Who owns BN
Which tracked institutional funds hold BN, how they are positioned, and who is buying versus exiting — from SEC Form 13F-HR filings. See BN company fundamentals →
Ownership as of the 2026-Q2 13F filings (latest filed 2026-08-14). 13F is disclosed up to 45 days after quarter-end, so the most recent quarter fills in over the following weeks.
How the tape is positioned
266 tracked funds added or opened BN while 136 trimmed or exited it between 2026-Q1 and 2026-Q2 — the tape is split. When large holders disagree on a name, the funds moving first are sometimes ahead of the story.
A prompt to read the filings, not a verdict. 13F is a quarter-end snapshot disclosed up to 45 days late; a fund adds or exits for mandate, benchmark, and timing reasons that have nothing to do with a view on the stock. This is a starting question, not a signal to trade.
Conviction spread
BN’s largest tracked holder by dollar value, Partners Value Investments L.P., sizes it at 78.9% of its own reported 13F book, while the median holder sizes it at 0.4% of theirs — a 78.4pp conviction gap — its largest holder concentrates the name more heavily than the typical one.
Book-share is each fund’s reported value in BN divided by its whole reported 13F book, so it is comparable across funds of different sizes and is unaffected by stock splits. A higher share means a fund has committed more of its book to the name — a starting question about conviction, not a verdict or a signal to trade.
Institutional & insider positioning
Between 2026-Q1 and 2026-Q2, across 897 tracked filers holding BN, 394 increased or opened the position and 427 reduced or closed it; over the same quarter, there were no open-market insider Form 4s.
This fuses two public signals for the same quarter — how tracked institutions changed their positions and whether insiders bought or sold in the open market. It describes what was filed; it is a starting question, not a verdict or a signal to trade.
New buyers & exits
Funds opening or closing a position in BN between the 2026-Q1 and 2026-Q2 13F filings, and the largest changes among funds holding it in both. New buyers and exits are counted on fund presence (split-invariant); adds and trims are measured on reported value.
New buyers 32
- PERSHING SQUARE INC.$2.4B
- ARROWSTREET CAPITAL, LIMITED PARTNERSHIP$77M
- Polar Asset Management Partners Inc.$75M
- MUFG Securities EMEA plc$28M
- Nykredit A/S$24M
- Jupiter Topco LLC$14M
Full exits 51
- Pershing Square Capital Management, L.P.$2.4B
- BESSEMER GROUP INC$229M
- Beutel, Goodman & Co Ltd.$161M
- Amundi$109M
- Baskin Financial Services Inc.$53M
- EUBEL BRADY & SUTTMAN ASSET MANAGEMENT INC$38M
Largest adds
- MACKENZIE FINANCIAL CORP$599M
- Partners Value Investments L.P.$385M
- UBS Group AG$373M
- ROYAL BANK OF CANADA$326M
- NORGES BANK$294M
- DODGE & COX$212M
Largest trims
- LONE PINE CAPITAL LLC$420M
- TD Asset Management Inc$245M
- PRINCIPAL FINANCIAL GROUP INC$238M
- AKRE CAPITAL MANAGEMENT LLC$173M
- Invesco Ltd.$121M
- JANE STREET GROUP, LLC$76M
Institutional holders
One row per tracked fund, most shares held first (every row is from one quarter; reported value breaks ties). “% of value” is the fund’s share of this security’s tracked institutional value — not of shares outstanding.
| Fund | Shares | Reported value | % of value | Quarter |
|---|---|---|---|---|
| Partners Value Investments L.P. | 181,405,955 | $7.7B | 13.4% | 2026-Q2 |
| ROYAL BANK OF CANADA added | 115,757,146 | $4.9B | 8.5% | 2026-Q2 |
| Capital World Investors trimmed | 78,684,708 | $3.4B | 5.8% | 2026-Q2 |
| VANGUARD CAPITAL MANAGEMENT LLC trimmed | 61,381,539 | $2.6B | 4.5% | 2026-Q2 |
| DODGE & COX added | 61,210,651 | $2.6B | 4.5% | 2026-Q2 |
| PERSHING SQUARE INC. new | 57,481,047 | $2.4B | 4.2% | 2026-Q2 |
| BANK OF MONTREAL /CAN/ added | 56,708,514 | $2.4B | 4.2% | 2026-Q2 |
| PRINCIPAL FINANCIAL GROUP INC trimmed | 55,057,354 | $2.3B | 4.1% | 2026-Q2 |
| 1832 Asset Management L.P. trimmed | 42,497,472 | $1.8B | 3.1% | 2026-Q2 |
| TD Asset Management Inc trimmed | 28,551,753 | $1.2B | 2.1% | 2026-Q2 |
| NORGES BANK added | 28,058,813 | $1.2B | 2.1% | 2026-Q2 |
| FIL Ltd added | 26,049,484 | $1.1B | 1.9% | 2026-Q2 |
| MACKENZIE FINANCIAL CORP added | 24,936,347 | $1.5B | 2.6% | 2026-Q2 |
| NATIONAL BANK OF CANADA /FI/ added | 24,328,364 | $1.0B | 1.8% | 2026-Q2 |
| FIRST MANHATTAN CO. LLC. trimmed | 22,611,066 | $964M | 1.7% | 2026-Q2 |
| GEODE CAPITAL MANAGEMENT, LLC added | 22,299,618 | $971M | 1.7% | 2026-Q2 |
| CIBC WORLD MARKET INC. trimmed | 18,805,610 | $801M | 1.4% | 2026-Q2 |
| VANGUARD FIDUCIARY TRUST CO trimmed | 18,547,608 | $791M | 1.4% | 2026-Q2 |
| BANK OF NOVA SCOTIA added | 16,584,463 | $707M | 1.2% | 2026-Q2 |
| CIBC Asset Management Inc added | 15,748,767 | $672M | 1.2% | 2026-Q2 |
| CANADA PENSION PLAN INVESTMENT BOARD added | 14,667,730 | $625M | 1.1% | 2026-Q2 |
| TD Waterhouse Canada Inc. added | 13,903,270 | $596M | 1.0% | 2026-Q2 |
| MORGAN STANLEY added | 13,738,306 | $585M | 1.0% | 2026-Q2 |
| Capital International Investors added | 13,247,143 | $564M | 1.0% | 2026-Q2 |
| TORONTO DOMINION BANK added | 13,120,954 | $559M | 1.0% | 2026-Q2 |
| Markel Group Inc. | 13,073,609 | $557M | 1.0% | 2026-Q2 |
| Federation des caisses Desjardins du Quebec trimmed | 12,858,377 | $547M | 0.9% | 2026-Q2 |
| AKRE CAPITAL MANAGEMENT LLC trimmed | 12,119,927 | $516M | 0.9% | 2026-Q2 |
| FMR LLC added | 11,765,054 | $502M | 0.9% | 2026-Q2 |
| UBS Group AG added | 11,039,263 | $470M | 0.8% | 2026-Q2 |
| SCOTIA CAPITAL INC. trimmed | 10,662,421 | $454M | 0.8% | 2026-Q2 |
| Legal & General Group Plc trimmed | 10,447,234 | $446M | 0.8% | 2026-Q2 |
| BANK OF AMERICA CORP /DE/ trimmed | 9,864,675 | $420M | 0.7% | 2026-Q2 |
| DAVENPORT & Co LLC trimmed | 9,666,951 | $411M | 0.7% | 2026-Q2 |
| GOLDMAN SACHS GROUP INC trimmed | 9,537,173 | $406M | 0.7% | 2026-Q2 |
| JPMORGAN CHASE & CO added | 9,100,060 | $383M | 0.7% | 2026-Q2 |
| REGENTS OF THE UNIVERSITY OF CALIFORNIA | 8,979,204 | $382M | 0.7% | 2026-Q2 |
| Vanguard Global Advisers, LLC added | 8,906,672 | $380M | 0.7% | 2026-Q2 |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE trimmed | 8,112,388 | $345M | 0.6% | 2026-Q2 |
| NEUBERGER BERMAN GROUP LLC trimmed | 7,053,087 | $300M | 0.5% | 2026-Q2 |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND added | 6,936,231 | $296M | 0.5% | 2026-Q2 |
| BAILLIE GIFFORD & CO trimmed | 5,838,391 | $249M | 0.4% | 2026-Q2 |
| Connor, Clark & Lunn Investment Management Ltd. trimmed | 4,832,734 | $206M | 0.4% | 2026-Q2 |
| PICTON MAHONEY ASSET MANAGEMENT added | 4,751,905 | $202M | 0.4% | 2026-Q2 |
| CHECK CAPITAL MANAGEMENT INC/CA added | 4,402,984 | $188M | 0.3% | 2026-Q2 |
| Alberta Investment Management Corp added | 4,196,146 | $179M | 0.3% | 2026-Q2 |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ added | 4,030,678 | $218M | 0.4% | 2026-Q2 |
| VANGUARD ASSET MANAGEMENT, Ltd added | 3,785,151 | $161M | 0.3% | 2026-Q2 |
| Capital Research Global Investors trimmed | 3,734,786 | $159M | 0.3% | 2026-Q2 |
| BCV Asset Management Inc. trimmed | 3,655,048 | $154M | 0.3% | 2026-Q2 |
| CIBC Bancorp USA Inc. trimmed | 3,621,876 | $155M | 0.3% | 2026-Q2 |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp added | 3,551,629 | $151M | 0.3% | 2026-Q2 |
| NOVO HOLDINGS A/S | 3,496,245 | $150M | 0.3% | 2026-Q2 |
| COOKE & BIELER LP trimmed | 3,477,413 | $148M | 0.3% | 2026-Q2 |
| Fenimore Asset Management Inc added | 3,459,743 | $147M | 0.3% | 2026-Q2 |
| DEUTSCHE BANK AG\ added | 3,339,870 | $142M | 0.2% | 2026-Q2 |
| GUARDIAN CAPITAL LP added | 3,333,406 | $142M | 0.2% | 2026-Q2 |
| Cardinal Capital Management, Inc. added | 3,247,627 | $138M | 0.2% | 2026-Q2 |
| Public Sector Pension Investment Board added | 3,207,581 | $137M | 0.2% | 2026-Q2 |
| MUFG SECURITIES (CANADA), LTD. trimmed | 3,022,165 | $129M | 0.2% | 2026-Q2 |
| Cannell & Spears LLC added | 2,958,089 | $126M | 0.2% | 2026-Q2 |
| Aristotle Capital Management, LLC trimmed | 2,947,402 | $126M | 0.2% | 2026-Q2 |
| Quadrature Capital Ltd added | 2,856,050 | $122M | 0.2% | 2026-Q2 |
| STIFEL FINANCIAL CORP added | 2,837,188 | $121M | 0.2% | 2026-Q2 |
| CI INVESTMENTS INC. trimmed | 2,795,175 | $119M | 0.2% | 2026-Q2 |
| D. E. Shaw & Co., Inc. trimmed | 2,694,174 | $115M | 0.2% | 2026-Q2 |
| Clearbridge Investments, LLC trimmed | 2,674,360 | $114M | 0.2% | 2026-Q2 |
| AGF MANAGEMENT LTD trimmed | 2,607,831 | $112M | 0.2% | 2026-Q2 |
| Scharf Investments, LLC trimmed | 2,591,096 | $110M | 0.2% | 2026-Q2 |
| WELLS FARGO & COMPANY/MN trimmed | 2,504,120 | $107M | 0.2% | 2026-Q2 |
| MCDONALD CAPITAL INVESTORS INC/CA trimmed | 2,437,749 | $104M | 0.2% | 2026-Q2 |
| DIMENSIONAL FUND ADVISORS LP added | 2,436,233 | $104M | 0.2% | 2026-Q2 |
| AMERIPRISE FINANCIAL INC trimmed | 2,387,558 | $103M | 0.2% | 2026-Q2 |
| RAYMOND JAMES FINANCIAL INC trimmed | 2,290,552 | $98M | 0.2% | 2026-Q2 |
| NORTHERN TRUST CORP trimmed | 2,203,431 | $94M | 0.2% | 2026-Q2 |
| ENVESTNET ASSET MANAGEMENT INC trimmed | 2,190,049 | $93M | 0.2% | 2026-Q2 |
| Addenda Capital Inc. added | 2,179,602 | $132M | 0.2% | 2026-Q2 |
| Aviso Financial Inc. trimmed | 2,145,349 | $91M | 0.2% | 2026-Q2 |
