Vault-13

BENTLEY SYS INC BSY 0.375 07.01.27

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

59 institutional holders +1 vs Q1 2025
17,017,50317.0m shares reported held*
$531.8mreported value*
6 new 17 added 12 reduced 5 sold out net sold ≈ $25.1m (+2.0m 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 ($4.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $31.51.

Trends to Q2 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: 58Q2 25: 5959Q3 22Q2 23Q1 24Q4 24Q2 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
Q2 202559

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 23: 21 bought or addedQ3 23: 21 cut or sold outQ4 23: 20 bought or addedQ4 23: 25 cut or sold outQ4 23Q1 24: 29 bought or addedQ1 24: 17 cut or sold outQ2 24: 32 bought or addedQ2 24: 31 cut or sold outQ2 24Q3 24: 20 bought or addedQ3 24: 30 cut or sold outQ4 24: 17 bought or addedQ4 24: 21 cut or sold outQ4 24Q1 25: 22 bought or addedQ1 25: 24 cut or sold outQ2 25: 23 bought or addedQ2 25: 17 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20232121
Q4 20232025
Q1 20242917
Q2 20243231
Q3 20242030
Q4 20241721
Q1 20252224
Q2 20252317

Biggest buyers

LAZARD ASSET MANAGEMENT LLC Added +12,099,000+12.1m
Man Group plc Added +7,500,000+7.5m
WOLVERINE ASSET MANAGEMENT LLC Added +5,500,000+5.5m
Balyasny Asset Management L.P. Added +5,000,000+5.0m
Wellesley Asset Management New +4,000,000+4.0m
Verition Fund Management LLC New +4,000,000+4.0m
TORONTO DOMINION BANK Added +3,500,000+3.5m
Aequim Alternative Investments LP Added +2,500,000+2.5m
READYSTATE ASSET MANAGEMENT LP Added +2,500,000+2.5m
JPMORGAN CHASE & CO Added +2,200,000+2.2m

Biggest sellers

VOYA INVESTMENT MANAGEMENT LLC Reduced -35,225,000-35.2m
MILLENNIUM MANAGEMENT LLC Sold out -20,665,000-20.7m
UBS Group AG Sold out -11,963,000-12.0m
WELLS FARGO & COMPANY/MN Reduced -5,140,000-5.1m
JANE STREET GROUP, LLC Reduced -3,707,000-3.7m
Polar Capital Holdings Plc Sold out -3,000,000-3.0m
Brevan Howard Capital Management LP Reduced -2,500,000-2.5m
KIM, LLC Reduced -1,000,000-1.0m
CSS LLC/IL Reduced -1,000,000-1.0m
AMERIPRISE FINANCIAL INC Reduced -1,000,000-1.0m

