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Black Hills Corp
BKH

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.

New
Increased
Maintained
Reduced
Closed

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)

Holders
430
Holders Change
+18
Holders Change %
+4.37%
% of All Funds
5.64%
Holding in Top 10
2
Holding in Top 10 Change
+1
Holding in Top 10 Change %
+100%
% of All Funds
0.03%
New
63
Increased
162
Reduced
133
Closed
39
Calls
$4.29M
Puts
$2.19M
Net Calls
+$2.1M
Net Calls Change
+$743K

Top Buyers

1
Cohen & Steers
Cohen & Steers
New York
+$69.2M
2
ZP
Zimmer Partners
New York
+$61.8M
3
Jane Street
Jane Street
New York
+$48.4M
4
Balyasny Asset Management
Balyasny Asset Management
Illinois
+$38.7M
5
Adage Capital Partners
Adage Capital Partners
Massachusetts
+$27.9M

Top Sellers

1
Massachusetts Financial Services
Massachusetts Financial Services
Massachusetts
-$31M
2
Qube Research & Technologies (QRT)
Qube Research & Technologies (QRT)
United Kingdom
-$29.5M
3
Millennium Management
Millennium Management
New York
-$27M
4
Franklin Resources
Franklin Resources
California
-$26.8M
5
CSS
Cubist Systematic Strategies
Connecticut
-$16M
Name Holding Trade Value Shares
Change 		Change in
Stake
BlackRock
1
BlackRock
New York
$698M +$835K +14,187 +0.1%
Vanguard Group
2
Vanguard Group
Pennsylvania
$554M +$13.3M +225,636 +3%
State Street
3
State Street
Massachusetts
$236M -$271K -4,601 -0.1%
Macquarie Group
4
Macquarie Group
Australia
$137M -$10.2M -173,494 -7%
Geode Capital Management
5
Geode Capital Management
Massachusetts
$113M +$997K +16,951 +0.9%
Capital Research Global Investors
6
Capital Research Global Investors
California
$101M – – –
AQR Capital Management
7
AQR Capital Management
Connecticut
$84.6M +$27.9M +474,947 +53%
Fuller & Thaler Asset Management
8
Fuller & Thaler Asset Management
California
$81.7M -$162K -2,759 -0.2%
N
9
Nuveen
North Carolina
$78.2M +$14.4M +244,491 +24%
Charles Schwab
10
Charles Schwab
California
$73.9M -$312K -5,298 -0.4%
Cohen & Steers
11
Cohen & Steers
New York
$72.5M +$69.2M +1,176,624 New
ZP
12
Zimmer Partners
New York
$67.8M +$61.8M +1,050,020 +2,100%
Dimensional Fund Advisors
13
Dimensional Fund Advisors
Texas
$67.7M +$1.29M +21,922 +2%
Northern Trust
14
Northern Trust
Illinois
$59M -$309K -5,259 -0.5%
Goldman Sachs
15
Goldman Sachs
New York
$57.7M +$20.2M +344,216 +58%
Jane Street
16
Jane Street
New York
$57M +$48.4M +823,614 +806%
First Trust Advisors
17
First Trust Advisors
Illinois
$53.6M -$1.3M -22,123 -2%
Bank of New York Mellon
18
Bank of New York Mellon
New York
$52.6M -$817K -13,884 -2%
Invesco
19
Invesco
Georgia
$50.4M +$2.04M +34,595 +4%
ProShare Advisors
20
ProShare Advisors
Maryland
$45.3M +$4.23M +71,963 +11%
Victory Capital Management
21
Victory Capital Management
Texas
$44.8M +$1.17M +19,869 +3%
Balyasny Asset Management
22
Balyasny Asset Management
Illinois
$40.9M +$38.7M +658,017 +10,853%
Morgan Stanley
23
Morgan Stanley
New York
$38.1M -$1.09M -18,543 -3%
JP Morgan Chase
24
JP Morgan Chase
New York
$38.1M +$14.7M +249,640 +68%
Franklin Resources
25
Franklin Resources
California
$35.6M -$26.8M -455,904 -44%
1
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BKH Hedge Fund Activity: Q3 2025 in Review

430 of the 7,619 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.