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BlackRock Capital Allocation Term Trust
BCAT

94 hedge funds and large institutions have $291M invested in BlackRock Capital Allocation Term Trust in 2025 Q3 according to their latest regulatory filings, with 14 funds opening new positions, 41 increasing their positions, 18 reducing their positions, and 11 closing their positions.

New
Increased
Maintained
Reduced
Closed

128% more repeat investments, than reductions

Existing positions increased: 41 | Existing positions reduced: 18

27% more first-time investments, than exits

New positions opened: 14 | Existing positions closed: 11

3% more funds holding

Funds holding: 91 → 94 (+3)

5.27% less ownership

Funds ownership: 23.55% → 18.28% (-5.3%)

24% less capital invested

Capital invested by funds: $383M → $291M (-$92.5M)

100% less funds holding in top 10

Funds holding in top 10: 1 → 0 (-1)

Holders
94
Holders Change
+3
Holders Change %
+3.3%
% of All Funds
1.23%
Holding in Top 10
–
Holding in Top 10 Change
-1
Holding in Top 10 Change %
-100%
% of All Funds
–
New
14
Increased
41
Reduced
18
Closed
11
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Morgan Stanley
Morgan Stanley
New York
+$10.1M
2
Wells Fargo
Wells Fargo
California
+$9.31M
3
PCM
Penserra Capital Management
California
+$1.98M
4
Cohen & Steers
Cohen & Steers
New York
+$1.67M
5
LPL Financial
LPL Financial
California
+$1.53M

Top Sellers

Rank Fund Capital Flow
1
SCM
Saba Capital Management
New York
-$101M
2
RCM
Rivernorth Capital Management
Florida
-$4.51M
3
Royal Bank of Canada
Royal Bank of Canada
Ontario, Canada
-$4.31M
4
UBS Group
UBS Group
Switzerland
-$2.97M
5
PIWA
Prevail Innovative Wealth Advisors
Kansas
-$1.66M
Name Holding Trade Value Shares
Change 		Change in
Stake
Commonwealth Equity Services
26
Commonwealth Equity Services
Massachusetts
$1.09M +$168K +11,201 +18%
Janney Montgomery Scott
27
Janney Montgomery Scott
Pennsylvania
$1.07M +$929K +62,080 +612%
Carson Wealth (CWM LLC)
28
Carson Wealth (CWM LLC)
Nebraska
$1.04M -$2.74K -183 -0.3%
Cetera Investment Advisers
29
Cetera Investment Advisers
Illinois
$1M +$135K +9,025 +15%
PIA
30
Perennial Investment Advisors
California
$811K +$18.1K +1,211 +2%
PI
31
PFG Investments
New York
$750K +$759K +50,728 New
OC
32
Oppenheimer & Co
New York
$696K -$185K -12,343 -21%
WCM
33
Winebrenner Capital Management
Kentucky
$680K +$15K +1,000 +2%
Cerity Partners
34
Cerity Partners
New York
$619K – – –
AA
35
Armis Advisers
Georgia
$611K -$23.5K -1,570 -4%
MYIA
36
Mount Yale Investment Advisors
Colorado
$606K +$613K +41,000 New
JPLA
37
Joseph P. Lucia & Associates
New York
$511K +$22.6K +1,513 +5%
AWA
38
Amplius Wealth Advisors
Pennsylvania
$476K +$24K +1,601 +5%
QCM
39
Quantinno Capital Management
New York
$474K +$56.2K +3,755 +13%
TCM
40
TD Capital Management
Tennessee
$473K +$25.4K +1,699 +6%
Corient Private Wealth
41
Corient Private Wealth
Florida
$415K – – –
CA
42
CoreCap Advisors
Michigan
$394K +$54.5K +3,646 +16%
CAPTRUST Financial Advisors
43
CAPTRUST Financial Advisors
North Carolina
$375K +$97.4K +6,508 +35%
OFO
44
OneAscent Family Office
Alabama
$370K +$374K +25,000 New
KWA
45
Kingswood Wealth Advisors
California
$341K -$49.6K -3,317 -13%
Truist Financial
46
Truist Financial
North Carolina
$320K -$30K -2,007 -8%
CP
47
Camelot Portfolios
Ohio
$288K – – –
CA
48
Calton & Associates
Florida
$272K -$25.1K -1,676 -8%
SWM
49
SeaCrest Wealth Management
New York
$268K +$105K +7,029 +64%
ERIC
50
Eagle Rock Investment Company
Georgia
$265K – – –
1
2
3 4 5

BCAT Hedge Fund Activity: Q3 2025 in Review

94 of the 7,621 institutional investors tracked by Wall St. Rank reported a position in BlackRock Capital Allocation Term Trust (BCAT) for Q3 2025, worth a combined $291M — down 24% from $383M a quarter earlier.

Buyers outnumbered sellers: 14 funds opened new BCAT positions and 11 closed out — a net gain of 3 holders — while 41 added to existing stakes and 18 trimmed.

The largest buyer was Morgan Stanley, adding an estimated $10.1M. The largest seller was Saba Capital Management, cutting an estimated $101M.

  • 94 institutional investors held BlackRock Capital Allocation Term Trust (BCAT) as of Q3 2025, up from 91 in Q2 2025.
  • Funds reported $291M of BlackRock Capital Allocation Term Trust stock for Q3 2025, down 24% quarter-over-quarter.
  • 14 funds opened new BlackRock Capital Allocation Term Trust positions in Q3 2025 and 11 closed out, a net change of +3 holders.
  • The largest BlackRock Capital Allocation Term Trust buyer in Q3 2025 was Morgan Stanley, an estimated $10.1M added.
  • The largest BlackRock Capital Allocation Term Trust seller in Q3 2025 was Saba Capital Management, an estimated $101M sold.

Based on aggregated 13F filings for Q3 2025.