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BlackRock Capital Allocation Term Trust
BCAT

106 hedge funds and large institutions have $301M invested in BlackRock Capital Allocation Term Trust in 2025 Q4 according to their latest regulatory filings, with 21 funds opening new positions, 36 increasing their positions, 30 reducing their positions, and 9 closing their positions.

New
Increased
Maintained
Reduced
Closed

133% more first-time investments, than exits

New positions opened: 21 | Existing positions closed: 9

20% more repeat investments, than reductions

Existing positions increased: 36 | Existing positions reduced: 30

13% more funds holding

Funds holding: 94 → 106 (+12)

1.5% more ownership

Funds ownership: 18.28% → 19.79% (+1.5%)

4% more capital invested

Capital invested by funds: $291M → $301M (+$10.6M)

Holders
106
Holders Change
+12
Holders Change %
+12.77%
% of All Funds
1.29%
Holding in Top 10
–
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
–
New
21
Increased
36
Reduced
30
Closed
9
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

1
RCM
Rivernorth Capital Management
Florida
+$20.4M
2
AIA
Absolute Investment Advisers
Florida
+$5.1M
3
RAM
Readystate Asset Management
Illinois
+$2.95M
4
Jane Street
Jane Street
New York
+$2.7M
5
WAM
Wolverine Asset Management
Illinois
+$2.62M

Top Sellers

1
SCM
Saba Capital Management
New York
-$15.9M
2
Morgan Stanley
Morgan Stanley
New York
-$3.47M
3
UBS Group
UBS Group
Switzerland
-$2.58M
4
FA
Fountainhead AM
New Jersey
-$2.1M
5
Raymond James Financial
Raymond James Financial
Florida
-$1.92M
Name Holding Trade Value Shares
Change 		Change in
Stake
Osaic Holdings
26
Osaic Holdings
Arizona
$1.4M +$62.4K +4,312 +5%
EPW
27
Evolve Private Wealth
California
$1.4M +$1.43M +99,077 New
IWC
28
Integrated Wealth Concepts
Massachusetts
$1.3M -$91K -6,289 -6%
Thrivent Financial for Lutherans
29
Thrivent Financial for Lutherans
Minnesota
$1.23M +$169K +11,649 +16%
MC
30
Mathes Company
New York
$1.23M -$275K -19,000 -18%
CA
31
Clearstead Advisors
Ohio
$1.2M – – –
Baird Financial Group
32
Baird Financial Group
Wisconsin
$1.13M +$45.9K +3,172 +4%
Janney Montgomery Scott
33
Janney Montgomery Scott
Pennsylvania
$1.11M +$94.6K +6,539 +9%
PI
34
PFG Investments
New York
$1.07M +$362K +25,029 +49%
Carson Wealth (CWM LLC)
35
Carson Wealth (CWM LLC)
Nebraska
$995K – – –
PIA
36
Perennial Investment Advisors
California
$952K +$179K +12,357 +23%
Cetera Investment Advisers
37
Cetera Investment Advisers
Illinois
$946K -$11.6K -799 -1%
Corient Private Wealth
38
Corient Private Wealth
Florida
$795K +$406K +28,059 +100%
AC
39
Almitas Capital
California
$779K +$796K +55,000 New
OC
40
Oppenheimer & Co
New York
$721K +$56K +3,873 +8%
Cerity Partners
41
Cerity Partners
New York
$660K +$69.5K +4,800 +11%
P
42
&Partners
Tennessee
$654K +$435K +30,033 +186%
Susquehanna International Group
43
Susquehanna International Group
Pennsylvania
$584K +$597K +41,263 New
QCM
44
Quantinno Capital Management
New York
$565K +$114K +7,885 +25%
MG
45
Marex Group
$556K +$569K +39,300 New
MYIA
46
Mount Yale Investment Advisors
Colorado
$543K -$38.3K -2,650 -6%
VAS
47
Vestmark Advisory Solutions
Massachusetts
$543K +$555K +38,350 New
JPLA
48
Joseph P. Lucia & Associates
New York
$528K +$39K +2,695 +8%
CEFA
49
Closed-End Fund Advisors
Virginia
$519K +$530K +36,623 New
LCM
50
Landscape Capital Management
New Jersey
$513K +$524K +36,229 New
1
2
3 4 5

BCAT Hedge Fund Activity: Q4 2025 in Review

106 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in BlackRock Capital Allocation Term Trust (BCAT) for Q4 2025, worth a combined $301M — up 3.6% from $291M a quarter earlier.

Buyers outnumbered sellers: 21 funds opened new BCAT positions and 9 closed out — a net gain of 12 holders — while 36 added to existing stakes and 30 trimmed.

The largest buyer was Rivernorth Capital Management, opening a new position worth an estimated $20.4M. The largest seller was Saba Capital Management, exiting entirely with an estimated $15.9M sold.

  • 106 institutional investors held BlackRock Capital Allocation Term Trust (BCAT) as of Q4 2025, up from 94 in Q3 2025.
  • Funds reported $301M of BlackRock Capital Allocation Term Trust stock for Q4 2025, up 3.6% quarter-over-quarter.
  • 21 funds opened new BlackRock Capital Allocation Term Trust positions in Q4 2025 and 9 closed out, a net change of +12 holders.
  • The largest BlackRock Capital Allocation Term Trust buyer in Q4 2025 was Rivernorth Capital Management, an estimated $20.4M added.
  • The largest BlackRock Capital Allocation Term Trust seller in Q4 2025 was Saba Capital Management, an estimated $15.9M sold.

Based on aggregated 13F filings for Q4 2025.