Vault-13

BENTLEY SYS INC BSY 0.375 07.01.27

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

41 institutional holders -5 vs Q4 2025
15,500,00015.5m shares reported held*
$527.0mreported value*
7 new 13 added 8 reduced 12 sold out net bought ≈ $1.9m (-5.3m 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 ($8.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $34.56.

Trends to Q1 2026

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: 46Q1 26: 4141Q3 22Q3 23Q3 24Q3 25Q1 26
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
Q1 202641

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q2 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 25Q4 25: 20 bought or addedQ4 25: 20 cut or sold outQ1 26: 20 bought or addedQ1 26: 20 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 20243231
Q3 20242030
Q4 20241721
Q1 20252224
Q2 20252317
Q3 20251631
Q4 20252020
Q1 20262020

Biggest buyers

OAKTREE CAPITAL MANAGEMENT LP Added +40,265,000+40.3m
Aequim Alternative Investments LP Added +21,500,000+21.5m
JPMORGAN CHASE & CO Added +14,771,000+14.8m
Davidson Kempner Capital Management LP Added +10,000,000+10.0m
Verition Fund Management LLC New +10,000,000+10.0m
CAPSTONE INVESTMENT ADVISORS, LLC Added +8,000,000+8.0m
LORD, ABBETT & CO. LLC New +8,000,000+8.0m
LAZARD ASSET MANAGEMENT LLC New +6,064,000+6.1m
EUBEL BRADY & SUTTMAN ASSET MANAGEMENT INC Added +5,000,000+5.0m
Russell Investments Group, Ltd. Added +3,637,000+3.6m

Biggest sellers

MILLENNIUM MANAGEMENT LLC Sold out -60,000,000-60.0m
Opti Capital Management, LP Reduced -18,000,000-18.0m
Lombard Odier Asset Management (Europe) Ltd Sold out -16,416,000-16.4m
Balyasny Asset Management L.P. Reduced -5,900,000-5.9m
WELLS FARGO & COMPANY/MN Reduced -4,051,000-4.1m
TORONTO DOMINION BANK Sold out -4,000,000-4.0m
SSI INVESTMENT MANAGEMENT LLC Sold out -4,000,000-4.0m
AQR Arbitrage LLC Sold out -3,236,000-3.2m
Amundi Sold out -3,000,000-3.0m
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main Reduced -3,000,000-3.0m

