0m $5.0m 0.01% New
30 WATER ISLAND CAPITAL LLC 0.79% of their portfolio NEW YORK, NY 5,000,0005.0m $4.5m $4.5m 0.79% Unchanged
31 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 5,000,0005.0m $4.6m $4.6m 0.01% Added +1.8m +1,750,000
32 CSS LLC/IL 0.25% of their portfolio CHICAGO, IL 3,905,0003.9m $3.5m $3.5m 0.25% Reduced -945.0k -945,000
33 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 3,600,0003.6m $3.3m $3.3m 0.00% Added +573.0k +573,000
34 SSI INVESTMENT MANAGEMENT LLC 0.24% of their portfolio Los Angeles, CA 3,336,0003.3m $3.0m $3.0m 0.24% Added +836.0k +836,000
35 TORONTO DOMINION BANK 0.01% of their portfolio TORONTO, ONTARIO, A6 3,000,0003.0m $2.7m $2.7m 0.01% New
36 Polar Capital Holdings Plc 0.02% of their portfolio London, X0 3,000,0003.0m $2.7m $2.7m 0.02% Unchanged
37 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 2,686,0002.7m $2.4m $2.4m 0.00% Reduced -800.0k -800,000
38 WOLVERINE ASSET MANAGEMENT LLC 0.04% of their portfolio CHICAGO, IL 2,500,0002.5m $2.3m $2.3m 0.04% Reduced -4.5m -4,500,000
39 Parallax Volatility Advisers, L.P. 0.07% of their portfolio San Francisco, CA 2,500,0002.5m $2.3m $2.3m 0.07% Reduced -1.6m -1,600,000
40 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.01% of their portfolio Paris, I0 2,499,9992.5m $2.3m $2.3m 0.01% Reduced -1 -1
41 PALISADE CAPITAL MANAGEMENT, LP 0.06% of their portfolio FORT LEE, NJ 2,401,0002.4m $2.2m $2.2m 0.06% Added +208.0k +208,000
42 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 2,187,0002.2m $2.0m $2.0m 0.00% Unchanged
43 RWC Asset Management LLP 0.09% of their portfolio LONDON, X0 2,000,0002.0m $1.8m $1.8m 0.09% Reduced -4.0m -4,000,000
44 ADVENT CAPITAL MANAGEMENT /DE/ 0.04% of their portfolio NEW YORK, NY 1,980,0002.0m $1.8m $1.8m 0.04% Unchanged
45 EUBEL BRADY & SUTTMAN ASSET MANAGEMENT INC 0.12% of their portfolio Miamisburg, OH 1,000,0001.0m $906.0k $906.0k 0.12% Unchanged
46 DNCA FINANCE 0.06% of their portfolio PARIS, I0 850,000850.0k $775.5k $775.5k 0.06% Unchanged
47 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 500,000500.0k $455.2k $455.2k 0.00% Added +250.0k +250,000
48 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 500,000500.0k $455.8k $455.8k 0.00% New
49 Amundi 0.00% of their portfolio Paris, I0 480,000480.0k $436.6k $436.6k 0.00% Reduced -9.7m -9,724,000
50 Kohlberg Kravis Roberts & Co. L.P. 0.01% of their portfolio NEW YORK, NY 445,000445.0k $404.3k $404.3k 0.01% New
51 ABN AMRO INVESTMENT SOLUTIONS 0.01% of their portfolio PARIS CEDEX 008, I0 300,000300.0k $272.8k $272.8k 0.01% Reduced -700.0k -700,000
52 KBC Group NV 0.00% of their portfolio Brussels, C9 200,000200.0k $182.0k $182.0k 0.00% Unchanged
53 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 170,000170.0k $154.9k $154.9k 0.00% Reduced -1.7m -1,696,000
54 NOMURA HOLDINGS INC 0.01% of their portfolio TOKYO, M0 67,42867.4k $2.7m $2.7m 0.01% Reduced -34.9k -34,949
55 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 10,20010.2k $923.0k $923.0k 0.00% Unchanged
56 Candriam S.C.A. 0.02% of their portfolio STRASSEN, N4 4,2004.2k $3.8m $3.8m 0.02% Added +1.4k +1,400
57 K2 PRINCIPAL FUND, L.P. 0.28% of their portfolio TORONTO, A6 2,0002.0k $1.8m $1.8m 0.28% New
58 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged