L3VLUP
Quarter end
31 Dec 2025
the date the book describes
Filed
19 Feb 2026
latest of these filings; the earliest 22 Jan 2026
Managers listing it
30
at least, of 95 tracked, among listed positions
Comparable managers
92
filed both Q3 2025 and Q4 2025; 4 listed it in both
Shares listed
23,220,190
combined, among listed positions
Reported value
$690m
combined, at the quarter end

Among the 92 comparable managers: 21 buyers (opened or added shares) and 8 sellers (trimmed or exited), at least, among listed positions. Their net change in shares was +5,835,648.

Managers listing BTU 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.

30 of 30 holders

ActionFiling
Renaissance Technologies LLC6,134,927$182m0.28%Trimmed-314,81612 Feb 2026 (the filing on sec.gov)
Maverick Capital Ltd4,067,173$121m1.30%Trimmed-495,14013 Feb 2026 (the filing on sec.gov)
MFS Investment Management3,050,606$91munder 0.1%Newnew22 Jan 2026 (the filing on sec.gov)
Jane Street Group LLC2,319,447$69munder 0.1%Added+1,216,36412 Feb 2026 (the filing on sec.gov)
Hudson Bay Capital Management LP2,122,662$63m0.21%Trimmed-299,60413 Feb 2026 (the filing on sec.gov)
Millennium Management LLC896,745$27munder 0.1%Newnew17 Feb 2026 (the filing on sec.gov)
Invesco Ltd770,643$23munder 0.1%Trimmed-23,49219 Feb 2026 (the filing on sec.gov)
Tudor Investment Corp715,850$21munder 0.1%Newnew17 Feb 2026 (the filing on sec.gov)
Balyasny Asset Management LLC607,336$18munder 0.1%Added+598,63517 Feb 2026 (the filing on sec.gov)
Susquehanna International Group LLP480,128$14munder 0.1%Added+115,67717 Feb 2026 (the filing on sec.gov)
AQR Capital Management LLC396,762$12munder 0.1%Trimmed-163,87617 Feb 2026 (the filing on sec.gov)
AllianceBernstein LP241,803$7.2munder 0.1%Trimmed-62,72517 Feb 2026 (the filing on sec.gov)
Wellington Management Group LLP225,651$6.7munder 0.1%Trimmed-2,27017 Feb 2026 (the filing on sec.gov)
D. E. Shaw & Co.221,025$6.6munder 0.1%Added+40,90717 Feb 2026 (the filing on sec.gov)
Quantbot Technologies LP174,718$5.2m0.17%Newnew10 Feb 2026 (the filing on sec.gov)
T. Rowe Price Associates Inc114,940$3.4munder 0.1%Added+5,99117 Feb 2026 (the filing on sec.gov)
Verition Fund Management LLC104,651$3.1munder 0.1%Added+25,04413 Feb 2026 (the filing on sec.gov)
Bridgewater Associates LP92,848$2.8munder 0.1%Added+75,33413 Feb 2026 (the filing on sec.gov)
Two Sigma Investments LP90,892$2.7munder 0.1%Newnew17 Feb 2026 (the filing on sec.gov)
Two Sigma Advisers LP76,800$2.3munder 0.1%Newnew17 Feb 2026 (the filing on sec.gov)
PDT Partners LLC72,060$2.1m0.14%Added+59,74917 Feb 2026 (the filing on sec.gov)
Woodline Partners LP61,513$1.8munder 0.1%Newnew17 Feb 2026 (the filing on sec.gov)
Janus Henderson Group Ltd53,614$1.6munder 0.1%Held017 Feb 2026 (the filing on sec.gov)
Brevan Howard Capital Management LP30,146$895kunder 0.1%Added+1,75117 Feb 2026 (the filing on sec.gov)
Fidelity (FMR LLC)27,462$816kunder 0.1%Added+10,50717 Feb 2026 (the filing on sec.gov)
Page 1 of 2

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.
4 in Q3 2024 to 4 in Q2 2026

Tracked managers listing it, at least.

051015201820192020202120222023202420252026
the quarter shown share split complete books; unmarked quarters rest on listed positionsClick a quarter to open it.
BTU by quarter
QuarterHoldersReported valueBuyersSellers
Q2 20176$1.2bnn.a.n.a.
Q3 201712$1.2bnn.a.n.a.
Q4 201713$1.5bnn.a.n.a.
Q1 201814$1.8bnn.a.n.a.
Q2 201811$2.1bnn.a.n.a.
Q3 20189$1.3bnn.a.n.a.
Q4 20189$1.3bnn.a.n.a.
Q1 201910$1.1bnn.a.n.a.
Q2 201911$937mn.a.n.a.
Q3 20198$591mn.a.n.a.
Q4 20194$273mn.a.n.a.
Q1 20203$87mn.a.n.a.
Q2 20202$85mn.a.n.a.
Q3 20202$68mn.a.n.a.
Q4 20201$70mn.a.n.a.
Q1 20211$88mn.a.n.a.
Q2 20212$232mn.a.n.a.
Q3 20217$539mn.a.n.a.
Q4 20215$351mn.a.n.a.
Q1 20227$836mn.a.n.a.
Q2 20225$638mn.a.n.a.
Q3 20226$745mn.a.n.a.
Q4 20226$787mn.a.n.a.
Q1 20237$703mn.a.n.a.
Q2 20235$561mn.a.n.a.
Q3 20235$666mn.a.n.a.
Q4 20239$539m72
Q1 20247$218m43
Q2 20248$197m73
Q3 20244$167m31
Q4 20247$151m52
Q1 20257$111m71
Q2 20258$120m52
Q3 20254$359m31
Q4 20257$485m218
Q1 20265$369m1417
Q2 20264$281m1117

Compare with…

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

BTU and XOM →BTU and CVX →BTU and CNQ →Choose a stock to compare with BTU →

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 BTU, latest filings →Back to the 13F Explorer →