Black Hills Corp
461 hedge funds and large institutions have $5.02B invested in Black Hills Corp in 2025 Q4 according to their latest regulatory filings, with 80 funds opening new positions, 173 increasing their positions, 138 reducing their positions, and 43 closing their positions.
627% more call options, than puts
Call options by funds: $90.1M | Put options by funds: $12.4M
150% more funds holding in top 10
Funds holding in top 10: 2 → 5 (+3)
86% more first-time investments, than exits
New positions opened: 80 | Existing positions closed: 43
25% more repeat investments, than reductions
Existing positions increased: 173 | Existing positions reduced: 138
24% more capital invested
Capital invested by funds: $4.04B → $5.02B (+$986M)
9.63% more ownership
Funds ownership: 89.95% → 99.58% (+9.6%)
7% more funds holding
Funds holding: 432 → 461 (+29)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
CC
Covalis Capital
London,
United Kingdom
|
+$139M |
| 2 |
Point72 Asset Management
Stamford,
Connecticut
|
+$125M |
| 3 |
Adage Capital Partners
Boston,
Massachusetts
|
+$68.6M |
| 4 |
Two Sigma Advisers
New York
|
+$58.1M |
| 5 |
EGM
Engineers Gate Manager
New York
|
+$56.9M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Macquarie Group
Sydney, NSW 2000,
Australia
|
-$147M |
| 2 |
ZP
Zimmer Partners
New York
|
-$55.6M |
| 3 |
Jane Street
New York
|
-$46.2M |
| 4 |
Balyasny Asset Management
Chicago,
Illinois
|
-$44.8M |
| 5 |
Fuller & Thaler Asset Management
San Mateo,
California
|
-$35.4M |
BKH Hedge Fund Activity: Q4 2025 in Review
461 of the 8,263 institutional investors tracked by Wall St. Rank reported a position in Black Hills Corp (BKH) for Q4 2025, worth a combined $5.02B — up 24% from $4.04B a quarter earlier.
Buyers outnumbered sellers: 80 funds opened new BKH positions and 43 closed out — a net gain of 37 holders — while 173 added to existing stakes and 138 trimmed.
The largest buyer was Covalis Capital, opening a new position worth an estimated $139M. The largest seller was Macquarie Group, cutting an estimated $147M.
- 461 institutional investors held Black Hills Corp (BKH) as of Q4 2025, up from 432 in Q3 2025.
- Funds reported $5.02B of Black Hills Corp stock for Q4 2025, up 24% quarter-over-quarter.
- 80 funds opened new Black Hills Corp positions in Q4 2025 and 43 closed out, a net change of +37 holders.
- The largest Black Hills Corp buyer in Q4 2025 was Covalis Capital, an estimated $139M added.
- The largest Black Hills Corp seller in Q4 2025 was Macquarie Group, an estimated $147M sold.
Based on aggregated 13F filings for Q4 2025.