Vault-13

BRITISH AMERN TOB PLC BTI

SPONSORED ADR · ADR · CUSIP 110448107 · ISIN US1104481072

773 institutional holders +53 vs Q2 2025
280,954,242281.0m shares reported held*
$14.9bnreported value*
120 new 286 added 245 reduced 60 sold out net bought ≈ $841.4m (+15.6m 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 ($40.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $53.07. Options: 30 managers hold calls ($616.1m notional), 26 hold puts ($442.4m).

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

05001kQ3 22: 535Q4 22: 586Q1 23: 574Q2 23: 573Q3 23: 554Q4 23: 551Q1 24: 573Q2 24: 564Q3 24: 610Q4 24: 620Q1 25: 647Q2 25: 720Q3 25: 773773Q3 22Q2 23Q1 24Q4 24Q3 25
Numbers
QuarterHolders
Q3 2022535
Q4 2022586
Q1 2023574
Q2 2023573
Q3 2023554
Q4 2023551
Q1 2024573
Q2 2024564
Q3 2024610
Q4 2024620
Q1 2025647
Q2 2025720
Q3 2025773

Buyers vs sellers

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

Bought or addedCut or sold out
5000500Q4 23: 219 bought or addedQ4 23: 313 cut or sold outQ1 24: 314 bought or addedQ1 24: 231 cut or sold outQ1 24Q2 24: 312 bought or addedQ2 24: 242 cut or sold outQ3 24: 341 bought or addedQ3 24: 235 cut or sold outQ3 24Q4 24: 273 bought or addedQ4 24: 285 cut or sold outQ1 25: 324 bought or addedQ1 25: 259 cut or sold outQ1 25Q2 25: 432 bought or addedQ2 25: 212 cut or sold outQ3 25: 406 bought or addedQ3 25: 305 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2023219313
Q1 2024314231
Q2 2024312242
Q3 2024341235
Q4 2024273285
Q1 2025324259
Q2 2025432212
Q3 2025406305

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$200m$400m$600m$800mQ4 24 calls: $155.0mQ4 24 puts: $269.2mQ4 24P/C 1.74Q1 25 calls: $207.8mQ1 25 puts: $273.9mQ1 25P/C 1.32Q2 25 calls: $414.4mQ2 25 puts: $337.4mQ2 25P/C 0.81Q3 25 calls: $616.1mQ3 25 puts: $442.4mQ3 25P/C 0.72
Numbers
QuarterCallsPutsP/C
Q4 2024$155.0m$269.2m1.74
Q1 2025$207.8m$273.9m1.32
Q2 2025$414.4m$337.4m0.81
Q3 2025$616.1m$442.4m0.72

Biggest buyers

Capital World Investors Added +9,397,693+9.4m
FMR LLC Added +8,161,502+8.2m
GQG Partners LLC Added +4,873,026+4.9m
JPMORGAN CHASE & CO Added +2,699,910+2.7m
Capital International Investors Added +1,891,042+1.9m
BANK OF AMERICA CORP /DE/ Added +1,578,860+1.6m
Point72 Asset Management, L.P. New +1,419,600+1.4m
Empyrean Capital Partners, LP Added +1,250,000+1.2m
Madison Avenue Partners, LP New +1,223,767+1.2m
Qube Research & Technologies Ltd Added +1,139,016+1.1m

Biggest sellers

Orbis Allan Gray Ltd Reduced -4,982,838-5.0m
TWO SIGMA ADVISERS, LP Reduced -2,858,300-2.9m
ROYAL BANK OF CANADA Reduced -2,512,689-2.5m
CITIGROUP INC Reduced -1,738,015-1.7m
TWO SIGMA INVESTMENTS, LP Reduced -1,602,926-1.6m
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP Reduced -1,308,501-1.3m
Trivest Advisors Ltd Sold out -1,270,000-1.3m
BlackRock, Inc. Reduced -976,604-976.6k
Optiver Holding B.V. Reduced -801,612-801.6k
Grantham, Mayo, Van Otterloo & Co. LLC Reduced -798,181-798.2k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $127.4m2.4m shares
CITADEL ADVISORS LLC Reduced $72.2m1.4m shares
Optiver Holding B.V. Added $69.7m1.3m shares
GROUP ONE TRADING LLC Added $52.4m986.7k shares
SIMPLEX TRADING, LLC Added $39.1m736.3k shares
D. E. Shaw & Co., Inc. Added $37.7m710.6k shares
MILLENNIUM MANAGEMENT LLC Added $28.7m541.1k shares
WOLVERINE TRADING, LLC New $26.4m499.5k shares
IMC-Chicago, LLC Added $20.6m387.7k shares
JANE STREET GROUP, LLC Added $18.9m356.1k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $84.4m1.6m shares
Optiver Holding B.V. Reduced $77.6m1.5m shares
CITADEL ADVISORS LLC Added $45.9m865.5k shares
MILLENNIUM MANAGEMENT LLC Added $22.7m427.4k shares
D. E. Shaw & Co., Inc. Added $19.5m367.3k shares
SIMPLEX TRADING, LLC Added $18.7m352.2k shares
Cubist Systematic Strategies, LLC Added $16.4m308.4k shares
PEAK6 LLC Reduced $15.5m292.8k shares
CAPITAL FUND MANAGEMENT S.A. Added $14.9m280.4k shares
IMC-Chicago, LLC Added $13.9m262.6k shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Insider purchases and sales in Q3 2025

