Which funds own BTI
British Amern Tob PLC in the Q2 2026 filings. At least 7 of the 91 current managers on file reported a position, worth $5.0bn between them. It is among the largest positions of fewer than a fifth of the current managers on file. Buying and selling roughly cancelled this quarter, which is what a name looks like when the argument is still live.
- Managers holding
- 7
- at least, of 91 current
- Combined value
- $5.0bn
- as reported
- Opened
- 0
- new this quarter
- Added to
- 4
- already held
- Trimmed or sold out
- 4
- 1 sold out entirely
Only each manager’s largest 200 positions are listed here, so a smaller holder may be missing.
Managers reporting a position
Largest first. Weight is the share of that manager’s whole reported book, which is the number worth quoting: $400m is a rounding error in one book and a defining bet in another.
| Manager | Value | Weight | Shares | Change on the quarter | Action |
|---|---|---|---|---|---|
| Fidelity (FMR LLC) Long-only · $2304bn book | $2.7bn | 0.1% | 44,158,315 | +$582m+7,470,096 | Added |
| Capital Research Global Investors Long-only · $717bn book | $1.9bn | 0.3% | 30,330,845 | +$63m-632,056 | Trimmed |
| Marshall Wace LLP Quantitative · $127bn book | $202m | 0.2% | 3,270,886 | +$8.6m-37,110 | Trimmed |
| First Eagle Investment Management LLC Activist · $60.8bn book | $106m | 0.2% | 1,718,852 | +$8.6m+50,330 | Added |
| Bridgewater Associates LP Macro · $24.4bn book | $31m | 0.1% | 506,686 | -$14m-259,162 | Trimmed |
| Freestone Grove Partners LP Multi-strategy · $15.6bn book | $28m | 0.2% | 458,286 | +$28m+458,282 | Added |
| Maverick Capital Ltd Long/short equity · $11.3bn book | $2.3m | 0.0% | 36,682 | +$200k+1,629 | Added |
Sold out of this quarter
Valued at what the position was worth in the previous filing, because by this one it is gone.
- ExodusPoint Capital Management LP · Multi-strategy$22m held before
Ownership through time
At least 13 of the 95 managers whose filings are on file listed BTI in Q2 2026, against 4 in Q2 2013. 1 manager more than in Q1 2026: 4 listed it again; 1 sold out, by its own filing; 2 no longer listed it among the positions read, which can mean a holding below the listed range or a filing not yet made.
Each manager’s largest 500 positions a quarter are read, so a small holding in a very large book can be missing, and a manager is counted as leaving only where its own filing shows it.
- Q2 2013: 4
- Q3 2013: 4
- Q4 2013: 4
- Q1 2014: 5
- Q2 2014: 4
- Q3 2014: 3
- Q4 2014: 5
- Q1 2015: 6
- Q2 2015: 6
- Q3 2015: 7
- Q4 2015: 7
- Q1 2016: 5
- Q2 2016: 4
- Q3 2016: 3
- Q4 2016: 4
- Q1 2017: 6
- Q2 2017: 7
- Q3 2017: 12
- Q4 2017: 14
- Q1 2018: 12
- Q2 2018: 12
- Q3 2018: 11
- Q4 2018: 12
- Q1 2019: 11
- Q2 2019: 7
- Q3 2019: 7
- Q4 2019: 8
- Q1 2020: 8
- Q2 2020: 6
- Q3 2020: 5
- Q4 2020: 7
- Q1 2021: 6
- Q2 2021: 8
- Q3 2021: 7
- Q4 2021: 8
- Q1 2022: 6
- Q2 2022: 6
- Q3 2022: 6
- Q4 2022: 10
- Q1 2023: 9
- Q2 2023: 9
- Q3 2023: 5
- Q4 2023: 7
- Q1 2024: 6
- Q2 2024: 5
- Q3 2024: 10
- Q4 2024: 7
- Q1 2025: 8
- Q2 2025: 9
- Q3 2025: 12
- Q4 2025: 11
- Q1 2026: 12
- Q2 2026: 13
- Q2 2013: $1.7bn
- Q3 2013: $1.7bn
- Q4 2013: $2.0bn
- Q1 2014: $2.1bn
- Q2 2014: $2.0bn
- Q3 2014: $1.9bn
- Q4 2014: $1.8bn
- Q1 2015: $1.6bn
- Q2 2015: $1.6bn
- Q3 2015: $1.4bn
- Q4 2015: $1.5bn
- Q1 2016: $1.3bn
- Q2 2016: $1.3bn
- Q3 2016: $1.1bn
- Q4 2016: $1.3bn
- Q1 2017: $2.3bn
- Q2 2017: $2.6bn
- Q3 2017: $4.8bn
- Q4 2017: $4.7bn
- Q1 2018: $4.1bn
- Q2 2018: $3.4bn
- Q3 2018: $3.0bn
- Q4 2018: $2.1bn
- Q1 2019: $2.3bn
- Q2 2019: $1.4bn
- Q3 2019: $1.5bn
- Q4 2019: $1.7bn
- Q1 2020: $1.3bn
- Q2 2020: $1.4bn
- Q3 2020: $920m
- Q4 2020: $1.0bn
- Q1 2021: $629m
- Q2 2021: $527m
- Q3 2021: $375m
- Q4 2021: $535m
- Q1 2022: $592m
- Q2 2022: $622m
- Q3 2022: $467m
- Q4 2022: $824m
- Q1 2023: $820m
- Q2 2023: $762m
- Q3 2023: $616m
- Q4 2023: $707m
- Q1 2024: $660m
- Q2 2024: $637m
- Q3 2024: $1.1bn
- Q4 2024: $1.2bn
- Q1 2025: $1.4bn
- Q2 2025: $2.4bn
- Q3 2025: $3.4bn
- Q4 2025: $4.2bn
- Q1 2026: $5.4bn
- Q2 2026: $5.7bn
Between the quarter ends of Q1 2026 and Q2 2026. Each change in shares is valued at the Q2 2026 price, so the price’s own move is left out; a 13F shows the two quarter ends, not when in between anything was bought or sold.