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 TENOR CAPITAL MANAGEMENT Co., L.P. 0.93% of their portfolio NEW YORK, NY 72,595,00072.6m $68.7m $68.7m 0.93% Unchanged
2 READYSTATE ASSET MANAGEMENT LP 1.58% of their portfolio CHICAGO, IL 40,190,00040.2m $38.0m $38.0m 1.58% Added +2.5m +2,500,000
3 VOYA INVESTMENT MANAGEMENT LLC 0.03% of their portfolio ATLANTA, GA 35,225,00035.2m $33.3m $33.3m 0.03% Reduced -35.2m -35,225,000
4 Man Group plc 0.07% of their portfolio LONDON, X0 34,400,00034.4m $32.5m $32.5m 0.07% Added +7.5m +7,500,000
5 BNP PARIBAS FINANCIAL MARKETS 0.02% of their portfolio PARIS, I0 27,948,00027.9m $26.4m $26.4m 0.02% Added +852.0k +852,000
6 DeepCurrents Investment Group LLC 0.85% of their portfolio NEW YORK, NY 24,500,00024.5m $23.1m $23.1m 0.85% Unchanged
7 BlackRock, Inc. 0.00% of their portfolio New York, NY 21,635,00021.6m $20.4m $20.4m 0.00% Reduced -450.0k -450,000
8 AQR Arbitrage LLC 0.44% of their portfolio Greenwich, CT 19,765,00019.8m $18.7m $18.7m 0.44% Unchanged
9 LAZARD ASSET MANAGEMENT LLC 0.03% of their portfolio NEW YORK, NY 19,492,00019.5m $18.4m $18.4m 0.03% Added +12.1m +12,099,000
10 Aequim Alternative Investments LP 0.55% of their portfolio MILL VALLEY, CA 18,000,00018.0m $17.0m $17.0m 0.55% Added +2.5m +2,500,000
11 SILVERBACK ASSET MANAGEMENT LLC 2.54% of their portfolio DURHAM, NC 17,500,00017.5m $16.5m $16.5m 2.54% Unchanged
12 CAPSTONE INVESTMENT ADVISORS, LLC 0.14% of their portfolio NEW YORK, NY 16,752,00016.8m $15.8m $15.8m 0.14% Unchanged
13 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 15,318,00015.3m $14.6m $14.6m 0.00% Reduced -5.1m -5,140,000
14 Balyasny Asset Management L.P. 0.03% of their portfolio Chicago, IL 15,000,00015.0m $14.2m $14.2m 0.03% Added +5.0m +5,000,000
15 ABSOLUTE INVESTMENT ADVISERS, LLC 1.46% of their portfolio ROSEMARY BEACH, FL 12,500,00012.5m $11.8m $11.8m 1.46% Unchanged
16 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 12,000,00012.0m $11.3m $11.3m 0.00% Reduced -1.0m -1,000,000
17 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 11,400,00011.4m $10.8m $10.8m 0.00% Added +650.0k +650,000
18 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 10,815,00010.8m $10.3m $10.3m 0.01% Reduced -802.0k -802,000
19 FMR LLC 0.00% of their portfolio BOSTON, MA 8,605,0008.6m $8.1m $8.1m 0.00% Unchanged
20 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 8,371,0008.4m $7.9m $7.9m 0.00% Unchanged
21 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 8,076,0008.1m $7.7m $7.7m 0.00% Added +1.0m +1,038,000
22 Paloma Partners Management Co 1.72% of their portfolio GREENWICH, CT 8,000,0008.0m $7.6m $7.6m 1.72% Unchanged
23 WOLVERINE ASSET MANAGEMENT LLC 0.13% of their portfolio CHICAGO, IL 8,000,0008.0m $7.6m $7.6m 0.13% Added +5.5m +5,500,000
24 KIM, LLC 0.69% of their portfolio WICHITA, KS 7,000,0007.0m $6.6m $6.6m 0.69% Reduced -1.0m -1,000,000
25 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 6,878,0006.9m $6.5m $6.5m 0.00% Unchanged
26 TORONTO DOMINION BANK 0.01% of their portfolio TORONTO, ONTARIO, A6 6,500,0006.5m $6.1m $6.1m 0.01% Added +3.5m +3,500,000
27 LMR Partners LLP 0.10% of their portfolio LONDON, X0 6,500,0006.5m $6.1m $6.1m 0.10% Unchanged
28 WATER ISLAND CAPITAL LLC 0.83% of their portfolio NEW YORK, NY 5,000,0005.0m $4.7m $4.7m 0.83% Unchanged