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

None reported in Q3 2025.

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Capital International Investors 0.55% of their portfolio Los Angeles, CA 64,057,41964.1m $3.4bn $3.4bn 0.55% Added +1.9m +1,891,042
2 GQG Partners LLC 2.33% of their portfolio FT. LAUDERDALE, FL 28,554,86928.6m $1.5bn $1.5bn 2.33% Added +4.9m +4,873,026
3 Capital Research Global Investors 0.22% of their portfolio Los Angeles, CA 22,068,89122.1m $1.2bn $1.2bn 0.22% Added +559.2k +559,189
4 FMR LLC 0.06% of their portfolio BOSTON, MA 20,420,04220.4m $1.1bn $1.1bn 0.06% Added +8.2m +8,161,502
5 BlackRock, Inc. 0.01% of their portfolio New York, NY 10,893,56810.9m $578.2m $578.2m 0.01% Reduced -976.6k -976,604
6 Orbis Allan Gray Ltd 2.17% of their portfolio HamiltoN, D0 9,521,1309.5m $505.4m $505.4m 2.17% Reduced -5.0m -4,982,838
7 Capital World Investors 0.07% of their portfolio LOS ANGELES, CA 9,470,7099.5m $502.7m $502.7m 0.07% Added +9.4m +9,397,693
8 BANK OF AMERICA CORP /DE/ 0.03% of their portfolio CHARLOTTE, NC 6,934,7926.9m $368.1m $368.1m 0.03% Added +1.6m +1,578,860
9 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 5,448,2345.4m $289.2m $289.2m 0.01% Added +2.7m +2,699,910
10 MORGAN STANLEY 0.02% of their portfolio NEW YORK, NY 5,264,4615.3m $279.4m $279.4m 0.02% Added +22.8k +22,791
11 Mondrian Investment Partners LTD 3.71% of their portfolio LONDON, X0 4,185,6054.2m $222.2m $222.2m 3.71% First filing
12 FEDERATED HERMES, INC. 0.35% of their portfolio PITTSBURGH, PA 3,779,1373.8m $200.6m $200.6m 0.35% Added +303.1k +303,136
13 Bridgewater Associates, LP 0.78% of their portfolio Westport, CT 3,742,7203.7m $198.7m $198.7m 0.78% Added +333.6k +333,638
14 WELLS FARGO & COMPANY/MN 0.04% of their portfolio SAN FRANCISCO, CA 3,591,3373.6m $190.6m $190.6m 0.04% Added +282.3k +282,312
15 GOLDMAN SACHS GROUP INC 0.03% of their portfolio NEW YORK, NY 3,334,0543.3m $177.0m $177.0m 0.03% Reduced -447.9k -447,913
16 NATIXIS ADVISORS, LLC 0.24% of their portfolio Boston, MA 3,101,8023.1m $164.6m $164.6m 0.24% Added +76.0k +76,019
17 ENVESTNET ASSET MANAGEMENT INC 0.05% of their portfolio Berwyn, PA 3,023,9173.0m $160.5m $160.5m 0.05% Added +231.7k +231,659
18 RAYMOND JAMES FINANCIAL INC 0.05% of their portfolio ST. PETERSBURG, FL 2,852,7802.9m $151.4m $151.4m 0.05% Added +95.2k +95,221
19 Newport Trust Company, LLC 0.31% of their portfolio Washington, DC 2,602,1532.6m $138.1m $138.1m 0.31% Reduced -137.2k -137,239
20 NORTHERN TRUST CORP 0.02% of their portfolio CHICAGO, IL 2,521,6552.5m $133.8m $133.8m 0.02% Reduced -2.6k -2,619
21 TWO SIGMA INVESTMENTS, LP 0.19% of their portfolio NEW YORK, NY 2,383,9452.4m $126.5m $126.5m 0.19% Reduced -1.6m -1,602,926
22 Empyrean Capital Partners, LP 4.69% of their portfolio LOS ANGELES, CA 2,200,0002.2m $116.8m $116.8m 4.69% Added +1.2m +1,250,000
23 ROYAL BANK OF CANADA 0.02% of their portfolio TORONTO, A6 2,052,6332.1m $109.0m $109.0m 0.02% Reduced -2.5m -2,512,689
24 ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.07% of their portfolio BOSTON, MA 2,035,5592.0m $108.0m $108.0m 0.07% Reduced -1.3m -1,308,501