Started in Q2 2026
No manager on file started a position.
Largest increases, by shares
- Fidelity (FMR LLC)36,688,219 to 44,158,315 shares+$461m
- First Eagle Investment Management LLC1,668,522 to 1,718,852 shares+$3.1m
- Capital World Investors9,688,305 to 9,737,992 shares+$3.1m
- Verition Fund Management LLC140,000 to 180,000 shares+$2.5m
- Maverick Capital Ltd35,053 to 36,682 shares+$101k
Largest decreases, by shares
- Two Sigma Investments LP4,224,168 to 1,199,554 shares-$187m
- Capital Research Global Investors30,962,901 to 30,330,845 shares-$39m
- Bridgewater Associates LP765,848 to 506,686 shares-$16m
- Marshall Wace LLP3,307,996 to 3,270,886 shares-$2.3m
Left it
| Manager | Value over time | First listed | Largest | Q2 2026 |
|---|---|---|---|---|
| Fidelity (FMR LLC) | Q2 2013 | $2.7bn | $2.7bn | |
| Capital Research Global Investors | Q3 2017 | $1.9bn | $1.9bn | |
| Capital World Investors | Q2 2017 | $682m | $602m | |
| Marshall Wace LLP | Q3 2017 | $202m | $202m | |
| First Eagle Investment Management LLC | Q4 2020 | $106m | $106m | |
| Two Sigma Investments LP | Q2 2013 | $247m | $74m | |
| MFS Investment Management | Q2 2026 | $48m | $48m | |
| Bridgewater Associates LP | Q3 2024 | $199m | $31m | |
| Freestone Grove Partners LP | Q2 2026 | $28m | $28m | |
| Verition Fund Management LLC | Q3 2015 | $32m | $11m | |
| Schonfeld Strategic Advisors LLC | Q4 2019 | $8.2m | $8.2m | |
| Maverick Capital Ltd | Q4 2017 | $104m | $2.3m | |
| Quantbot Technologies LP | Q2 2014 | $2.4m | $1.4m | |
| Arrowstreet Capital LP | Q1 2017 | $394m | last listed Q3 2025 | |
| Wellington Management Group LLP | Q2 2017 | $215m | last listed Q4 2018 | |
| Citadel Advisors LLC | Q3 2024 | $201m | last listed Q1 2026 | |
| Two Sigma Advisers LP | Q2 2013 | $184m | last listed Q4 2025 | |
| Balyasny Asset Management LLC | Q4 2016 | $160m | last listed Q4 2025 | |
| Millennium Management LLC | Q3 2017 | $146m | last listed Q1 2018 | |
| D. E. Shaw & Co. | Q3 2017 | $142m | last listed Q1 2020 | |
| Renaissance Technologies LLC | Q4 2014 | $134m | last listed Q1 2026 | |
| Invesco Ltd | Q2 2013 | $130m | last listed Q1 2018 | |
| Jane Street Group LLC | Q1 2014 | $104m | last listed Q2 2023 |
What BTI is worth
Knowing who owns it is half the question. The other half is what it is worth against the companies it trades beside, which is the one an interviewer will follow up with.
Build the comp set around BTI →How much of the picture this is
A Form 13F reports US-listed long equity and nothing else: no shorts, no bonds, no cash and no non-US listings. It arrives forty-five days after the quarter ends, so a manager who sold in July still shows the position in a filing published in August. This page reads the managers on file here rather than every filer in the market, and each manager’s largest positions rather than the whole table, so a small position in a very large book may not appear. Say “their last filing showed” rather than “they own”, and the distinction will do you credit.
What to do with a name the funds are buying
Knowing who owns something is the start of a pitch, not the pitch. The next questions are what it is worth and why they were buying.
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The holdings, every quarter, and the week between
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