Vault-13

BROOKFIELD BUSINESS PARTNERS

UNIT LTD L P · CUSIP G16234109

65 institutional holders +4 vs Q1 2025
83,337,23283.3m shares reported held*
$2.2bnreported value*
8 new 14 added 22 reduced 4 sold out net sold ≈ $2.1bn (-81.4m 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. Holder counts are more reliable. Implied quarter-end price ≈ $25.93. Options: 2 managers hold calls ($272.3k notional), 1 hold puts ($0).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 55Q4 22: 58Q1 23: 55Q2 23: 57Q3 23: 67Q4 23: 67Q1 24: 71Q2 24: 60Q3 24: 62Q4 24: 64Q1 25: 61Q2 25: 6565Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202255
Q4 202258
Q1 202355
Q2 202357
Q3 202367
Q4 202367
Q1 202471
Q2 202460
Q3 202462
Q4 202464
Q1 202561
Q2 202565

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q3 23: 26 bought or addedQ3 23: 23 cut or sold outQ4 23: 23 bought or addedQ4 23: 28 cut or sold outQ4 23Q1 24: 25 bought or addedQ1 24: 30 cut or sold outQ2 24: 18 bought or addedQ2 24: 38 cut or sold outQ2 24Q3 24: 23 bought or addedQ3 24: 22 cut or sold outQ4 24: 31 bought or addedQ4 24: 19 cut or sold outQ4 24Q1 25: 21 bought or addedQ1 25: 27 cut or sold outQ2 25: 22 bought or addedQ2 25: 26 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20232623
Q4 20232328
Q1 20242530
Q2 20241838
Q3 20242322
Q4 20243119
Q1 20252127
Q2 20252226

Calls vs puts

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

CallsPuts
$0$100k$200k$300k$400kQ3 24 calls: $226.0kQ3 24 puts: $37.3kQ3 24P/C 0.16Q4 24 calls: $152.2kQ4 24 puts: $318.5kQ4 24P/C 2.09Q1 25 calls: $54.0kQ1 25 puts: $25.8kQ1 25P/C 0.48Q2 25 calls: $272.3kQ2 25 puts: $0Q2 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q3 2024$226.0k$37.3k0.16
Q4 2024$152.2k$318.5k2.09
Q1 2025$54.0k$25.8k0.48
Q2 2025$272.3k$00.00

Biggest buyers

ROYAL BANK OF CANADA Added +7,111,963+7.1m
Partners Value Investments L.P. Added +1,508,047+1.5m
PICTON MAHONEY ASSET MANAGEMENT New +399,499+399.5k
Legal & General Group Plc New +129,894+129.9k
JPMORGAN CHASE & CO Added +31,135+31.1k
UBS Group AG Added +16,622+16.6k
Northwest & Ethical Investments L.P. New +15,427+15.4k
TD Waterhouse Canada Inc. Added +14,981+15.0k
MORGAN STANLEY Added +13,910+13.9k
GOLDMAN SACHS GROUP INC New +13,552+13.6k

Biggest sellers

Brookfield Corp /ON/ Reduced -88,747,736-88.7m
CIBC Asset Management Inc Reduced -923,349-923.3k
BANK OF MONTREAL /CAN/ Reduced -493,224-493.2k
TORONTO DOMINION BANK Sold out -169,007-169.0k
NATIONAL BANK OF CANADA /FI/ Reduced -84,872-84.9k
Russell Investments Group, Ltd. Reduced -37,934-37.9k
Triasima Portfolio Management inc. Reduced -35,005-35.0k
PCJ Investment Counsel Ltd. Reduced -34,370-34.4k
MONTRUSCO BOLTON INVESTMENTS INC. Sold out -30,783-30.8k
K2 PRINCIPAL FUND, L.P. Reduced -25,351-25.4k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP New $272.3k10.5k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 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.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
BROOKFIELD Corp /ON/ 13D · may seek influence +31.5 pts · filed 2026-03-30
Stated purposeItem 4 of the original Schedule 13D is hereby supplemented as follows: On March 27, 2026, BBUC (formerly 1559985 B.C. Ltd.) completed the previously announced plan of arrangement (the "Arrangement") pursuant to which, among other things, (i) all Units, BBHC exchangeable shares and REUs were exchanged for newly issued class A subordinate voting shares of BBUC ("BBUC Class A Shares") on a one-for-one basis, (ii) the special limited partnership units of Holding LP, which were held by a subsidiary of Brookfield Asset Management Ltd., were exchanged for special non-voting incentive shares of BBUC ("Special Shares") on a one-for-one basis, (iii) BN exchanged its share of Brookfield Business Partners Limited, the general partner of BBU, for class B multiple voting shares of BBUC ("Class B Share… Full filing
 100.0% +31.5 pts 207.0m 2026-03-30

Fell to 5% or below in the last year: ROYAL BANK OF CANADA (0.6%, 2026-05-15)

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Brookfield Corp /ON/ 1.38% of their portfolio TORONTO, A6 43,708,28543.7m $1.1bn $1.1bn 1.38% Reduced -88.7m -88,747,736
2 ROYAL BANK OF CANADA 0.04% of their portfolio TORONTO, A6 14,783,11214.8m $383.3m $383.3m 0.04% Added +7.1m +7,111,963
3 OMERS ADMINISTRATION Corp 2.45% of their portfolio TORONTO, A6 12,039,36212.0m $312.2m $312.2m 2.45% Unchanged
4 Partners Value Investments L.P. 1.17% of their portfolio Hamilton, D0 4,449,1094.4m $115.4m $115.4m 1.17% Added +1.5m +1,508,047
5 CI INVESTMENTS INC. 0.22% of their portfolio TORONTO, Z4 2,230,6132.2m $57.8m $57.8m 0.22% Added +4.4k +4,368
6 PCJ Investment Counsel Ltd. 11.28% of their portfolio TORONTO, A6 1,270,7841.3m $33.0m $33.0m 11.28% Reduced -34.4k -34,370
7 TD Waterhouse Canada Inc. 0.20% of their portfolio TORONTO, A6 1,102,2731.1m $28.3m $28.3m 0.20% Added +15.0k +14,981
8 Beutel, Goodman & Co Ltd. 0.10% of their portfolio TORONTO, A6 660,130660.1k $17.1m $17.1m 0.10% Reduced -23.1k -23,050
9 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 483,491483.5k $12.6m $12.6m 0.01% Reduced -493.2k -493,224
10 PICTON MAHONEY ASSET MANAGEMENT 0.15% of their portfolio Toronto, A6 399,499399.5k $10.4m $10.4m 0.15% New
11 Forge First Asset Management Inc. 3.44% of their portfolio TORONTO, Z4 357,465357.5k $9.3m $9.3m 3.44% Reduced -14.1k -14,100
12 AGF MANAGEMENT LTD 0.04% of their portfolio TORONTO, A6 336,278336.3k $8.7m $8.7m 0.04% Reduced -6.6k -6,628
13 Cardinal Point Capital Management ULC 0.50% of their portfolio TORONTO, A6 242,757242.8k $6.3m $6.3m 0.50% Reduced -675 -675
14 CIBC WORLD MARKET INC. 0.01% of their portfolio TORONTO, A6 172,970173.0k $4.5m $4.5m 0.01% Reduced -18.4k -18,442
15 TD Asset Management Inc 0.00% of their portfolio Toronto, A6 149,315149.3k $3.9m $3.9m 0.00% Reduced -5.5k -5,505
16 Triasima Portfolio Management inc. 0.64% of their portfolio MONTREAL, A8 135,680135.7k $3.5m $3.5m 0.64% Reduced -35.0k -35,005
17 Legal & General Group Plc 0.00% of their portfolio London, X0 129,894129.9k $3.4m $3.4m 0.00% New
18 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 122,788122.8k $3.2m $3.2m 0.00% Added +13.9k +13,910
19 Federation des caisses Desjardins du Quebec 0.01% of their portfolio LEVIS, A8 110,436110.4k $2.8m $2.8m 0.01% Added +6.3k +6,330
20 NATIONAL BANK OF CANADA /FI/ 0.00% of their portfolio MONTREAL, A8 73,15073.2k $1.9m $1.9m 0.00% Reduced -84.9k -84,872
21 Gold Investment Management Ltd. 0.41% of their portfolio EDMONTON, A0 41,99442.0k $1.1m $1.1m 0.41% Added +2.7k +2,685
22 CIBC Asset Management Inc 0.00% of their portfolio TORONTO, Z4 41,41041.4k $1.1m $1.1m 0.00% Reduced -923.3k -923,349
23 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 36,02736.0k $934.2k $934.2k 0.00% Added +31.1k +31,135
24 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio Toronto, A6 32,56832.6k $842.9k $842.9k 0.00% Reduced -3.9k -3,907
25 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 29,98730.0k $777.6k $777.6k 0.00% Reduced -2.6k -2,627
26 TANDEM CAPITAL MANAGEMENT CORP /ADV 0.39% of their portfolio WOODCLIFF LAKE, NJ 29,56729.6k $766.7k $766.7k 0.39% Reduced -103 -103
27 BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.00% of their portfolio VICTORIA, A1 26,57426.6k $691.8k $691.8k 0.00% Reduced -1.0k -1,032
28 K2 PRINCIPAL FUND, L.P. 0.11% of their portfolio TORONTO, A6 22,50022.5k $583.4k $583.4k 0.11% Reduced -25.4k -25,351
29 UBS Group AG 0.00% of their portfolio ZURICH, V8 18,92218.9k $490.6k $490.6k 0.00% Added +16.6k +16,622
30 Northwest & Ethical Investments L.P. 0.01% of their portfolio TORONTO, A6 15,42715.4k $390.5k $390.5k 0.01% New
31 SCOTIA CAPITAL INC. 0.00% of their portfolio TORONTO, A6 14,89314.9k $374.7k $374.7k 0.00% Reduced -1.2k -1,155
32 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 13,55213.6k $351.4k $351.4k 0.00% New
33 BBR PARTNERS, LLC 0.02% of their portfolio NEW YORK, NY 10,27710.3k $266.5k $266.5k 0.02% Unchanged
34 Rathbones Group PLC 0.00% of their portfolio Liverpool, X0 10,23710.2k $265.4k $265.4k 0.00% New
35 MACKENZIE FINANCIAL CORP 0.00% of their portfolio TORONTO ONTARIO, A6 8,6138.6k $224.2k $224.2k 0.00% New
36 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 7,8377.8k $203.2k $203.2k 0.00% Reduced -1.6k -1,589
37 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 7,4557.5k $193.6k $193.6k 0.00% Reduced -37.9k -37,934
38 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 3,5003.5k $90.8k $90.8k 0.00% Unchanged
39 INTACT INVESTMENT MANAGEMENT INC. 0.00% of their portfolio MONTREAL, A8 2,1002.1k $54.6k $54.6k 0.00% Unchanged
40 PenderFund Capital Management Ltd. 0.01% of their portfolio VANCOUVER, A1 1,2321.2k $32.0k $32.0k 0.01% Added +502 +502
41 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 1,2081.2k $31.3k $31.3k 0.00% Added +1.2k +1,204
42 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 1,0311.0k $26.7k $26.7k 0.00% Added +100 +100
43 CIBC Private Wealth Group LLC 0.00% of their portfolio ATLANTA, GA 680680 $17.6k $17.6k 0.00% Unchanged
44 LANARK FINANCIAL, INC. 0.00% of their portfolio BIRMINGHAM, AL 604604 $15.0k $15.0k 0.00% Added +2 +2
45 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 571571 $14.8k $14.8k 0.00% New
46 Hemington Wealth Management 0.00% of their portfolio FALLS CHURCH, VA 277277 $7.0k $7.0k 0.00% Unchanged
47 HUNTINGTON NATIONAL BANK 0.00% of their portfolio COLUMBUS, OH 226226 $5.9k $5.9k 0.00% Unchanged
48 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 219219 $5.7k $5.7k 0.00% Added +201 +201
49 Aviso Financial Inc. 0.00% of their portfolio TORONTO, A6 9090 $2.3k $2.3k 0.00% Unchanged
50 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 5858 $1.5k $1.5k 0.00% Unchanged
51 Financial Perspectives, Inc 0.00% of their portfolio MINNEAPOLIS, MN 4040 $1.0k $1.0k 0.00% Unchanged
52 CWM, LLC 0.00% of their portfolio OMAHA, NE 3636 $1.0k $1.0k 0.00% Reduced -4 -4
53 HARBOUR INVESTMENTS, INC. 0.00% of their portfolio MADISON, WI 3434 $882 $882 0.00% Unchanged
54 Investment Research & Advisory Group, Inc. 0.00% of their portfolio ATLANTA, GA 3030 $778 $778 0.00% Unchanged
55 Briaud Financial Planning Inc 0.00% of their portfolio COLLEGE STATION, TX 2121 $0 $0 0.00% Unchanged
56 Pacifica Partners Inc. 0.00% of their portfolio SURREY, Z4 1414 $345 $345 0.00% Unchanged
57 MAI Capital Management 0.00% of their portfolio INDEPENDENCE, OH 66 $156 $156 0.00% Unchanged
58 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 55 $130 $130 0.00% Reduced -52 -52
59 Ameritas Advisory Services, LLC 0.00% of their portfolio Lincoln, NE 55 $117 $117 0.00% New
60 Fortis Group Advisors, LLC 0.00% of their portfolio WESTWOOD, NJ 44 $104 $104 0.00% Unchanged
61 Robinswood Financial LLC 0.00% of their portfolio KIRKLAND, WA 44 $103 $103 0.00% Unchanged
62 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 33 $78 $78 0.00% Unchanged
63 WHITTIER TRUST CO 0.00% of their portfolio SOUTH PASADENA, CA 22 $51 $51 0.00% Unchanged
64 FMR LLC 0.00% of their portfolio BOSTON, MA 11 $26 $26 0.00% Unchanged
65 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged