Vault-13

BENTLEY SYS INC BSY 0.375 07.01.27

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

50 institutional holders -9 vs Q2 2025
20,536,06020.5m shares reported held*
$507.2mreported value*
5 new 11 added 17 reduced 14 sold out net sold ≈ $45.5m (+3.5m 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 ($620.9k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $24.73.

Trends to Q3 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: 59Q3 25: 5050Q3 22Q2 23Q1 24Q4 24Q3 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
Q3 202550

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q4 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 25Q2 25: 23 bought or addedQ2 25: 17 cut or sold outQ3 25: 16 bought or addedQ3 25: 31 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 20232025
Q1 20242917
Q2 20243231
Q3 20242030
Q4 20241721
Q1 20252224
Q2 20252317
Q3 20251631

Biggest buyers

Opti Capital Management, LP New +44,500,000+44.5m
MILLENNIUM MANAGEMENT LLC New +42,500,000+42.5m
BANK OF AMERICA CORP /DE/ New +11,045,000+11.0m
SUSQUEHANNA ADVISORS GROUP, INC. New +10,000,000+10.0m
CAPSTONE INVESTMENT ADVISORS, LLC Added +7,500,000+7.5m
Man Group plc Added +6,200,000+6.2m
Maven Securities LTD New +2,500,000+2.5m
BlackRock, Inc. Added +2,355,000+2.4m
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main Added +1,500,000+1.5m
STATE OF WISCONSIN INVESTMENT BOARD Added +1,000,000+1.0m

Biggest sellers

VOYA INVESTMENT MANAGEMENT LLC Sold out -35,225,000-35.2m
LAZARD ASSET MANAGEMENT LLC Sold out -19,492,000-19.5m
SILVERBACK ASSET MANAGEMENT LLC Reduced -13,000,000-13.0m
AMERIPRISE FINANCIAL INC Sold out -12,000,000-12.0m
BANK OF MONTREAL /CAN/ Sold out -10,815,000-10.8m
Paloma Partners Management Co Sold out -8,000,000-8.0m
WOLVERINE ASSET MANAGEMENT LLC Sold out -8,000,000-8.0m
KIM, LLC Sold out -7,000,000-7.0m
FRANKLIN RESOURCES INC Reduced -6,570,000-6.6m
WELLS FARGO & COMPANY/MN Reduced -5,250,000-5.2m

