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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
IAS
76
Insigneo Advisory Services
Florida
$194K -$52.7K -3,644 -21%
CL
77
Choreo LLC
Illinois
$172K -$3.72K -257 -2%
BRWA
78
B. Riley Wealth Advisors
Florida
$172K +$27.8K +1,923 +19%
ASN
79
Advisory Services Network
Georgia
$165K – – –
CA
80
Calton & Associates
Florida
$151K -$111K -7,677 -42%
PAG
81
Private Advisor Group
New Jersey
$149K -$7.96K -550 -5%
FHA
82
Flagship Harbor Advisors
Massachusetts
$145K +$148K +10,245 New
HIP
83
HUB Investment Partners
Texas
$142K – – –
JSW
84
Journey Strategic Wealth
New Jersey
$142K – – –
Comerica Bank
85
Comerica Bank
Texas
$140K -$15.9K -1,097 -10%
BlackRock
86
BlackRock
New York
$128K – – –
GRP
87
Global Retirement Partners
California
$123K +$119K +8,243 +1,857%
SPIA
88
Steward Partners Investment Advisory
New York
$96.2K -$12K -827 -11%
BBHC
89
Brown Brothers Harriman & Co
New York
$77.9K – – –
AssetMark Inc
90
AssetMark Inc
California
$76K +$1.16K +80 +2%
PWPS
91
Pinnacle Wealth Planning Services
Ohio
$53.7K +$54.9K +3,795 New
ACM
92
Anfield Capital Management
California
$52K – – –
PTC
93
Private Trust Company
Ohio
$49.6K – – –
AF
94
Advisornet Financial
Minnesota
$44.9K +$2.59K +179 +6%
NEWAS
95
N.E.W. Advisory Services
Wisconsin
$34K +$17.4K +1,200 +100%
WA
96
WPG Advisers
Maryland
$18.8K -$29 -2 -0.2%
CFB
97
Cullen/Frost Bankers
Texas
$17.7K +$18.1K +1,250 New
NS
98
NBC Securities
Alabama
$16.8K +$912 +63 +6%
ME
99
McIlrath & Eck
Washington
$16.4K -$26.6K -1,838 -61%
FCMT
100
Founders Capital Management (Texas)
Texas
$12.7K – – –
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.