Vault-13

BENTLEY SYS INC BSY 0.375 07.01.27

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

46 institutional holders -4 vs Q3 2025
20,800,00020.8m shares reported held*
$806.3mreported value*
6 new 14 added 9 reduced 11 sold out net bought ≈ $23.6m (+263.9k 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 ($1.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $38.84.

Trends to Q4 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: 50Q4 25: 4646Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 202546

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q1 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 25Q3 25: 16 bought or addedQ3 25: 31 cut or sold outQ4 25: 20 bought or addedQ4 25: 20 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20242917
Q2 20243231
Q3 20242030
Q4 20241721
Q1 20252224
Q2 20252317
Q3 20251631
Q4 20252020

Biggest buyers

Balyasny Asset Management L.P. Added +21,500,000+21.5m
Opti Capital Management, LP Added +19,500,000+19.5m
MILLENNIUM MANAGEMENT LLC Added +17,500,000+17.5m
Lombard Odier Asset Management (Europe) Ltd New +16,416,000+16.4m
CAPSTONE INVESTMENT ADVISORS, LLC Added +9,510,000+9.5m
Aequim Alternative Investments LP Added +6,000,000+6.0m
Man Group plc Added +5,580,000+5.6m
OAKTREE CAPITAL MANAGEMENT LP Added +4,844,000+4.8m
Davidson Kempner Capital Management LP Added +3,600,000+3.6m
Amundi Added +2,760,000+2.8m

Biggest sellers

BNP PARIBAS FINANCIAL MARKETS Sold out -27,096,000-27.1m
AQR Arbitrage LLC Reduced -15,529,000-15.5m
BANK OF AMERICA CORP /DE/ Sold out -11,045,000-11.0m
SUSQUEHANNA ADVISORS GROUP, INC. Sold out -10,000,000-10.0m
LMR Partners LLP Sold out -6,500,000-6.5m
WELLS FARGO & COMPANY/MN Reduced -5,154,000-5.2m
SILVERBACK ASSET MANAGEMENT LLC Sold out -4,500,000-4.5m
DeepCurrents Investment Group LLC Reduced -3,500,000-3.5m
Wellesley Asset Management Sold out -3,500,000-3.5m
CSS LLC/IL Sold out -3,395,000-3.4m

