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-Q1 13F filings (latest filed 2026-05-28). 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
The tracked-fund tape on BN is one-sided between 2025-Q4 and 2026-Q1: 106 added or opened and 342 trimmed or exited — on balance reducing.
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 78.6% of its own reported 13F book, while the median holder sizes it at 0.7% of theirs — a 77.9pp 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 2025-Q4 and 2026-Q1, across 910 tracked filers holding BN, 412 increased or opened the position and 401 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 2025-Q4 and 2026-Q1 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 36
- VANGUARD CAPITAL MANAGEMENT LLC$2.5B
- VANGUARD FIDUCIARY TRUST CO$754M
- Capital International Investors$533M
- Vanguard Global Advisers, LLC$344M
- CIBC Bancorp USA Inc.$153M
- VANGUARD ASSET MANAGEMENT, Ltd$137M
Full exits 36
- VANGUARD GROUP INC$4.2B
- Third Point LLC$285M
- Soroban Capital Partners LP$263M
- CIBC Private Wealth Group LLC$171M
- River Road Asset Management, LLC$78M
- Eldred Rock Partners, LLC$19M
Largest adds
- DODGE & COX$501M
- TD Waterhouse Canada Inc.$273M
- JANE STREET GROUP, LLC$158M
- D. E. Shaw & Co., Inc.$144M
- Capital Research Global Investors$76M
- AGF MANAGEMENT LTD$34M
Largest trims
- NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO$12.8B
- Capital World Investors$1.2B
- Partners Value Investments L.P.$983M
- ROYAL BANK OF CANADA$611M
- AKRE CAPITAL MANAGEMENT LLC$543M
- BANK OF MONTREAL /CAN/$492M
Institutional holders
One row per tracked fund, largest reported value first. “% of value” is the fund’s share of this security’s tracked institutional value — not of shares outstanding. Rows marked stale are from an earlier filing than the security’s latest quarter — that fund is absent from the newest snapshot (position exited, or reported under a different name).
| Fund | Shares | Reported value | % of value | Quarter |
|---|---|---|---|---|
| Partners Value Investments L.P. | 181,405,955 | $7.3B | 12.1% | 2026-Q1 |
| ROYAL BANK OF CANADA added | 113,774,934 | $4.6B | 7.6% | 2026-Q1 |
| Capital World Investors trimmed | 78,684,708 | $3.4B | 5.5% | 2026-Q2 |
| DODGE & COX added | 61,210,651 | $2.6B | 4.3% | 2026-Q2 |
| PRINCIPAL FINANCIAL GROUP INC trimmed | 63,823,308 | $2.6B | 4.3% | 2026-Q1 |
| VANGUARD CAPITAL MANAGEMENT LLC new | 61,444,919 | $2.5B | 4.1% | 2026-Q1 |
| Pershing Square Capital Management, L.P. trimmed | 59,697,208 | $2.4B | 4.0% | 2026-Q1 |
| BANK OF MONTREAL /CAN/ trimmed | 54,786,930 | $2.2B | 3.7% | 2026-Q1 |
| 1832 Asset Management L.P. trimmed | 42,945,630 | $1.7B | 2.9% | 2026-Q1 |
| TD Asset Management Inc added | 36,208,452 | $1.5B | 2.4% | 2026-Q1 |
| NORGES BANK added | 28,058,813 | $1.2B | 2.0% | 2026-Q2 |
| NATIONAL BANK OF CANADA /FI/ added | 24,212,041 | $979M | 1.6% | 2026-Q1 |
| FIRST MANHATTAN CO. LLC. trimmed | 23,265,685 | $940M | 1.6% | 2026-Q1 |
| FIL Ltd trimmed | 22,471,358 | $911M | 1.5% | 2026-Q1 |
| MACKENZIE FINANCIAL CORP trimmed | 22,166,737 | $898M | 1.5% | 2026-Q1 |
| GEODE CAPITAL MANAGEMENT, LLC added | 20,589,695 | $849M | 1.4% | 2026-Q1 |
| CIBC WORLD MARKET INC. added | 19,676,746 | $796M | 1.3% | 2026-Q1 |
| VANGUARD FIDUCIARY TRUST CO new | 18,611,003 | $754M | 1.2% | 2026-Q1 |
| BANK OF NOVA SCOTIA added | 15,340,928 | $621M | 1.0% | 2026-Q1 |
| CIBC Asset Management Inc trimmed | 14,102,004 | $571M | 0.9% | 2026-Q1 |
| Capital International Investors added | 13,247,143 | $564M | 0.9% | 2026-Q2 |
| TD Waterhouse Canada Inc. added | 13,654,791 | $552M | 0.9% | 2026-Q1 |
| Federation des caisses Desjardins du Quebec added | 13,391,262 | $540M | 0.9% | 2026-Q1 |
| Markel Group Inc. | 13,073,609 | $529M | 0.9% | 2026-Q1 |
| AKRE CAPITAL MANAGEMENT LLC trimmed | 12,119,927 | $516M | 0.9% | 2026-Q2 |
| FMR LLC added | 11,765,054 | $502M | 0.8% | 2026-Q2 |
| CANADA PENSION PLAN INVESTMENT BOARD trimmed | 12,190,707 | $494M | 0.8% | 2026-Q1 |
| Legal & General Group Plc trimmed | 11,428,128 | $462M | 0.8% | 2026-Q1 |
| BANK OF AMERICA CORP /DE/ trimmed | 11,115,001 | $450M | 0.7% | 2026-Q1 |
| SCOTIA CAPITAL INC. trimmed | 11,077,640 | $448M | 0.7% | 2026-Q1 |
| MORGAN STANLEY trimmed | 10,834,867 | $438M | 0.7% | 2026-Q1 |
| DAVENPORT & Co LLC trimmed | 10,487,219 | $424M | 0.7% | 2026-Q1 |
| TORONTO DOMINION BANK trimmed | 10,383,769 | $421M | 0.7% | 2026-Q1 |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE trimmed | 9,832,789 | $398M | 0.7% | 2026-Q1 |
| GOLDMAN SACHS GROUP INC added | 9,689,050 | $392M | 0.6% | 2026-Q1 |
| REGENTS OF THE UNIVERSITY OF CALIFORNIA trimmed | 8,979,204 | $363M | 0.6% | 2026-Q1 |
| JPMORGAN CHASE & CO trimmed | 9,019,415 | $349M | 0.6% | 2026-Q1 |
| Vanguard Global Advisers, LLC new | 8,486,416 | $344M | 0.6% | 2026-Q1 |
| NEUBERGER BERMAN GROUP LLC added | 7,149,678 | $289M | 0.5% | 2026-Q1 |
| BAILLIE GIFFORD & CO trimmed | 5,838,391 | $249M | 0.4% | 2026-Q2 |
| BESSEMER GROUP INC trimmed | 5,661,500 | $229M | 0.4% | 2026-Q1 |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND trimmed | 5,192,606 | $210M | 0.3% | 2026-Q1 |
| Connor, Clark & Lunn Investment Management Ltd. trimmed | 4,938,599 | $200M | 0.3% | 2026-Q1 |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ added | 3,632,320 | $187M | 0.3% | 2026-Q1 |
| CHECK CAPITAL MANAGEMENT INC/CA trimmed | 4,379,938 | $177M | 0.3% | 2026-Q1 |
| WELLS FARGO & COMPANY/MN added | 4,261,697 | $172M | 0.3% | 2026-Q1 |
| JANE STREET GROUP, LLC added | 4,121,668 | $167M | 0.3% | 2026-Q1 |
| Beutel, Goodman & Co Ltd. trimmed | 3,977,934 | $161M | 0.3% | 2026-Q1 |
| Capital Research Global Investors trimmed | 3,734,786 | $159M | 0.3% | 2026-Q2 |
| CIBC Bancorp USA Inc. new | 3,765,073 | $153M | 0.3% | 2026-Q1 |
| BCV Asset Management Inc. added | 3,722,896 | $150M | 0.2% | 2026-Q1 |
| Alberta Investment Management Corp added | 3,685,309 | $149M | 0.2% | 2026-Q1 |
| PICTON MAHONEY ASSET MANAGEMENT added | 3,655,199 | $148M | 0.2% | 2026-Q1 |
| COOKE & BIELER LP trimmed | 3,520,735 | $142M | 0.2% | 2026-Q1 |
| NOVO HOLDINGS A/S | 3,496,245 | $141M | 0.2% | 2026-Q1 |
| Fenimore Asset Management Inc trimmed | 3,436,218 | $139M | 0.2% | 2026-Q1 |
| CI INVESTMENTS INC. trimmed | 3,429,556 | $139M | 0.2% | 2026-Q1 |
| VANGUARD ASSET MANAGEMENT, Ltd new | 3,374,517 | $137M | 0.2% | 2026-Q1 |
| MUFG SECURITIES (CANADA), LTD. trimmed | 3,269,278 | $132M | 0.2% | 2026-Q1 |
| AGF MANAGEMENT LTD added | 3,246,823 | $132M | 0.2% | 2026-Q1 |
| DEUTSCHE BANK AG\ trimmed | 3,230,733 | $131M | 0.2% | 2026-Q1 |
| Cardinal Capital Management, Inc. added | 3,166,889 | $128M | 0.2% | 2026-Q1 |
| Aristotle Capital Management, LLC trimmed | 2,947,402 | $126M | 0.2% | 2026-Q2 |
| Addenda Capital Inc. added | 2,168,691 | $122M | 0.2% | 2026-Q1 |
| BAMCO INC /NY/ trimmed | 2,905,510 | $118M | 0.2% | 2026-Q1 |
| D. E. Shaw & Co., Inc. trimmed | 2,694,174 | $115M | 0.2% | 2026-Q2 |
| Clearbridge Investments, LLC trimmed | 2,761,918 | $112M | 0.2% | 2026-Q1 |
| Scharf Investments, LLC trimmed | 2,756,660 | $112M | 0.2% | 2026-Q1 |
| GUARDIAN CAPITAL LP added | 2,751,807 | $111M | 0.2% | 2026-Q1 |
| Cannell & Spears LLC added | 2,702,625 | $109M | 0.2% | 2026-Q1 |
| Amundi added | 2,696,723 | $109M | 0.2% | 2026-Q1 |
| Caisse de depot et placement du Quebec trimmed | 2,670,419 | $108M | 0.2% | 2026-Q1 |
| MCDONALD CAPITAL INVESTORS INC/CA trimmed | 2,642,836 | $107M | 0.2% | 2026-Q1 |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp trimmed | 2,618,947 | $106M | 0.2% | 2026-Q1 |
| AMERIPRISE FINANCIAL INC added | 2,563,284 | $104M | 0.2% | 2026-Q1 |
| STIFEL FINANCIAL CORP added | 2,447,859 | $99M | 0.2% | 2026-Q1 |
| UBS Group AG trimmed | 2,406,079 | $97M | 0.2% | 2026-Q1 |
| RAYMOND JAMES FINANCIAL INC added | 2,376,833 | $96M | 0.2% | 2026-Q1 |
| Corient Private Wealth LLC trimmed | 2,329,960 | $94M | 0.2% | 2026-Q1 |
| ENVESTNET ASSET MANAGEMENT INC added | 2,322,041 | $94M | 0.2% | 2026-Q1 |
| DIMENSIONAL FUND ADVISORS LP added | 2,290,509 | $93M | 0.2% | 2026-Q1 |
| NORTHERN TRUST CORP trimmed | 2,270,459 | $92M | 0.2% | 2026-Q1 |
| Aviso Financial Inc. added | 2,161,688 | $88M | 0.1% | 2026-Q1 |
| Sather Financial Group Inc added | 2,127,876 | $86M | 0.1% | 2026-Q1 |
| BRUNI J V & CO /CO trimmed | 2,102,466 | $85M | 0.1% | 2026-Q1 |
| M&G PLC added | 2,098,614 | $84M | 0.1% | 2026-Q1 |
| James Hambro & Partners LLP added | 2,064,936 | $84M | 0.1% | 2026-Q1 |
| Dixon Mitchell Investment Counsel Inc. trimmed | 2,026,278 | $82M | 0.1% | 2026-Q1 |
| Scheer, Rowlett & Associates Investment Management Ltd. trimmed | 1,956,028 | $79M | 0.1% | 2026-Q1 |
| Bank of New York Mellon Corp trimmed | 1,881,916 | $76M | 0.1% | 2026-Q1 |
| 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 |
| VANGUARD GROUP INC added | 92,103,120 | $4.2B | 7.0% | 2025-Q4 stale |
| JARISLOWSKY, FRASER Ltd trimmed | 14,806,245 | $1.0B | 1.7% | 2025-Q3 stale |
| Third Point LLC added | 6,200,000 | $285M | 0.5% | 2025-Q4 stale |
| Soroban Capital Partners LP added | 5,745,527 | $263M | 0.4% | 2025-Q4 stale |
| CIBC Private Wealth Group LLC added | 3,735,465 | $171M | 0.3% | 2025-Q4 stale |
| River Road Asset Management, LLC added | 1,704,456 | $78M | 0.1% | 2025-Q4 stale |
| Burgundy Asset Management Ltd. trimmed | 1,110,869 | $73M | 0.1% | 2025-Q3 stale |
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.