Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

UNITED STS BRENT OIL FD LP (BNO)

69 + Investors. Track Smart Money conviction in BNO. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -3
Streak
2Q ▼
Buyers last Q
48%

Smart Money Signals — BNO

Based on 27 hedge funds · latest filing: 2025 Q4 · updated quarterly

📉

Selling streak — 2 quarters in a row

last 6Q
For 2 consecutive quarters, more hedge funds reduced or closed their BNO positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻

Below peak — only 66% of 3.0Y high

66% of all-time peak
Only 27 funds hold BNO today versus a peak of 41 funds at 2023 Q1 — just 66% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
📉

Outflows — 21% fewer funds vs a year ago

fund count last 6Q
7 fewer hedge funds hold BNO compared to a year ago (-21% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠

More sellers than buyers — 48% buying

16 buying17 selling
Last quarter: 17 funds reduced or exited vs 16 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️

Steady new buyers — ~5 new funds per quarter

new funds entering per quarter
Funds opening this position for the first time: 7 → 7 → 6 → 5. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒

56% of holders stayed for 2+ years

■ 56% conviction (2yr+) ■ 33% medium ■ 11% new
15 out of 27 hedge funds have held BNO for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
📊

Peak discovery — momentum slowing

13 → 7 → 7 → 6 → 5 new funds/Q
New funds entering each quarter: 7 → 7 → 6 → 5. BNO is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️

Deep conviction — 74% of holders stayed 2+ years

■ 74% veterans ■ 3% 1-2yr ■ 23% new
Of 31 current holders: 23 (74%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
🏆

Elite ownership — 44% AUM from top-100 funds

44% from top-100 AUM funds
10 of 27 holders are among the 100 largest funds by AUM, controlling 44% of total institutional value in BNO. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
1.7
out of 10
Low Exit Risk
Exit risk score 1.7/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — BNO

In 2025 Q4, 16 hedge funds were net buyers of BNO (5 opened a new position, 11 added to an existing one), while 17 reduced or exited (9 trimmed, 8 sold completely) — a 48% buyer ratio, indicating roughly balanced activity. Net selling has persisted for two consecutive quarters. 44% of total institutional value in BNO is held by top-100 AUM funds, reflecting elite-tier ownership quality. Net fund flow last quarter: -3 funds (more exits than new entries). Total institutional holders: 27.

Hedge Fund Ownership: BNO

How many hedge funds hold BNO — quarterly history vs. share price
Quarterly hedge fund ownership of BNO vs. share price

Market Analysis: BNO

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: BNO

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy UNITED STS BRENT OIL FD LP (BNO) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much BNO has moved relative to its sector benchmark (SPY) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 51d ago
BNO
+17.2%
SPY
+14.0%

BNO outperformed SPY by +3.2% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 6d ago
BNO
-3.6%
SPY
+0.3%

Since the filing became public, BNO outperformed SPY by -3.9% .

Interpretation: The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

5 top-rated funds 1 high-conviction
Consensus
3.4
/ 10
breadth
×
Elite
1.2
/ 10
conviction
Hedge Fund Positioning: BNO
69 + Investors

Track Smart Money conviction in BNO. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 69 27 155.56%
13F Shares 8M 1M 599.45%
Total Value $403M $33M 1105.8%
New Positions 46 5 +41
Increased Positions 15 10 +5
Closed Positions 4 8 -4
Reduced Positions 4 7 -3
Total Calls 9 3 200.0%
Total Puts 4 2 100.0%
PUT/CALL Ratio 0.44 0.67 Bullish

Statistics: BNO

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Financial Highlights

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Institutional Holders (2026 Q1)

69 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in BNO. Verified SEC 13F-HR filings.

QUARTER:
Top 25 institutional holders of BNO — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Newbrook Capital Advisors LP 3.96% 426,396 $22.2M
2 WESPAC Advisors, LLC 0.78% 27,247 $1.4M
3 Harvest Fund Management Co., Ltd 0.75% 337,192 $17.5M
4 Virtu Financial LLC 0.72% 333,396 $17K
5 Brooklands Fund Management Ltd 0.62% 1,000 $550K
6 Evergreen Quality Fund GP, Ltd. 0.61% 513,197 $26.7M
7 E Fund Management Co., Ltd. 0.45% 293,412 $15.3M
8 Avondale Wealth Management 0.40% 15,502 $806K
9 Orcam Financial Group 0.28% 7,545 $392K
10 Birnam Oak Advisors, LP 0.26% 22,000 $1.1M
11 CVS HEALTH Corp 0.25% 10,000 $520K
12 Ignite Planners, LLC 0.18% 22,223 $1.2M
13 Jump Financial, LLC 0.18% 255,325 $13.3M
14 Waratah Capital Advisors Ltd. 0.16% 79,322 $4.1M
15 B. Riley Wealth Advisors, Inc. 0.15% 43,053 $2.3M
16 TWO SIGMA SECURITIES, LLC 0.11% 18,999 $988K
17 Oxinas Partners, LLC 0.11% 4,450 $231K
18 Quadrature Capital Ltd 0.10% 154,086 $8.0M
19 Lombard Odier Asset Management (USA) Corp 0.09% 16,413 $854K
20 FLOW TRADERS U.S. LLC 0.06% 38,327 $2K
21 ARMSTRONG ADVISORY GROUP, INC 0.06% 16,049 $835K
22 Quarry LP 0.05% 5,700 $296K
23 Headlands Technologies LLC 0.05% 8,157 $424K
24 Ball & Co Wealth Management Inc. 0.05% 1,081 —
25 Maven Securities LTD 0.04% 38,900 $2.0M
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — UNITED STS BRENT OIL FD LP (BNO)

What does the Smart Money Trend signal show for BNO?

Selling streak — 2 quarters in a row: For 2 consecutive quarters, more hedge funds reduced or closed their BNO positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for BNO?

More sellers than buyers — 48% buying: Last quarter: 17 funds reduced or exited vs 16 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.

What is the fund quality score for BNO holders?

Elite ownership — 44% AUM from top-100 funds: 10 of 27 holders are among the 100 largest funds by AUM, controlling 44% of total institutional value in BNO. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.

How long have hedge funds held BNO?

56% of holders stayed for 2+ years: 15 out of 27 hedge funds have held BNO for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

Is it too late to buy UNITED STS BRENT OIL FD LP (BNO) following the 2026 Q1 hedge fund 13F filings?

As of today, BNO has moved -3.6% since the 2026 Q1 13F filing date (May 15, 2026), compared to +0.3% for the SPY sector ETF — an outperformance of -3.9%. Since the quarter end (March 31, 2026), BNO has gained +17.2% vs +14.0% for SPY. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

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