29 Brevan Howard Capital Management LP 0.05% of their portfolio ST. HELIER, Y9 5,000,0005.0m $4.7m $4.7m 0.05% Reduced -2.5m -2,500,000
30 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 5,000,0005.0m $4.7m $4.7m 0.00% Unchanged
31 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 4,886,0004.9m $4.6m $4.6m 0.00% Added +2.2m +2,200,000
32 SSI INVESTMENT MANAGEMENT LLC 0.27% of their portfolio Los Angeles, CA 4,000,0004.0m $3.8m $3.8m 0.27% Added +664.0k +664,000
33 Verition Fund Management LLC 0.02% of their portfolio GREENWICH, CT 4,000,0004.0m $3.8m $3.8m 0.02% New
34 RWC Asset Management LLP 0.20% of their portfolio LONDON, X0 4,000,0004.0m $3.8m $3.8m 0.20% Added +2.0m +2,000,000
35 Wellesley Asset Management 0.36% of their portfolio PORTSMOUTH, NH 4,000,0004.0m $3.8m $3.8m 0.36% New
36 Parallax Volatility Advisers, L.P. 0.13% of their portfolio San Francisco, CA 3,500,0003.5m $3.3m $3.3m 0.13% Added +1.0m +1,000,000
37 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 2,950,0003.0m $2.8m $2.8m 0.00% Reduced -650.0k -650,000
38 CSS LLC/IL 0.17% of their portfolio CHICAGO, IL 2,905,0002.9m $2.7m $2.7m 0.17% Reduced -1.0m -1,000,000
39 PALISADE CAPITAL MANAGEMENT, LP 0.07% of their portfolio FORT LEE, NJ 2,651,0002.7m $2.5m $2.5m 0.07% Added +250.0k +250,000
40 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.01% of their portfolio Paris, I0 2,500,0002.5m $2.4m $2.4m 0.01% Added +1 +1
41 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 2,187,0002.2m $2.1m $2.1m 0.00% Unchanged
42 OAKTREE CAPITAL MANAGEMENT LP 0.04% of their portfolio LOS ANGELES, CA 2,052,0002.1m $1.9m $1.9m 0.04% New
43 STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio MADISON, WI 2,000,0002.0m $1.9m $1.9m 0.00% New
44 ADVENT CAPITAL MANAGEMENT /DE/ 0.04% of their portfolio NEW YORK, NY 1,980,0002.0m $1.9m $1.9m 0.04% Unchanged
45 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 1,850,0001.9m $1.7m $1.7m 0.00% Reduced -3.7m -3,707,000
46 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 1,593,0001.6m $1.5m $1.5m 0.00% New
47 EUBEL BRADY & SUTTMAN ASSET MANAGEMENT INC 0.12% of their portfolio Miamisburg, OH 1,000,0001.0m $943.0k $943.0k 0.12% Unchanged
48 Kohlberg Kravis Roberts & Co. L.P. 0.01% of their portfolio NEW YORK, NY 615,000615.0k $581.5k $581.5k 0.01% Added +170.0k +170,000
49 DNCA FINANCE 0.04% of their portfolio PARIS, I0 600,000600.0k $566.3k $566.3k 0.04% Reduced -250.0k -250,000
50 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 500,000500.0k $475.0k $475.0k 0.00% Unchanged
51 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 500,000500.0k $473.3k $473.3k 0.00% Unchanged
52 Amundi 0.00% of their portfolio Paris, I0 480,000480.0k $452.9k $452.9k 0.00% Unchanged
53 ABN AMRO INVESTMENT SOLUTIONS 0.01% of their portfolio PARIS CEDEX 008, I0 300,000300.0k $283.6k $283.6k 0.01% Unchanged
54 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 128,000128.0k $121.0k $121.0k 0.00% New
55 NOMURA HOLDINGS INC 0.01% of their portfolio TOKYO, M0 17,50317.5k $944.6k $944.6k 0.01% Reduced -49.9k -49,925
56 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 10,20010.2k $964.0k $964.0k 0.00% Unchanged
57 Candriam S.C.A. 0.02% of their portfolio STRASSEN, N4 4,2004.2k $4.0m $4.0m 0.02% Unchanged
58 K2 PRINCIPAL FUND, L.P. 0.35% of their portfolio TORONTO, A6 2,0002.0k $1.9m $1.9m 0.35% Unchanged
59 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged