L3VLUP
Quarter end
31 Dec 2025
the date the book describes
Filed
27 Oct 2026
latest of these filings; the earliest 22 Jan 2026
Managers listing it
29
at least, of 95 tracked, among listed positions
Comparable managers
92
filed both Q3 2025 and Q4 2025; 15 listed it in both
Shares listed
315,244,877
combined, among listed positions
Reported value
$14.5bn
combined, at the quarter end

Among the 92 comparable managers: 26 buyers (opened or added shares) and 7 sellers (trimmed or exited), at least, among listed positions. Their net change in shares was +124,983,849.

Managers listing BN in Q4 2025

Share of 13F value is the position’s reported value over everything the manager reported that quarter. The share change is against Q3 2025, and only where both filings list the position. A rise in value with no rise in shares is the price, not buying.

29 of 29 holders

ActionFiling
Capital World Investors99,069,016$4.5bn0.62%Added+30,755,35411 Feb 2026 (the filing on sec.gov)
Pershing Square Capital Management LP61,403,089$2.8bn18.15%Added+20,382,85817 Feb 2026 (the filing on sec.gov)
Dodge & Cox41,280,320$1.9bn1.02%Newnew13 Feb 2026 (the filing on sec.gov)
Akre Capital Management LLC26,843,633$1.2bn13.51%Added+7,627,69213 Feb 2026 (the filing on sec.gov)
Lone Pine Capital LLC15,923,360$731m5.37%Added+5,742,01217 Feb 2026 (the filing on sec.gov)
Fidelity (FMR LLC)15,177,438$697munder 0.1%Added+3,987,32417 Feb 2026 (the filing on sec.gov)
Markel Group Inc13,073,609$600m4.78%Added+4,357,8686 Feb 2026 (the filing on sec.gov)
Baillie Gifford & Co7,013,657$322m0.27%Added+2,191,27023 Jan 2026 (the filing on sec.gov)
Neuberger Berman Group LLC6,940,908$319m0.24%Added+2,157,43827 Oct 2026 (the filing on sec.gov)
Third Point LLC6,200,000$285m3.91%Added+1,525,00017 Feb 2026 (the filing on sec.gov)
Soroban Capital Partners LP5,745,527$263m1.83%Added+1,915,17517 Feb 2026 (the filing on sec.gov)
Invesco Ltd4,651,015$213munder 0.1%Added+1,352,68419 Feb 2026 (the filing on sec.gov)
Wellington Management Group LLP4,014,078$184munder 0.1%Added+1,122,15317 Feb 2026 (the filing on sec.gov)
MFS Investment Management3,523,292$162m0.05%Added+1,185,39922 Jan 2026 (the filing on sec.gov)
Capital Research Global Investors2,134,876$98munder 0.1%Added+682,13711 Feb 2026 (the filing on sec.gov)
Bridgewater Associates LP565,075$26m0.09%Added+180,34813 Feb 2026 (the filing on sec.gov)
Janus Henderson Group Ltd318,060$15munder 0.1%Added+81,76317 Feb 2026 (the filing on sec.gov)
AllianceBernstein LP250,642$12munder 0.1%Added+113,10917 Feb 2026 (the filing on sec.gov)
Voloridge Investment Management LLC230,427$11munder 0.1%Trimmed-170,32817 Feb 2026 (the filing on sec.gov)
Jane Street Group LLC183,318$8.4munder 0.1%Added+82,04012 Feb 2026 (the filing on sec.gov)
Millennium Management LLC182,790$8.4munder 0.1%Newnew17 Feb 2026 (the filing on sec.gov)
AQR Capital Management LLC150,169$6.9munder 0.1%Added+113,79217 Feb 2026 (the filing on sec.gov)
Citadel Advisors LLC99,364$4.6munder 0.1%Added+27,56617 Feb 2026 (the filing on sec.gov)
ExodusPoint Capital Management LP97,500$4.5munder 0.1%Newnew17 Feb 2026 (the filing on sec.gov)
Acadian Asset Management LLC59,779$2.7munder 0.1%Trimmed-22,47210 Feb 2026 (the filing on sec.gov)
Page 1 of 2

What managers have written about BN

Shown because the letter names the company. A letter is commentary; it is not a record of why a position changed.

By writers not tracked in the 13F universe

Their positions are not shown: no 13F filings of theirs are tracked here.

Every letter beside its positions →

Largest increases and reductions, by shares

Q3 2025 to Q4 2025, among managers that listed it in both quarters or opened it.

Increases

Reductions

New positions and exits

At least these many: a manager is shown exiting only where its own filing shows the position gone.

Ownership over time

Every quarter on file. A quarter-end value moves with the price as well as with the shares held; buyers and sellers count comparable managers, by shares.
13 in Q3 2024 to 15 in Q2 2026

Tracked managers listing it, at least.

051015Q4 2022Q2 2023Q4 2023Q2 2024Q4 2024Q2 2025Q4 2025Q2 2026
the quarter shown share split complete books; unmarked quarters rest on listed positionsClick a quarter to open it.
BN by quarter
QuarterHoldersReported valueBuyersSellers
Q4 202212$2.8bnn.a.n.a.
Q1 202310$2.3bnn.a.n.a.
Q2 202311$2.5bnn.a.n.a.
Q3 20238$2.2bnn.a.n.a.
Q4 20239$4.5bn44
Q1 202411$4.6bn72
Q2 202411$4.9bn73
Q3 202413$8.1bn58
Q4 202413$9.2bn75
Q1 202513$8.9bn75
Q2 202513$10.9bn66
Q3 202515$12.5bn67
Q4 202515$14.2bn267
Q1 202614$11.1bn2113
Q2 202615$10.7bn1621

Compare with…

Holders over time, buyers and sellers, and the managers holding both, side by side for up to four stocks.

BN and WELL →BN and EQIX →BN and PLD →Choose a stock to compare with BN →

How much of the picture this is

A 13F is a manager’s long US-listed equity book at a quarter end, filed up to 45 days later. It shows no shorts, cash, bonds or performance, and it is never today’s portfolio. Large books are listed to their largest positions, so a manager missing from this table may still hold a small position below that line. These are 95 tracked managers, not the institutional market.

Which funds own BN, latest filings →Back to the 13F Explorer →