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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
GCM
101
Gables Capital Management
Florida
$12.4K – – –
BBPWM
102
Blue Bell Private Wealth Management
Pennsylvania
$11.3K -$2.89K -200 -20%
HWP
103
Highline Wealth Partners
California
$7.08K – – –
EPG
104
Estate Planners Group
Pennsylvania
$7.08K +$7.23K +500 New
RFA
105
Reyes Financial Architecture
California
$4.77K – – –
AF
106
Allworth Financial
California
$372 +$14 +1 +4%
SCM
107
Saba Capital Management
New York
– -$15.9M -1,078,049 Closed
FA
108
Fountainhead AM
New Jersey
– -$2.1M -142,143 Closed
CPRC
109
Consolidated Portfolio Review Corp
New York
– -$188K -12,690 Closed
CSP
110
Cary Street Partners
Virginia
– -$182K -12,299 Closed
Mariner
111
Mariner
Kansas
– -$168K -11,353 Closed
PA
112
Parallel Advisors
California
– -$47.3K -3,200 Closed
KFP
113
Keener Financial Planning
Texas
– -$29K -2,000 Closed
RL
114
Rogco LP
Oklahoma
– -$11.1K -748 Closed
TJHA
115
Thomas J. Herzfeld Advisors
Florida
– -$6.43K -435 Closed
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.