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 TENOR CAPITAL MANAGEMENT Co., L.P. 1.07% of their portfolio NEW YORK, NY 72,595,00072.6m $69.2m $69.2m 1.07% Unchanged
2 Man Group plc 0.09% of their portfolio LONDON, X0 47,816,00047.8m $45.5m $45.5m 0.09% Added +1.6m +1,636,000
3 OAKTREE CAPITAL MANAGEMENT LP 0.76% of their portfolio LOS ANGELES, CA 46,995,00047.0m $44.7m $44.7m 0.76% Added +40.3m +40,265,000
4 Opti Capital Management, LP 3.16% of their portfolio New York, NY 46,000,00046.0m $43.9m $43.9m 3.16% Reduced -18.0m -18,000,000
5 Aequim Alternative Investments LP 0.78% of their portfolio MILL VALLEY, CA 42,500,00042.5m $40.4m $40.4m 0.78% Added +21.5m +21,500,000
6 CAPSTONE INVESTMENT ADVISORS, LLC 0.33% of their portfolio NEW YORK, NY 41,762,00041.8m $39.7m $39.7m 0.33% Added +8.0m +8,000,000
7 READYSTATE ASSET MANAGEMENT LP 2.22% of their portfolio CHICAGO, IL 40,000,00040.0m $38.0m $38.0m 2.22% Unchanged
8 Balyasny Asset Management L.P. 0.06% of their portfolio Chicago, IL 30,600,00030.6m $29.1m $29.1m 0.06% Reduced -5.9m -5,900,000
9 Davidson Kempner Capital Management LP 0.51% of their portfolio New York, NY 30,000,00030.0m $28.5m $28.5m 0.51% Added +10.0m +10,000,000
10 BlackRock, Inc. 0.00% of their portfolio New York, NY 27,315,00027.3m $25.9m $25.9m 0.00% Added +1.6m +1,650,000
11 DeepCurrents Investment Group LLC 0.72% of their portfolio NEW YORK, NY 18,500,00018.5m $17.6m $17.6m 0.72% Reduced -2.5m -2,500,000
12 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 15,285,00015.3m $14.5m $14.5m 0.00% Added +14.8m +14,771,000
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 12,753,00012.8m $12.1m $12.1m 0.00% Reduced -147.0k -147,000
14 ABSOLUTE INVESTMENT ADVISERS, LLC 1.40% of their portfolio ROSEMARY BEACH, FL 12,500,00012.5m $11.9m $11.9m 1.40% Unchanged
15 Verition Fund Management LLC 0.09% of their portfolio GREENWICH, CT 10,000,00010.0m $9.5m $9.5m 0.09% New
16 LORD, ABBETT & CO. LLC 0.02% of their portfolio JERSEY CITY, NJ 8,000,0008.0m $7.6m $7.6m 0.02% New
17 FMR LLC 0.00% of their portfolio BOSTON, MA 6,809,0006.8m $6.5m $6.5m 0.00% Unchanged
18 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 6,611,0006.6m $6.3m $6.3m 0.01% Added +3.6m +3,637,000
19 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 6,064,0006.1m $57.7k $57.7k 0.00% New
20 EUBEL BRADY & SUTTMAN ASSET MANAGEMENT INC 0.67% of their portfolio Miamisburg, OH 6,000,0006.0m $5.7m $5.7m 0.67% Added +5.0m +5,000,000
21 PALISADE CAPITAL MANAGEMENT, LP 0.17% of their portfolio FORT LEE, NJ 5,416,0005.4m $5.2m $5.2m 0.17% Added +2.6m +2,566,000
22 WATER ISLAND CAPITAL LLC 0.63% of their portfolio NEW YORK, NY 5,000,0005.0m $4.7m $4.7m 0.63% Unchanged
23 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 3,536,0003.5m $3.4m $3.4m 0.00% New
24 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 3,500,0003.5m $3.3m $3.3m 0.00% Reduced -3.0m -3,000,000
25 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 3,000,0003.0m $2.8m $2.8m 0.01% Unchanged
26 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 2,000,0002.0m $1.9m $1.9m 0.00% Reduced -38.0k -38,000
27 ADVENT CAPITAL MANAGEMENT /DE/ 0.06% of their portfolio NEW YORK, NY 1,980,0002.0m $1.9m $1.9m 0.06% Unchanged
28 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 1,636,0001.6m $1.6m $1.6m 0.00% New
29 UBS Group AG 0.00% of their portfolio ZURICH, V8 1,526,0001.5m $1.4m $1.4m 0.00% New
30 Ares Systematic Credit Ltd 0.75% of their portfolio LONDON, X0 1,000,0001.0m $950.7k $950.7k 0.75% Added +900.0k +900,000
31 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 863,000863.0k $821.9k $821.9k 0.00% Reduced -4.1m -4,051,000
32 Kohlberg Kravis Roberts & Co. L.P. 0.01% of their portfolio NEW YORK, NY 805,000805.0k $765.6k $765.6k 0.01% Unchanged
33 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 622,000622.0k $590.0k $590.0k 0.00% Added +400.0k +400,000
34 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 500,000500.0k $477.4k $477.4k 0.00% Unchanged
35 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 400,000400.0k $382.2k $382.2k 0.00% Unchanged
36 ABN AMRO INVESTMENT SOLUTIONS 0.00% of their portfolio PARIS CEDEX 008, I0 300,000300.0k $285.6k $285.6k 0.00% Added +299.7k +299,700
37 ZAZOVE ASSOCIATES LLC 0.01% of their portfolio INCLINE VILLAGE, NV 260,000260.0k $248.0k $248.0k 0.01% New
38 SG Americas Securities, LLC 0.00% of their portfolio NEW YORK, NY 10,20010.2k $971.0k $971.0k 0.00% Unchanged
39 Candriam S.C.A. 0.03% of their portfolio STRASSEN, N4 5,5005.5k $5.2m $5.2m 0.03% Unchanged
40 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 4,0004.0k $3.8k $3.8k 0.00% Reduced -188.0k -188,000
41 K2 PRINCIPAL FUND, L.P. 0.20% of their portfolio TORONTO, A6 2,0002.0k $1.9m $1.9m 0.20% Unchanged