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.
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)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Morgan Stanley
New York
|
+$10.1M |
| 2 |
Wells Fargo
San Francisco,
California
|
+$9.31M |
| 3 |
PCM
Penserra Capital Management
Orinda,
California
|
+$1.98M |
| 4 |
Cohen & Steers
New York
|
+$1.67M |
| 5 |
LPL Financial
San Diego,
California
|
+$1.53M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
SCM
Saba Capital Management
New York
|
-$101M |
| 2 |
RCM
Rivernorth Capital Management
West Palm Beach,
Florida
|
-$4.51M |
| 3 |
Royal Bank of Canada
Toronto,
Ontario, Canada
|
-$4.31M |
| 4 |
UBS Group
Zurich,
Switzerland
|
-$2.97M |
| 5 |
PIWA
Prevail Innovative Wealth Advisors
Leawood,
Kansas
|
-$1.66M |
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.