United States Brent Oil Fund
BNO
26 hedge funds and large institutions have $27M invested in United States Brent Oil Fund in 2025 Q4 according to their latest regulatory filings, with 6 funds opening new positions, 8 increasing their positions, 7 reducing their positions, and 7 closing their positions.
439% more call options, than puts
Call options by funds: $6.61M | Put options by funds: $1.23M
14% more repeat investments, than reductions
Existing positions increased: 8 | Existing positions reduced: 7
1.42% less ownership
Funds ownership: 28.53% → 27.11% (-1.4%)
7% less funds holding
Funds holding: 28 → 26 (-2)
9% less capital invested
Capital invested by funds: $29.6M → $27M (-$2.6M)
14% less first-time investments, than exits
New positions opened: 6 | Existing positions closed: 7
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
RL
Ruffer LLP
London,
United Kingdom
|
+$3.07M |
| 2 |
HFM
Harvest Fund Management
Beijing,
China
|
+$2.57M |
| 3 |
Citadel Advisors
Miami,
Florida
|
+$1.47M |
| 4 |
UBS Group
Zurich,
Switzerland
|
+$499K |
| 5 |
HT
Headlands Technologies
Chicago,
Illinois
|
+$451K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
JF
Jump Financial
Chicago,
Illinois
|
-$3.88M |
| 2 |
VF
Virtu Financial
New York
|
-$1.9M |
| 3 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
-$1.73M |
| 4 |
QC
Quadrature Capital
London,
United Kingdom
|
-$1.18M |
| 5 |
HF
HRT Financial
New York
|
-$381K |
| Name | Holding | Trade Value |
Shares Change |
Change in Stake |
|
|---|---|---|---|---|---|
|
SIS
26
Sound Income Strategies
Ft Lauderdale,
Florida
| $179 | – | – | – |
|
|
27
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
| – | -$1.73M | -59,762 | Closed |
|
|
QC
28
Quadrature Capital
London,
United Kingdom
| – | -$1.18M | -39,190 | Closed |
|
|
HF
29
HRT Financial
New York
| – | -$381K | -12,707 | Closed |
|
|
P
30
&Partners
Nashville,
Tennessee
| – | -$216K | -7,195 | Closed |
|
|
CWM
31
Cranbrook Wealth Management
Bloomfield Hills,
Michigan
| – | -$45.2K | -1,503 | Closed |
|
|
CWM
32
Copia Wealth Management
Bend,
Oregon
| – | -$1.47K | -49 | Closed |
|
|
BTI
33
Blue Trust Inc
Alpharetta,
Georgia
| – | -$601 | -20 | Closed |
|
BNO Hedge Fund Activity: Q4 2025 in Review
26 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in United States Brent Oil Fund (BNO) for Q4 2025, worth a combined $27M — down 8.8% from $29.6M a quarter earlier.
Sellers outnumbered buyers: 7 funds closed out of BNO and 6 opened new positions — a net loss of 1 holder — while 7 trimmed existing stakes and 8 added.
The largest buyer was Ruffer LLP, opening a new position worth an estimated $3.07M. The largest seller was Jump Financial, cutting an estimated $3.88M.
- 26 institutional investors held United States Brent Oil Fund (BNO) as of Q4 2025, down from 28 in Q3 2025.
- Funds reported $27M of United States Brent Oil Fund stock for Q4 2025, down 8.8% quarter-over-quarter.
- 6 funds opened new United States Brent Oil Fund positions in Q4 2025 and 7 closed out, a net change of -1 holder.
- The largest United States Brent Oil Fund buyer in Q4 2025 was Ruffer LLP, an estimated $3.07M added.
- The largest United States Brent Oil Fund seller in Q4 2025 was Jump Financial, an estimated $3.88M sold.
Based on aggregated 13F filings for Q4 2025.