- Quarter end
- 31 Mar 2025
- the date the book describes
- Filed
- 15 May 2025
- latest of these filings; the earliest 12 May 2025
- Managers listing it
- 8
- at least, of 95 tracked, among listed positions
- Comparable managers
- 95
- filed both Q4 2024 and Q1 2025; 7 listed it in both
- Shares listed
- 33,380,539
- combined, among listed positions
- Reported value
- $1.4bn
- combined, at the quarter end
Among the 95 comparable managers: 6 buyers (opened or added shares) and 2 sellers (trimmed or exited), at least, among listed positions. Their net change in shares was +986,683.
Managers listing BTI in Q1 2025
Share of 13F value is the position’s reported value over everything the manager reported that quarter. The share change is against Q4 2024, and only where both filings list the position. A rise in value with no rise in shares is the price, not buying.
8 of 8 holders
| Action | Filing | |||||
|---|---|---|---|---|---|---|
| Capital Research Global Investors | 18,309,352 | $757m | 0.16% | Added | +2,714,991 | 12 May 2025 (the filing on sec.gov) |
| Citadel Advisors LLC | 4,865,622 | $201m | under 0.1% | Trimmed | -489,521 | 15 May 2025 (the filing on sec.gov) |
| Arrowstreet Capital LP | 3,619,901 | $150m | 0.12% | Trimmed | -2,474,343 | 14 May 2025 (the filing on sec.gov) |
| Bridgewater Associates LP | 3,234,156 | $134m | 0.62% | Added | +552,777 | 14 May 2025 (the filing on sec.gov) |
| Two Sigma Advisers LP | 1,065,200 | $44m | 0.10% | Added | +188,200 | 15 May 2025 (the filing on sec.gov) |
| First Eagle Investment Management LLC | 1,010,815 | $42m | 0.09% | Added | +42,839 | 12 May 2025 (the filing on sec.gov) |
| Two Sigma Investments LP | 869,950 | $36m | 0.08% | Added | +46,197 | 15 May 2025 (the filing on sec.gov) |
| Verition Fund Management LLC | 405,543 | $17m | 0.08% | New | new | 15 May 2025 (the filing on sec.gov) |
Largest increases and reductions, by shares
Q4 2024 to Q1 2025, among managers that listed it in both quarters or opened it.
Increases
- Capital Research Global Investorsexisting position · 18,309,352 shares now+2,714,991
- Bridgewater Associates LPexisting position · 3,234,156 shares now+552,777
- Verition Fund Management LLCnew position · 405,543 shares now+405,543
- Two Sigma Advisers LPexisting position · 1,065,200 shares now+188,200
- Two Sigma Investments LPexisting position · 869,950 shares now+46,197
Reductions
- Arrowstreet Capital LPexisting position · 3,619,901 shares now-2,474,343
- Citadel Advisors LLCexisting position · 4,865,622 shares now-489,521
New positions and exits
At least these many: a manager is shown exiting only where its own filing shows the position gone.
New (1)
Exited (0)
No exit shown by a manager’s own filing.
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.
10 in Q3 2024 to 13 in Q2 2026
Tracked managers listing it, at least.
the quarter shown share split complete books; unmarked quarters rest on listed positionsClick a quarter to open it.
| Quarter | Holders | Reported value | Buyers | Sellers |
|---|---|---|---|---|
| Q2 2013 | 4 | $1.7bn | n.a. | n.a. |
| Q3 2013 | 4 | $1.7bn | n.a. | n.a. |
| Q4 2013 | 4 | $2.0bn | n.a. | n.a. |
| Q1 2014 | 5 | $2.1bn | n.a. | n.a. |
| Q2 2014 | 4 | $2.0bn | n.a. | n.a. |
| Q3 2014 | 3 | $1.9bn | n.a. | n.a. |
| Q4 2014 | 5 | $1.8bn | n.a. | n.a. |
| Q1 2015 | 6 | $1.6bn | n.a. | n.a. |
| Q2 2015 | 6 | $1.6bn | n.a. | n.a. |
| Q3 2015 | 7 | $1.4bn | n.a. | n.a. |
| Q4 2015 | 7 | $1.5bn | n.a. | n.a. |
| Q1 2016 | 5 | $1.3bn | n.a. | n.a. |
| Q2 2016 | 4 | $1.3bn | n.a. | n.a. |
| Q3 2016 | 3 | $1.1bn | n.a. | n.a. |
| Q4 2016 | 4 | $1.3bn | n.a. | n.a. |
| Q1 2017 | 6 | $2.3bn | n.a. | n.a. |
| Q2 2017 | 7 | $2.6bn | n.a. | n.a. |
| Q3 2017 | 12 | $4.8bn | n.a. | n.a. |
| Q4 2017 | 14 | $4.7bn | n.a. | n.a. |
| Q1 2018 | 12 | $4.1bn | n.a. | n.a. |
| Q2 2018 | 12 | $3.4bn | n.a. | n.a. |
| Q3 2018 | 11 | $3.0bn | n.a. | n.a. |
| Q4 2018 | 12 | $2.1bn | n.a. | n.a. |
| Q1 2019 | 11 | $2.3bn | n.a. | n.a. |
| Q2 2019 | 7 | $1.4bn | n.a. | n.a. |
| Q3 2019 | 7 | $1.5bn | n.a. | n.a. |
| Q4 2019 | 8 | $1.7bn | n.a. | n.a. |
| Q1 2020 | 8 | $1.3bn | n.a. | n.a. |
| Q2 2020 | 6 | $1.4bn | n.a. | n.a. |
| Q3 2020 | 5 | $920m | n.a. | n.a. |
| Q4 2020 | 7 | $1.0bn | n.a. | n.a. |
| Q1 2021 | 6 | $629m | n.a. | n.a. |
| Q2 2021 | 8 | $527m | n.a. | n.a. |
| Q3 2021 | 7 | $375m | n.a. | n.a. |
| Q4 2021 | 8 | $535m | n.a. | n.a. |
| Q1 2022 | 6 | $592m | n.a. | n.a. |
| Q2 2022 | 6 | $622m | n.a. | n.a. |
| Q3 2022 | 6 | $467m | n.a. | n.a. |
| Q4 2022 | 10 | $824m | n.a. | n.a. |
| Q1 2023 | 9 | $820m | n.a. | n.a. |
| Q2 2023 | 9 | $762m | n.a. | n.a. |
| Q3 2023 | 5 | $616m | n.a. | n.a. |
| Q4 2023 | 7 | $707m | 4 | 3 |
| Q1 2024 | 6 | $660m | 3 | 3 |
| Q2 2024 | 5 | $637m | 3 | 2 |
| Q3 2024 | 10 | $1.1bn | 7 | 3 |
| Q4 2024 | 7 | $1.2bn | 6 | 1 |
| Q1 2025 | 8 | $1.4bn | 6 | 2 |
| Q2 2025 | 9 | $2.4bn | 8 | 1 |
| Q3 2025 | 12 | $3.4bn | 9 | 3 |
| Q4 2025 | 11 | $4.2bn | 19 | 14 |
| Q1 2026 | 12 | $5.4bn | 22 | 7 |
| Q2 2026 | 13 | $5.7bn | 18 | 15 |
Compare with…
Holders over time, buyers and sellers, and the managers holding both, side by side for up to four stocks.
BTI and PM →BTI and KO →BTI and COST →Choose a stock to compare with BTI →
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 BTI, latest filings →Back to the 13F Explorer →