Vault-13

BRITISH AMERN TOB PLC BTI

SPONSORED ADR · ADR · CUSIP 110448107 · ISIN US1104481072

825 institutional holders +52 vs Q3 2025
289,361,070289.4m shares reported held*
$16.4bnreported value*
91 new 321 added 242 reduced 71 sold out net bought ≈ $432.6m (+7.6m 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 ($30.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $56.61. Options: 26 managers hold calls ($287.2m notional), 23 hold puts ($420.8m).

Trends to Q4 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: 773Q4 25: 825825Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 2025825

Buyers vs sellers

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

Bought or addedCut or sold out
5000500Q1 24: 314 bought or addedQ1 24: 231 cut or sold outQ2 24: 312 bought or addedQ2 24: 242 cut or sold outQ2 24Q3 24: 341 bought or addedQ3 24: 235 cut or sold outQ4 24: 273 bought or addedQ4 24: 285 cut or sold outQ4 24Q1 25: 324 bought or addedQ1 25: 259 cut or sold outQ2 25: 432 bought or addedQ2 25: 212 cut or sold outQ2 25Q3 25: 406 bought or addedQ3 25: 305 cut or sold outQ4 25: 412 bought or addedQ4 25: 313 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024314231
Q2 2024312242
Q3 2024341235
Q4 2024273285
Q1 2025324259
Q2 2025432212
Q3 2025406305
Q4 2025412313

Calls vs puts

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

CallsPuts
$0$200m$400m$600m$800mQ1 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 0.72Q4 25 calls: $287.2mQ4 25 puts: $420.8mQ4 25P/C 1.47
Numbers
QuarterCallsPutsP/C
Q1 2025$207.8m$273.9m1.32
Q2 2025$414.4m$337.4m0.81
Q3 2025$616.1m$442.4m0.72
Q4 2025$287.2m$420.8m1.47

Biggest buyers

FMR LLC Added +10,675,400+10.7m
MARSHALL WACE, LLP Added +906,850+906.9k
CITADEL ADVISORS LLC Added +798,493+798.5k
Optiver Holding B.V. Added +769,821+769.8k
Balyasny Asset Management L.P. Added +759,460+759.5k
SG Americas Securities, LLC Added +726,169+726.2k
1832 Asset Management L.P. Added +723,900+723.9k
SEI INVESTMENTS CO Added +500,371+500.4k
Maple Rock Capital Partners Inc. Added +485,500+485.5k
Capital International Investors Added +332,062+332.1k

Biggest sellers

JPMORGAN CHASE & CO Reduced -2,806,947-2.8m
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP Sold out -2,035,559-2.0m
Point72 Asset Management, L.P. Sold out -1,419,600-1.4m
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Reduced -862,520-862.5k
Bridgewater Associates, LP Reduced -790,642-790.6k
GOLDMAN SACHS GROUP INC Reduced -731,550-731.5k
MILLENNIUM MANAGEMENT LLC Reduced -587,830-587.8k
GQG Partners LLC Reduced -492,122-492.1k
MORGAN STANLEY Reduced -452,113-452.1k
Mondrian Investment Partners LTD Reduced -440,517-440.5k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $57.0m1.0m shares
GROUP ONE TRADING LLC Reduced $41.1m726.0k shares
CITADEL ADVISORS LLC Reduced $23.8m420.1k shares
Optiver Holding B.V. Reduced $20.1m354.5k shares
SIMPLEX TRADING, LLC Reduced $19.7m348.2k shares
JANE STREET GROUP, LLC Reduced $18.1m320.3k shares
Point72 Asset Management, L.P. New $15.5m274.1k shares
IMC-Chicago, LLC Reduced $12.4m219.2k shares
Walleye Capital LLC Added $11.2m198.3k shares
Walleye Trading LLC Reduced $10.5m185.0k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $86.6m1.5m shares
Optiver Holding B.V. Reduced $72.9m1.3m shares
BARCLAYS PLC Added $42.5m750.0k shares
CITADEL ADVISORS LLC Reduced $32.7m578.4k shares
CAPITAL FUND MANAGEMENT S.A. Added $27.8m490.9k shares
SIMPLEX TRADING, LLC Reduced $18.1m319.4k shares
Point72 Asset Management, L.P. New $14.0m247.6k shares
UBS Group AG Unchanged $13.5m237.8k shares
Squarepoint Ops LLC Added $13.2m233.0k shares
MILLENNIUM MANAGEMENT LLC Reduced $12.8m226.9k 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 Q4 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 Q4 2025.

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Capital International Investors 0.57% of their portfolio Los Angeles, CA 64,389,48164.4m $3.6bn $3.6bn 0.57% Added +332.1k +332,062
2 FMR LLC 0.09% of their portfolio BOSTON, MA 31,095,44231.1m $1.8bn $1.8bn 0.09% Added +10.7m +10,675,400
3 GQG Partners LLC 2.62% of their portfolio FT. LAUDERDALE, FL 28,062,74728.1m $1.6bn $1.6bn 2.62% Reduced -492.1k -492,122
4 Capital Research Global Investors 0.23% of their portfolio Los Angeles, CA 22,333,40222.3m $1.3bn $1.3bn 0.23% Added +264.5k +264,511
5 BlackRock, Inc. 0.01% of their portfolio New York, NY 10,627,78310.6m $601.7m $601.7m 0.01% Reduced -265.8k -265,785
6 Capital World Investors 0.07% of their portfolio LOS ANGELES, CA 9,518,5679.5m $538.9m $538.9m 0.07% Added +47.9k +47,858
7 Orbis Allan Gray Ltd 2.21% of their portfolio HamiltoN, D0 9,300,9019.3m $526.6m $526.6m 2.21% Reduced -220.2k -220,229
8 BANK OF AMERICA CORP /DE/ 0.03% of their portfolio CHARLOTTE, NC 7,242,2677.2m $410.1m $410.1m 0.03% Added +307.5k +307,475
9 MORGAN STANLEY 0.02% of their portfolio NEW YORK, NY 4,812,3484.8m $272.5m $272.5m 0.02% Reduced -452.1k -452,113
10 WELLS FARGO & COMPANY/MN 0.04% of their portfolio SAN FRANCISCO, CA 3,847,8913.8m $217.9m $217.9m 0.04% Added +256.6k +256,554
11 FEDERATED HERMES, INC. 0.36% of their portfolio PITTSBURGH, PA 3,777,2923.8m $213.9m $213.9m 0.36% Reduced -1.8k -1,845
12 Mondrian Investment Partners LTD 3.50% of their portfolio LONDON, X0 3,745,0883.7m $212.0m $212.0m 3.50% Reduced -440.5k -440,517
13 NATIXIS ADVISORS, LLC 0.26% of their portfolio Boston, MA 3,266,6003.3m $185.0m $185.0m 0.26% Added +164.8k +164,798
14 ENVESTNET ASSET MANAGEMENT INC 0.05% of their portfolio Berwyn, PA 2,980,7873.0m $168.8m $168.8m 0.05% Reduced -43.1k -43,130
15 RAYMOND JAMES FINANCIAL INC 0.05% of their portfolio ST. PETERSBURG, FL 2,957,7453.0m $167.5m $167.5m 0.05% Added +105.0k +104,965
16 Bridgewater Associates, LP 0.61% of their portfolio Westport, CT 2,952,0783.0m $167.1m $167.1m 0.61% Reduced -790.6k -790,642
17 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 2,641,2872.6m $149.5m $149.5m 0.01% Reduced -2.8m -2,806,947
18 Newport Trust Company, LLC 0.35% of their portfolio Washington, DC 2,611,1052.6m $147.8m $147.8m 0.35% Added +9.0k +8,952
19 GOLDMAN SACHS GROUP INC 0.02% of their portfolio NEW YORK, NY 2,602,5042.6m $147.4m $147.4m 0.02% Reduced -731.5k -731,550
20 NORTHERN TRUST CORP 0.02% of their portfolio CHICAGO, IL 2,478,5572.5m $140.3m $140.3m 0.02% Reduced -43.1k -43,098
21 TWO SIGMA INVESTMENTS, LP 0.20% of their portfolio NEW YORK, NY 2,366,9702.4m $134.0m $134.0m 0.20% Reduced -17.0k -16,975
22 Empyrean Capital Partners, LP 4.34% of their portfolio LOS ANGELES, CA 2,200,0002.2m $124.6m $124.6m 4.34% Unchanged
23 CITADEL ADVISORS LLC 0.08% of their portfolio MIAMI, FL 2,167,1262.2m $122.7m $122.7m 0.08% Added +798.5k +798,493
24 LPL Financial LLC 0.03% of their portfolio FORT MILL, SC 2,092,7702.1m $118.5m $118.5m 0.03% Added +110.1k +110,113
25 ROYAL BANK OF CANADA 0.02% of their portfolio TORONTO, A6 2,043,5582.0m $115.7m $115.7m 0.02% Reduced -9.1k -9,075
26 Maple Rock Capital Partners Inc. 3.10% of their portfolio Toronto, A6 1,655,3001.7m $93.7m $93.7m 3.10% Added +485.5k +485,500
27 Qube Research & Technologies Ltd 0.13% of their portfolio LONDON, X0 1,545,8141.5m $87.5m $87.5m 0.13% Reduced -168.7k -168,716
28 Grantham, Mayo, Van Otterloo & Co. LLC 0.22% of their portfolio Boston, MA 1,521,7321.5m $86.2m $86.2m 0.22% Reduced -162.2k -162,193
29 Balyasny Asset Management L.P. 0.16% of their portfolio Chicago, IL 1,515,9961.5m $85.8m $85.8m 0.16% Added +759.5k +759,460
30 First Eagle Investment Management, LLC 0.14% of their portfolio NEW YORK, NY 1,407,9801.4m $79.7m $79.7m 0.14% Added +123.4k +123,430
31 Cullen Capital Management, LLC 0.83% of their portfolio New York, NY 1,334,9631.3m $75.6m $75.6m 0.83% Added +163 +163
32 TWO SIGMA ADVISERS, LP 0.14% of their portfolio NEW YORK, NY 1,282,4001.3m $72.6m $72.6m 0.14% Added +259.0k +259,000
33 Capital International, Inc./CA/ 0.56% of their portfolio Los Angeles, CA 1,253,4481.3m $71.0m $71.0m 0.56% Added +117.4k +117,382
34 MARSHALL WACE, LLP 0.07% of their portfolio LONDON, X0 1,246,5751.2m $70.6m $70.6m 0.07% Added +906.9k +906,850
35 Madison Avenue Partners, LP 2.98% of their portfolio NEW YORK, NY 1,223,7671.2m $69.3m $69.3m 2.98% Unchanged
36 MILLENNIUM MANAGEMENT LLC 0.04% of their portfolio NEW YORK, NY 955,760955.8k $54.1m $54.1m 0.04% Reduced -587.8k -587,830
37 ABC ARBITRAGE SA 4.87% of their portfolio PARIS, I0 918,653918.7k $52.0m $52.0m 4.87% Added +147.6k +147,630
38 Optiver Holding B.V. 0.87% of their portfolio AMSTERDAM, P7 853,096853.1k $48.3m $48.3m 0.87% Added +769.8k +769,821
39 CAPITAL FUND MANAGEMENT S.A. 0.45% of their portfolio PARIS, I0 839,427839.4k $47.5m $47.5m 0.45% Added +216.1k +216,140
40 FIRST TRUST ADVISORS LP 0.03% of their portfolio Wheaton, IL 806,799806.8k $45.7m $45.7m 0.03% Reduced -46.0k -45,965
41 TODD ASSET MANAGEMENT LLC 0.88% of their portfolio Louisville, KY 800,230800.2k $45.3m $45.3m 0.88% Reduced -3.2k -3,202
42 DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio AUSTIN, TX 757,630757.6k $42.9m $42.9m 0.01% Reduced -25.3k -25,330
43 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 755,785755.8k $43.4m $43.4m 0.00% Added +8.5k +8,544
44 SEI INVESTMENTS CO 0.04% of their portfolio OAKS, PA 743,788743.8k $42.1m $42.1m 0.04% Added +500.4k +500,371
45 SG Americas Securities, LLC 0.06% of their portfolio NEW YORK, NY 739,687739.7k $41.9m $41.9m 0.06% Added +726.2k +726,169
46 1832 Asset Management L.P. 0.05% of their portfolio TORONTO, A6 734,300734.3k $41.6m $41.6m 0.05% Added +723.9k +723,900
47 Callodine Capital Management, LP 3.09% of their portfolio BOSTON, MA 680,377680.4k $38.5m $38.5m 3.09% Added +72.6k +72,577
48 Euro Pacific Asset Management, LLC 3.86% of their portfolio DORADO, PR 657,883657.9k $34.7m $34.7m 3.86% Reduced -2.6k -2,600
49 STIFEL FINANCIAL CORP 0.03% of their portfolio ST. LOUIS, MO 639,748639.7k $36.2m $36.2m 0.03% Added +41.6k +41,594
50 TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY 0.25% of their portfolio FRANKFORT, KY 589,730589.7k $33.4m $33.4m 0.25% Unchanged
51 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 578,458578.5k $32.8m $32.8m 0.00% Reduced -10.3k -10,259
52 MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio Boston, MA 565,723565.7k $32.0m $32.0m 0.01% Added +171.8k +171,831
53 McGowan Group Asset Management, Inc. 3.93% of their portfolio DALLAS, TX 559,252559.3k $31.7m $31.7m 3.93% Added +2.4k +2,385
54 ASSETMARK, INC 0.06% of their portfolio CONCORD, CA 557,887557.9k $31.6m $31.6m 0.06% Added +23.1k +23,141
55 OSAIC HOLDINGS, INC. 0.04% of their portfolio SCOTTSDALE, AZ 525,887525.9k $29.8m $29.8m 0.04% Reduced -60.5k -60,483
56 O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.15% of their portfolio Stamford, CT 487,143487.1k $27.6m $27.6m 0.15% Reduced -27.3k -27,313
57 CAUSEWAY CAPITAL MANAGEMENT LLC 0.38% of their portfolio LOS ANGELES, CA 483,138483.1k $27.4m $27.4m 0.38% Added +24.4k +24,435
58 INVESTMENT MANAGEMENT ASSOCIATES INC /ADV 7.19% of their portfolio GREENWOOD VILLAGE, CO 453,806453.8k $25.7m $25.7m 7.19% Reduced -119.8k -119,786
59 LOCKHEED MARTIN INVESTMENT MANAGEMENT CO 0.83% of their portfolio BETHESDA, MD 440,400440.4k $24.9m $24.9m 0.83% Added +18.6k +18,600
60 TRUIST FINANCIAL CORP 0.03% of their portfolio CHARLOTTE, NC 429,485429.5k $24.3m $24.3m 0.03% Added +2.2k +2,201
61 SMITH THOMAS W 20.81% of their portfolio BOCA RATON, FL 397,500397.5k $22.5m $22.5m 20.81% First filing
62 GW HENSSLER & ASSOCIATES LTD 1.04% of their portfolio KENNESAW, GA 382,934382.9k $21.7m $21.7m 1.04% Reduced -12.9k -12,925
63 Cetera Investment Advisers 0.02% of their portfolio SCHAUMBURG, IL 378,856378.9k $21.5m $21.5m 0.02% Added +21.6k +21,561
64 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 374,835374.8k $21.2m $21.2m 0.01% Added +39.0k +38,977
65 CRAWFORD INVESTMENT COUNSEL INC 0.35% of their portfolio ATLANTA, GA 373,483373.5k $21.1m $21.1m 0.35% Added +19.9k +19,903
66 Quantinno Capital Management LP 0.04% of their portfolio NEW YORK, NY 356,061356.1k $20.2m $20.2m 0.04% Added +46.7k +46,670
67 Adams Asset Advisors, LLC 2.56% of their portfolio DALLAS, TX 343,016343.0k $19.4m $19.4m 2.56% Reduced -3.5k -3,533
68 UBS Group AG 0.00% of their portfolio ZURICH, V8 326,669326.7k $18.5m $18.5m 0.00% Added +12.9k +12,930
69 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 323,754323.8k $18.3m $18.3m 0.00% Added +9.8k +9,815
70 EPACRIA CAPITAL PARTNERS, LLC 14.15% of their portfolio BOULDER, CO 315,531315.5k $17.9m $17.9m 14.15% Unchanged
71 CIBC WORLD MARKET INC. 0.03% of their portfolio TORONTO, A6 314,615314.6k $17.8m $17.8m 0.03% Reduced -12.6k -12,641
72 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 310,167310.2k $17.6m $17.6m 0.01% New
73 HRT FINANCIAL LP 0.07% of their portfolio NEW YORK, NY 306,764306.8k $17.4m $17.4m 0.07% Added +299.6k +299,557
74 DEUTSCHE BANK AG\ 0.01% of their portfolio FRANKFURT AM MAIN, 2M 303,950303.9k $17.2m $17.2m 0.01% Added +300.7k +300,665
75 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 299,376299.4k $17.0m $17.0m 0.00% Added +38.1k +38,141
76 Dupree Financial Group, LLC 6.00% of their portfolio LEXINGTON, KY 290,937290.9k $16.5m $16.5m 6.00% Added +446 +446
77 COMMONWEALTH EQUITY SERVICES, LLC 0.02% of their portfolio WALTHAM, MA 289,839289.8k $16.4m $16.4m 0.02% Reduced -15.3k -15,290
78 U.S. Capital Wealth Advisors, LLC 0.43% of their portfolio AUSTIN, TX 288,615288.6k $16.3m $16.3m 0.43% Added +3.7k +3,676
79 Modern Wealth Management, LLC 0.29% of their portfolio KANSAS CITY, MO 281,684281.7k $15.9m $15.9m 0.29% Added +3.4k +3,399
80 SBI Securities Co., Ltd. 0.41% of their portfolio TOKYO, M0 279,724279.7k $15.8m $15.8m 0.41% Reduced -5.6k -5,608
81 ExodusPoint Capital Management, LP 0.17% of their portfolio NEW YORK, NY 276,417276.4k $15.7m $15.7m 0.17% New
82 Creative Planning 0.01% of their portfolio OVERLAND PARK, KS 256,916256.9k $14.5m $14.5m 0.01% Added +24.8k +24,767
83 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.02% of their portfolio BALA CYNWYD, PA 255,856255.9k $14.5m $14.5m 0.02% Reduced -317.4k -317,392
84 MML INVESTORS SERVICES, LLC 0.03% of their portfolio SPRINGFIELD, MA 250,789250.8k $14.2m $14.2m 0.03% Added +25.5k +25,542
85 Russell Investments Group, Ltd. 0.02% of their portfolio Seattle, WA 248,118248.1k $14.0m $14.0m 0.02% Added +26.2k +26,167
86 Capital Wealth Planning, LLC 0.09% of their portfolio NAPLES, FL 246,415246.4k $13.9m $13.9m 0.09% Added +71.2k +71,191
87 Prescott General Partners LLC 0.89% of their portfolio BOCA RATON, FL 220,100220.1k $12.5m $12.5m 0.89% Unchanged
88 AUXIER ASSET MANAGEMENT LLC 1.75% of their portfolio AURORA, OR 219,814219.8k $12.4m $12.4m 1.75% Reduced -3.7k -3,724
89 GATEWAY INVESTMENT ADVISERS LLC 0.11% of their portfolio CINCINNATI, OH 213,782213.8k $12.1m $12.1m 0.11% Added +205 +205
90 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 211,628211.6k $12.0m $12.0m 0.00% Added +4.6k +4,579
91 AQR CAPITAL MANAGEMENT LLC 0.01% of their portfolio Greenwich, CT 206,746206.7k $11.7m $11.7m 0.01% Added +36.5k +36,535
92 OPPENHEIMER ASSET MANAGEMENT INC. 0.14% of their portfolio NEW YORK, NY 206,305206.3k $11.7m $11.7m 0.14% Reduced -12.4k -12,445
93 Connor, Clark & Lunn Investment Management Ltd. 0.03% of their portfolio VANCOUVER, A1 205,681205.7k $11.6m $11.6m 0.03% Added +37.2k +37,201
94 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 197,608197.6k $11.2m $11.2m 0.01% Added +171 +171
95 VIKING FUND MANAGEMENT LLC 1.25% of their portfolio MINOT, ND 190,000190.0k $10.8m $10.8m 1.25% Added +2.0k +2,000
96 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 185,077185.1k $10.5m $10.5m 0.00% Reduced -62.7k -62,691
97 QRG CAPITAL MANAGEMENT, INC. 0.11% of their portfolio BERWYN, PA 177,534177.5k $10.1m $10.1m 0.11% Added +19.6k +19,577
98 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 174,819174.8k $9.9m $9.9m 0.00% Reduced -28.5k -28,472
99 FACTORY MUTUAL INSURANCE CO 0.10% of their portfolio WALTHAM, MA 173,589173.6k $9.8m $9.8m 0.10% Added +109.4k +109,444
100 TrueMark Investments, LLC 1.87% of their portfolio CHICAGO, IL 173,168173.2k $9.8m $9.8m 1.87% Added +19.0k +18,977