Black Hills Corp
430 hedge funds and large institutions have $4.03B invested in Black Hills Corp in 2025 Q3 according to their latest regulatory filings, with 63 funds opening new positions, 162 increasing their positions, 133 reducing their positions, and 39 closing their positions.
100% more funds holding in top 10
Funds holding in top 10: 1 → 2 (+1)
96% more call options, than puts
Call options by funds: $4.29M | Put options by funds: $2.19M
62% more first-time investments, than exits
New positions opened: 63 | Existing positions closed: 39
22% more repeat investments, than reductions
Existing positions increased: 162 | Existing positions reduced: 133
18% more capital invested
Capital invested by funds: $3.42B → $4.03B (+$609M)
5.44% more ownership
Funds ownership: 84.47% → 89.9% (+5.4%)
4% more funds holding
Funds holding: 412 → 430 (+18)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Cohen & Steers
New York
|
+$69.2M |
| 2 |
ZP
Zimmer Partners
New York
|
+$61.8M |
| 3 |
Jane Street
New York
|
+$48.4M |
| 4 |
Balyasny Asset Management
Chicago,
Illinois
|
+$38.7M |
| 5 |
Adage Capital Partners
Boston,
Massachusetts
|
+$27.9M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Massachusetts Financial Services
Boston,
Massachusetts
|
-$31M |
| 2 |
Qube Research & Technologies (QRT)
London,
United Kingdom
|
-$29.5M |
| 3 |
Millennium Management
New York
|
-$27M |
| 4 |
Franklin Resources
San Mateo,
California
|
-$26.8M |
| 5 |
CSS
Cubist Systematic Strategies
Stamford,
Connecticut
|
-$16M |
BKH Hedge Fund Activity: Q3 2025 in Review
430 of the 7,620 institutional investors tracked by Wall St. Rank reported a position in Black Hills Corp (BKH) for Q3 2025, worth a combined $4.03B — up 18% from $3.42B a quarter earlier.
Buyers outnumbered sellers: 63 funds opened new BKH positions and 39 closed out — a net gain of 24 holders — while 162 added to existing stakes and 133 trimmed.
The largest buyer was Cohen & Steers, opening a new position worth an estimated $69.2M. The largest seller was Massachusetts Financial Services, exiting entirely with an estimated $31M sold.
- 430 institutional investors held Black Hills Corp (BKH) as of Q3 2025, up from 412 in Q2 2025.
- Funds reported $4.03B of Black Hills Corp stock for Q3 2025, up 18% quarter-over-quarter.
- 63 funds opened new Black Hills Corp positions in Q3 2025 and 39 closed out, a net change of +24 holders.
- The largest Black Hills Corp buyer in Q3 2025 was Cohen & Steers, an estimated $69.2M added.
- The largest Black Hills Corp seller in Q3 2025 was Massachusetts Financial Services, an estimated $31M sold.
Based on aggregated 13F filings for Q3 2025.