25 LPL Financial LLC 0.03% of their portfolio FORT MILL, SC 1,982,6572.0m $105.2m $105.2m 0.03% Added +193.8k +193,807
26 Qube Research & Technologies Ltd 0.13% of their portfolio LONDON, X0 1,714,5301.7m $91.0m $91.0m 0.13% Added +1.1m +1,139,016
27 Grantham, Mayo, Van Otterloo & Co. LLC 0.25% of their portfolio Boston, MA 1,683,9251.7m $89.4m $89.4m 0.25% Reduced -798.2k -798,181
28 MILLENNIUM MANAGEMENT LLC 0.06% of their portfolio NEW YORK, NY 1,543,5901.5m $81.9m $81.9m 0.06% Added +787.7k +787,677
29 Point72 Asset Management, L.P. 0.16% of their portfolio STAMFORD, CT 1,419,6001.4m $75.4m $75.4m 0.16% New
30 CITADEL ADVISORS LLC 0.06% of their portfolio MIAMI, FL 1,368,6331.4m $72.6m $72.6m 0.06% Reduced -37.3k -37,292
31 Cullen Capital Management, LLC 0.78% of their portfolio New York, NY 1,334,8001.3m $70.9m $70.9m 0.78% Reduced -67.1k -67,122
32 First Eagle Investment Management, LLC 0.12% of their portfolio NEW YORK, NY 1,284,5501.3m $68.2m $68.2m 0.12% Added +160.0k +160,048
33 Madison Avenue Partners, LP 3.88% of their portfolio NEW YORK, NY 1,223,7671.2m $65.0m $65.0m 3.88% New
34 Maple Rock Capital Partners Inc. 2.51% of their portfolio Toronto, A6 1,169,8001.2m $62.1m $62.1m 2.51% Reduced -176.6k -176,600
35 Capital International, Inc./CA/ 0.48% of their portfolio Los Angeles, CA 1,136,0661.1m $60.3m $60.3m 0.48% Added +464.1k +464,071
36 TWO SIGMA ADVISERS, LP 0.11% of their portfolio NEW YORK, NY 1,023,4001.0m $54.3m $54.3m 0.11% Reduced -2.9m -2,858,300
37 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio NEW YORK, NY 901,511901.5k $47.9m $47.9m 0.01% New
38 FIRST TRUST ADVISORS LP 0.03% of their portfolio Wheaton, IL 852,764852.8k $45.3m $45.3m 0.03% Reduced -65.9k -65,867
39 TODD ASSET MANAGEMENT LLC 0.86% of their portfolio Louisville, KY 803,432803.4k $42.6m $42.6m 0.86% Reduced -46.1k -46,150
40 DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio AUSTIN, TX 782,960783.0k $41.6m $41.6m 0.01% Added +1.6k +1,573
41 ABC ARBITRAGE SA 4.03% of their portfolio PARIS, I0 771,023771.0k $40.9m $40.9m 4.03% Reduced -91.2k -91,229
42 Balyasny Asset Management L.P. 0.08% of their portfolio Chicago, IL 756,536756.5k $40.2m $40.2m 0.08% Added +619.8k +619,846
43 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 747,241747.2k $39.7m $39.7m 0.00% Reduced -13.7k -13,741
44 Euro Pacific Asset Management, LLC 4.04% of their portfolio DORADO, PR 660,483660.5k $33.5m $33.5m 4.04% Reduced -668.3k -668,333
45 CAPITAL FUND MANAGEMENT S.A. 0.33% of their portfolio PARIS, I0 623,287623.3k $33.1m $33.1m 0.33% Reduced -36.8k -36,812
46 Callodine Capital Management, LP 2.83% of their portfolio BOSTON, MA 607,800607.8k $32.3m $32.3m 2.83% Added +80.3k +80,300
47 STIFEL FINANCIAL CORP 0.03% of their portfolio ST. LOUIS, MO 598,154598.2k $31.8m $31.8m 0.03% Added +33.7k +33,652
48 TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY 0.24% of their portfolio FRANKFORT, KY 589,730589.7k $31.3m $31.3m 0.24% Reduced -41.5k -41,500
49 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 588,717588.7k $31.2m $31.2m 0.00% Reduced -174.9k -174,913
50 OSAIC HOLDINGS, INC. 0.05% of their portfolio SCOTTSDALE, AZ 586,370586.4k $32.6m $32.6m 0.05% Added +52.5k +52,460
51 INVESTMENT MANAGEMENT ASSOCIATES INC /ADV 9.06% of their portfolio GREENWOOD VILLAGE, CO 573,592573.6k $30.4m $30.4m 9.06% Reduced -12.2k -12,185
52 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.04% of their portfolio BALA CYNWYD, PA 573,248573.2k $30.4m $30.4m 0.04% Reduced -339.6k -339,592
53 McGowan Group Asset Management, Inc. 3.67% of their portfolio DALLAS, TX 556,867556.9k $29.6m $29.6m 3.67% Reduced -2.2k -2,184
54 ASSETMARK, INC 0.06% of their portfolio CONCORD, CA 534,746534.7k $28.4m $28.4m 0.06% Added +2.3k +2,328
55 O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.16% of their portfolio Stamford, CT 514,456514.5k $27.3m $27.3m 0.16% Added +102 +102
56 CAUSEWAY CAPITAL MANAGEMENT LLC 0.32% of their portfolio LOS ANGELES, CA 458,703458.7k $24.3m $24.3m 0.32% Reduced -71.9k -71,896
57 TRUIST FINANCIAL CORP 0.03% of their portfolio CHARLOTTE, NC 427,284427.3k $22.7m $22.7m 0.03% Added +24.1k +24,114
58 LOCKHEED MARTIN INVESTMENT MANAGEMENT CO 0.82% of their portfolio BETHESDA, MD 421,800421.8k $22.4m $22.4m 0.82% Added +129.5k +129,500
59 GW HENSSLER & ASSOCIATES LTD 1.05% of their portfolio KENNESAW, GA 395,859395.9k $21.0m $21.0m 1.05% Reduced -96 -96
60 MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio Boston, MA 393,892393.9k $20.9m $20.9m 0.01% Added +215.9k +215,948
61 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 383,903383.9k $20.4m $20.4m 0.01% Reduced -1.7m -1,738,015
62 Cubist Systematic Strategies, LLC 0.27% of their portfolio STAMFORD, CT 362,970363.0k $19.3m $19.3m 0.27% New
63 Cetera Investment Advisers 0.02% of their portfolio SCHAUMBURG, IL 357,295357.3k $19.0m $19.0m 0.02% Added +67.2k +67,181
64 CRAWFORD INVESTMENT COUNSEL INC 0.31% of their portfolio ATLANTA, GA 353,580353.6k $18.8m $18.8m 0.31% New
65 Adams Asset Advisors, LLC 2.37% of their portfolio DALLAS, TX 346,549346.5k $18.4m $18.4m 2.37% Unchanged
66 MARSHALL WACE, LLP 0.02% of their portfolio LONDON, X0 339,725339.7k $18.0m $18.0m 0.02% New
67 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 335,858335.9k $17.8m $17.8m 0.01% Reduced -261.2k -261,160
68 CIBC WORLD MARKET INC. 0.04% of their portfolio TORONTO, A6 327,256327.3k $17.4m $17.4m 0.04% Reduced -16.0k -16,019
69 RENAISSANCE TECHNOLOGIES LLC 0.02% of their portfolio NEW YORK, NY 327,099327.1k $17.4m $17.4m 0.02% Reduced -743.4k -743,400
70 EPACRIA CAPITAL PARTNERS, LLC 13.59% of their portfolio BOULDER, CO 315,531315.5k $16.7m $16.7m 13.59% Unchanged
71 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 313,939313.9k $16.7m $16.7m 0.00% Added +129.2k +129,195
72 UBS Group AG 0.00% of their portfolio ZURICH, V8 313,739313.7k $16.7m $16.7m 0.00% Reduced -48.5k -48,529
73 FIRST SABREPOINT CAPITAL MANAGEMENT LP 6.64% of their portfolio DALLAS, TX 310,000310.0k $16.5m $16.5m 6.64% Reduced -40.0k -40,000
74 Quantinno Capital Management LP 0.04% of their portfolio NEW YORK, NY 309,391309.4k $16.4m $16.4m 0.04% Added +51.5k +51,527