| Sather Financial Group Inc added | 2,133,348 | $91M | 0.2% | 2026-Q2 |
| BAMCO INC /NY/ trimmed | 2,132,011 | $91M | 0.2% | 2026-Q2 |
| JANE STREET GROUP, LLC trimmed | 2,127,245 | $91M | 0.2% | 2026-Q2 |
| James Hambro & Partners LLP added | 2,119,145 | $90M | 0.2% | 2026-Q2 |
| BRUNI J V & CO /CO trimmed | 2,093,766 | $89M | 0.2% | 2026-Q2 |
| Dixon Mitchell Investment Counsel Inc. added | 2,038,905 | $87M | 0.2% | 2026-Q2 |
| M&G PLC trimmed | 1,970,431 | $85M | 0.1% | 2026-Q2 |
| Caisse de depot et placement du Quebec trimmed | 1,945,047 | $83M | 0.1% | 2026-Q2 |
| Scheer, Rowlett & Associates Investment Management Ltd. trimmed | 1,942,657 | $83M | 0.1% | 2026-Q2 |
| Corient Private Wealth LP trimmed | 1,892,217 | $81M | 0.1% | 2026-Q2 |
| Bank of New York Mellon Corp added | 1,891,296 | $81M | 0.1% | 2026-Q2 |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP added | 1,816,951 | $77M | 0.1% | 2026-Q2 |
| Polar Asset Management Partners Inc. new | 1,763,103 | $75M | 0.1% | 2026-Q2 |
| AVIVA PLC trimmed | 1,748,863 | $74M | 0.1% | 2026-Q2 |
| WELLINGTON MANAGEMENT GROUP LLP added | 1,724,065 | $73M | 0.1% | 2026-Q2 |
| Marathon Asset Management Ltd trimmed | 1,705,303 | $73M | 0.1% | 2026-Q2 |
| BARCLAYS PLC added | 1,601,235 | $68M | 0.1% | 2026-Q2 |
| HORIZON KINETICS ASSET MANAGEMENT LLC added | 1,587,339 | $68M | 0.1% | 2026-Q2 |
| WCM INVESTMENT MANAGEMENT, LLC added | 1,573,553 | $66M | 0.1% | 2026-Q2 |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC added | 1,566,315 | $67M | 0.1% | 2026-Q2 |
| HughesLittle Investment Management Ltd. added | 1,547,195 | $66M | 0.1% | 2026-Q2 |
Ownership over time
Tracked institutional holder count and total shares held by filing quarter (independent scales). The curated-era tail and any mid-ingest latest quarter are handled honestly — a partial quarter is not drawn as a collapse.
Reading this table
Funds hold the same stock for different reasons — an index fund “holds” almost everything, an active manager sizes a name to a mandate and a benchmark, and each fund entered at its own price and time. Because 13F is filed up to 45 days after quarter-end, every row is a backward-looking snapshot; a manager may have traded since. Share-class siblings (a company’s A and C shares) are rolled up to one line so a dual-class name is never double-counted. Compare like-for-like. A large holder is not an endorsement, and a fund exiting is not a warning — this is a starting question, not a verdict.
About 13F filings
A Form 13F is a quarterly disclosure that institutional investment managers with over $100 million in US-listed equities must file with the SEC. In plain English: it is a snapshot of the long stock positions a fund held at the end of a quarter. It covers long US-listed equities only — not short positions, options, cash, or private holdings — and the funds shown are the large sample we track, not the complete 13F universe.