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 TENOR CAPITAL MANAGEMENT Co., L.P. 0.97% of their portfolio NEW YORK, NY 72,595,00072.6m $68.6m $68.6m 0.97% Unchanged
2 Opti Capital Management, LP 4.40% of their portfolio New York, NY 64,000,00064.0m $60.3m $60.3m 4.40% Added +19.5m +19,500,000
3 MILLENNIUM MANAGEMENT LLC 0.04% of their portfolio NEW YORK, NY 60,000,00060.0m $56.5m $56.5m 0.04% Added +17.5m +17,500,000
4 Man Group plc 0.08% of their portfolio LONDON, X0 46,180,00046.2m $43.5m $43.5m 0.08% Added +5.6m +5,580,000
5 READYSTATE ASSET MANAGEMENT LP 1.67% of their portfolio CHICAGO, IL 40,000,00040.0m $37.7m $37.7m 1.67% Added +2.0m +2,000,000
6 Balyasny Asset Management L.P. 0.06% of their portfolio Chicago, IL 36,500,00036.5m $34.4m $34.4m 0.06% Added +21.5m +21,500,000
7 CAPSTONE INVESTMENT ADVISORS, LLC 0.26% of their portfolio NEW YORK, NY 33,762,00033.8m $31.8m $31.8m 0.26% Added +9.5m +9,510,000
8 BlackRock, Inc. 0.00% of their portfolio New York, NY 25,665,00025.7m $24.1m $24.1m 0.00% Added +1.7m +1,675,000
9 Aequim Alternative Investments LP 0.39% of their portfolio MILL VALLEY, CA 21,000,00021.0m $19.8m $19.8m 0.39% Added +6.0m +6,000,000
10 DeepCurrents Investment Group LLC 0.73% of their portfolio NEW YORK, NY 21,000,00021.0m $19.8m $19.8m 0.73% Reduced -3.5m -3,500,000
11 Davidson Kempner Capital Management LP 0.28% of their portfolio New York, NY 20,000,00020.0m $18.8m $18.8m 0.28% Added +3.6m +3,600,000
12 Lombard Odier Asset Management (Europe) Ltd 0.78% of their portfolio LONDON, X0 16,416,00016.4m $15.5m $15.5m 0.78% New
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 12,900,00012.9m $12.1m $12.1m 0.00% Added +600.0k +600,000
14 ABSOLUTE INVESTMENT ADVISERS, LLC 1.34% of their portfolio ROSEMARY BEACH, FL 12,500,00012.5m $11.7m $11.7m 1.34% Unchanged
15 FMR LLC 0.00% of their portfolio BOSTON, MA 6,809,0006.8m $6.4m $6.4m 0.00% Unchanged
16 OAKTREE CAPITAL MANAGEMENT LP 0.10% of their portfolio LOS ANGELES, CA 6,730,0006.7m $6.3m $6.3m 0.10% Added +4.8m +4,844,000
17 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% Unchanged
18 WATER ISLAND CAPITAL LLC 0.58% of their portfolio NEW YORK, NY 5,000,0005.0m $4.7m $4.7m 0.58% Unchanged
19 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 4,914,0004.9m $4.6m $4.6m 0.00% Reduced -5.2m -5,154,000
20 SSI INVESTMENT MANAGEMENT LLC 0.26% of their portfolio Los Angeles, CA 4,000,0004.0m $3.8m $3.8m 0.26% Unchanged
21 TORONTO DOMINION BANK 0.01% of their portfolio TORONTO, ONTARIO, A6 4,000,0004.0m $3.7m $3.7m 0.01% Reduced -2.5m -2,500,000
22 AQR Arbitrage LLC 0.06% of their portfolio Greenwich, CT 3,236,0003.2m $3.1m $3.1m 0.06% Reduced -15.5m -15,529,000
23 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 3,000,0003.0m $2.8m $2.8m 0.01% Unchanged
24 Amundi 0.08% of their portfolio Paris, I0 3,000,0003.0m $282.1m $282.1m 0.08% Added +2.8m +2,760,000
25 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 2,974,0003.0m $2.8m $2.8m 0.00% Added +1.5m +1,471,000
26 PALISADE CAPITAL MANAGEMENT, LP 0.08% of their portfolio FORT LEE, NJ 2,850,0002.9m $2.7m $2.7m 0.08% Reduced -51.0k -51,000
27 Maven Securities LTD 0.34% of their portfolio ST HELIER, Y9 2,800,0002.8m $2.6m $2.6m 0.34% Added +300.0k +300,000
28 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.00% of their portfolio Paris, I0 2,500,0002.5m $2.3m $2.3m 0.00% Unchanged
29 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 2,038,0002.0m $1.9m $1.9m 0.00% Reduced -2.5m -2,500,000
30 ADVENT CAPITAL MANAGEMENT /DE/ 0.04% of their portfolio NEW YORK, NY 1,980,0002.0m $1.9m $1.9m 0.04% Unchanged
31 RWC Asset Management LLP 0.06% of their portfolio LONDON, X0 1,265,0001.3m $1.2m $1.2m 0.06% New
32 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 1,128,0001.1m $1.1m $1.1m 0.00% Reduced -1.4m -1,425,000
33 EUBEL BRADY & SUTTMAN ASSET MANAGEMENT INC 0.11% of their portfolio Miamisburg, OH 1,000,0001.0m $941.0k $941.0k 0.11% Unchanged
34 Kohlberg Kravis Roberts & Co. L.P. 0.01% of their portfolio NEW YORK, NY 805,000805.0k $759.1k $759.1k 0.01% Unchanged
35 DNCA FINANCE 0.03% of their portfolio PARIS, I0 600,000600.0k $566.0k $566.0k 0.03% Unchanged
36 SHENKMAN CAPITAL MANAGEMENT INC 0.05% of their portfolio NEW YORK, NY 525,000525.0k $496.1k $496.1k 0.05% New
37 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 514,000514.0k $485.4k $485.4k 0.00% New
38 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 500,000500.0k $471.7k $471.7k 0.00% Unchanged
39 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 400,000400.0k $377.7k $377.7k 0.00% New
40 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 222,000222.0k $208.8k $208.8k 0.00% Unchanged
41 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 192,000192.0k $180.2k $180.2k 0.00% New
42 Ares Systematic Credit Ltd 0.08% of their portfolio LONDON, X0 100,000100.0k $94.3k $94.3k 0.08% First filing
43 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 10,20010.2k $960.0k $960.0k 0.00% Unchanged
44 Candriam S.C.A. 0.03% of their portfolio STRASSEN, N4 5,5005.5k $5.1m $5.1m 0.03% Reduced -600 -600
45 K2 PRINCIPAL FUND, L.P. 0.19% of their portfolio TORONTO, A6 2,0002.0k $1.9m $1.9m 0.19% Unchanged
46 ABN AMRO INVESTMENT SOLUTIONS 0.00% of their portfolio PARIS CEDEX 008, I0 300300 $283.5k $283.5k 0.00% Reduced -299.7k -299,700