75 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 308,607308.6k $16.4m $16.4m 0.01% Reduced -204.9k -204,858
76 COMMONWEALTH EQUITY SERVICES, LLC 0.02% of their portfolio WALTHAM, MA 305,129305.1k $16.2m $16.2m 0.02% Reduced -4.6k -4,615
77 Dupree Financial Group, LLC 5.86% of their portfolio LEXINGTON, KY 290,491290.5k $15.4m $15.4m 5.86% Reduced -24.5k -24,478
78 SBI Securities Co., Ltd. 0.39% of their portfolio TOKYO, M0 285,332285.3k $15.1m $15.1m 0.39% Reduced -22.4k -22,352
79 U.S. Capital Wealth Advisors, LLC 0.41% of their portfolio AUSTIN, TX 284,939284.9k $15.1m $15.1m 0.41% Reduced -9.0k -9,030
80 Modern Wealth Management, LLC 0.29% of their portfolio KANSAS CITY, MO 278,285278.3k $14.8m $14.8m 0.29% New
81 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 261,235261.2k $13.9m $13.9m 0.00% Added +45.2k +45,163
82 Savoir Faire Capital Management, L.P. 4.74% of their portfolio NORWALK, CT 248,682248.7k $13.2m $13.2m 4.74% Added +40.3k +40,337
83 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 247,768247.8k $13.2m $13.2m 0.00% Reduced -21.9k -21,942
84 SEI INVESTMENTS CO 0.01% of their portfolio OAKS, PA 243,417243.4k $12.9m $12.9m 0.01% Added +9.0k +8,990
85 Creative Planning 0.01% of their portfolio OVERLAND PARK, KS 232,149232.1k $12.3m $12.3m 0.01% Added +25.3k +25,283
86 MML INVESTORS SERVICES, LLC 0.03% of their portfolio SPRINGFIELD, MA 225,247225.2k $12.0m $12.0m 0.03% Added +11.6k +11,563
87 AUXIER ASSET MANAGEMENT LLC 1.66% of their portfolio AURORA, OR 223,538223.5k $11.9m $11.9m 1.66% Reduced -380 -380
88 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 221,951222.0k $11.8m $11.8m 0.01% Added +5.4k +5,366
89 Tower Research Capital LLC (TRC) 0.32% of their portfolio NEW YORK, NY 221,403221.4k $11.8m $11.8m 0.32% Reduced -26.8k -26,812
90 Prescott General Partners LLC 0.82% of their portfolio BOCA RATON, FL 220,100220.1k $11.7m $11.7m 0.82% Unchanged
91 OPPENHEIMER ASSET MANAGEMENT INC. 0.13% of their portfolio NEW YORK, NY 218,750218.8k $11.6m $11.6m 0.13% Reduced -24.6k -24,617
92 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 216,939216.9k $11.5m $11.5m 0.01% Reduced -464.8k -464,823
93 GATEWAY INVESTMENT ADVISERS LLC 0.11% of their portfolio CINCINNATI, OH 213,577213.6k $11.3m $11.3m 0.11% Unchanged
94 Sanctuary Advisors, LLC 0.03% of their portfolio INDIANAPOLIS, IN 213,415213.4k $10.2m $10.2m 0.03% Added +96.2k +96,239
95 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 207,049207.0k $11.0m $11.0m 0.00% Added +88.5k +88,503
96 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 203,291203.3k $10.8m $10.8m 0.00% Reduced -211.8k -211,772
97 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 197,437197.4k $10.5m $10.5m 0.01% Added +12.3k +12,259
98 VIKING FUND MANAGEMENT LLC 1.21% of their portfolio MINOT, ND 188,000188.0k $10.0m $10.0m 1.21% Added +30.5k +30,500
99 Walleye Trading LLC 0.16% of their portfolio NEW YORK, NY 185,140185.1k $9.8m $9.8m 0.16% Added +11.5k +11,489
100 MANNING & NAPIER ADVISORS LLC 0.12% of their portfolio Fairport, NY 178,788178.8k $9.5m $9.5m 0.12% Reduced -10.4k -10,395