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 TENOR CAPITAL MANAGEMENT Co., L.P. 0.90% of their portfolio NEW YORK, NY 72,595,00072.6m $68.6m $68.6m 0.90% Unchanged
2 Opti Capital Management, LP 2.62% of their portfolio New York, NY 44,500,00044.5m $42.0m $42.0m 2.62% New
3 MILLENNIUM MANAGEMENT LLC 0.03% of their portfolio NEW YORK, NY 42,500,00042.5m $40.1m $40.1m 0.03% New
4 Man Group plc 0.07% of their portfolio LONDON, X0 40,600,00040.6m $38.3m $38.3m 0.07% Added +6.2m +6,200,000
5 READYSTATE ASSET MANAGEMENT LP 1.75% of their portfolio CHICAGO, IL 38,000,00038.0m $35.9m $35.9m 1.75% Reduced -2.2m -2,190,000
6 BNP PARIBAS FINANCIAL MARKETS 0.02% of their portfolio PARIS, I0 27,096,00027.1m $25.6m $25.6m 0.02% Reduced -852.0k -852,000
7 DeepCurrents Investment Group LLC 0.76% of their portfolio NEW YORK, NY 24,500,00024.5m $23.1m $23.1m 0.76% Unchanged
8 CAPSTONE INVESTMENT ADVISORS, LLC 0.20% of their portfolio NEW YORK, NY 24,252,00024.3m $22.9m $22.9m 0.20% Added +7.5m +7,500,000
9 BlackRock, Inc. 0.00% of their portfolio New York, NY 23,990,00024.0m $22.6m $22.6m 0.00% Added +2.4m +2,355,000
10 AQR Arbitrage LLC 0.45% of their portfolio Greenwich, CT 18,765,00018.8m $17.7m $17.7m 0.45% Reduced -1.0m -1,000,000
11 Davidson Kempner Capital Management LP 0.22% of their portfolio New York, NY 16,400,00016.4m $15.4m $15.4m 0.22% Not comparable
12 Balyasny Asset Management L.P. 0.03% of their portfolio Chicago, IL 15,000,00015.0m $14.2m $14.2m 0.03% Unchanged
13 Aequim Alternative Investments LP 0.31% of their portfolio MILL VALLEY, CA 15,000,00015.0m $14.2m $14.2m 0.31% Reduced -3.0m -3,000,000
14 ABSOLUTE INVESTMENT ADVISERS, LLC 1.48% of their portfolio ROSEMARY BEACH, FL 12,500,00012.5m $11.8m $11.8m 1.48% Unchanged
15 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 12,300,00012.3m $11.6m $11.6m 0.00% Added +900.0k +900,000
16 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 11,045,00011.0m $10.4m $10.4m 0.00% New
17 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 10,068,00010.1m $9.5m $9.5m 0.00% Reduced -5.2m -5,250,000
18 SUSQUEHANNA ADVISORS GROUP, INC. 0.00% of their portfolio BALA CYNWYD, PA 10,000,00010.0m $94.1k $94.1k 0.00% New
19 FMR LLC 0.00% of their portfolio BOSTON, MA 6,809,0006.8m $6.4m $6.4m 0.00% Reduced -1.8m -1,796,000
20 TORONTO DOMINION BANK 0.01% of their portfolio TORONTO, ONTARIO, A6 6,500,0006.5m $6.1m $6.1m 0.01% Unchanged
21 LMR Partners LLP 0.08% of their portfolio LONDON, X0 6,500,0006.5m $6.1m $6.1m 0.08% Unchanged
22 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 6,500,0006.5m $6.1m $6.1m 0.01% Added +1.5m +1,500,000
23 WATER ISLAND CAPITAL LLC 0.67% of their portfolio NEW YORK, NY 5,000,0005.0m $4.7m $4.7m 0.67% Unchanged
24 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 4,538,0004.5m $4.3m $4.3m 0.00% Reduced -3.5m -3,538,000
25 SILVERBACK ASSET MANAGEMENT LLC 0.55% of their portfolio DURHAM, NC 4,500,0004.5m $4.2m $4.2m 0.55% Reduced -13.0m -13,000,000
26 SSI INVESTMENT MANAGEMENT LLC 0.26% of their portfolio Los Angeles, CA 4,000,0004.0m $3.8m $3.8m 0.26% Unchanged
27 Wellesley Asset Management 0.33% of their portfolio PORTSMOUTH, NH 3,500,0003.5m $3.3m $3.3m 0.33% Reduced -500.0k -500,000
28 CSS LLC/IL 0.19% of their portfolio CHICAGO, IL 3,395,0003.4m $3.2m $3.2m 0.19% Added +490.0k +490,000
29 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 3,000,0003.0m $2.8m $2.8m 0.01% Added +1.0m +1,000,000
30 PALISADE CAPITAL MANAGEMENT, LP 0.07% of their portfolio FORT LEE, NJ 2,901,0002.9m $2.7m $2.7m 0.07% Added +250.0k +250,000
31 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 2,553,0002.6m $2.4m $2.4m 0.00% Reduced -4.3m -4,325,000
32 Brevan Howard Capital Management LP 0.03% of their portfolio ST. HELIER, Y9 2,500,0002.5m $2.4m $2.4m 0.03% Reduced -2.5m -2,500,000
33 Maven Securities LTD 0.45% of their portfolio ST HELIER, Y9 2,500,0002.5m $2.4m $2.4m 0.45% New
34 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.01% of their portfolio Paris, I0 2,500,0002.5m $2.3m $2.3m 0.01% Unchanged
35 ADVENT CAPITAL MANAGEMENT /DE/ 0.04% of their portfolio NEW YORK, NY 1,980,0002.0m $1.9m $1.9m 0.04% Unchanged
36 OAKTREE CAPITAL MANAGEMENT LP 0.03% of their portfolio LOS ANGELES, CA 1,886,0001.9m $1.8m $1.8m 0.03% Reduced -166.0k -166,000
37 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 1,801,0001.8m $1.7m $1.7m 0.00% Reduced -6.6m -6,570,000
38 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 1,503,0001.5m $1.4m $1.4m 0.00% Reduced -90.0k -90,000
39 EUBEL BRADY & SUTTMAN ASSET MANAGEMENT INC 0.11% of their portfolio Miamisburg, OH 1,000,0001.0m $942.0k $942.0k 0.11% Unchanged
40 Kohlberg Kravis Roberts & Co. L.P. 0.01% of their portfolio NEW YORK, NY 805,000805.0k $759.9k $759.9k 0.01% Added +190.0k +190,000
41 DNCA FINANCE 0.04% of their portfolio PARIS, I0 600,000600.0k $566.3k $566.3k 0.04% Unchanged
42 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 500,000500.0k $471.8k $471.8k 0.00% Unchanged
43 ABN AMRO INVESTMENT SOLUTIONS 0.01% of their portfolio PARIS CEDEX 008, I0 300,000300.0k $283.2k $283.2k 0.01% Unchanged
44 Amundi 0.00% of their portfolio Paris, I0 240,000240.0k $229.1k $229.1k 0.00% Reduced -240.0k -240,000
45 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 222,000222.0k $209.0k $209.0k 0.00% Reduced -2.0m -1,965,000
46 NOMURA HOLDINGS INC 0.01% of their portfolio TOKYO, M0 36,06036.1k $1.9m $1.9m 0.01% Added +18.6k +18,557
47 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 28,00028.0k $26.4k $26.4k 0.00% Reduced -1.8m -1,822,000
48 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 10,20010.2k $962.0k $962.0k 0.00% Unchanged
49 Candriam S.C.A. 0.03% of their portfolio STRASSEN, N4 6,1006.1k $5.8m $5.8m 0.03% Added +1.9k +1,900
50 K2 PRINCIPAL FUND, L.P. 0.20% of their portfolio TORONTO, A6 2,0002.0k $1.9m $1.9m 0.20% Unchanged