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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.

New
Increased
Maintained
Reduced
Closed

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

Holders
26
Holders Change
-2
Holders Change %
-7.14%
% of All Funds
0.32%
Holding in Top 10
–
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
–
New
6
Increased
8
Reduced
7
Closed
7
Calls
$6.61M
Puts
$1.23M
Net Calls
+$5.38M
Net Calls Change
-$5.25M

Top Buyers

1
RL
Ruffer LLP
United Kingdom
+$3.07M
2
HFM
Harvest Fund Management
China
+$2.57M
3
Citadel Advisors
Citadel Advisors
Florida
+$1.47M
4
UBS Group
UBS Group
Switzerland
+$499K
5
HT
Headlands Technologies
Illinois
+$451K

Top Sellers

1
JF
Jump Financial
Illinois
-$3.88M
2
VF
Virtu Financial
New York
-$1.9M
3
Susquehanna International Group
Susquehanna International Group
Pennsylvania
-$1.73M
4
QC
Quadrature Capital
United Kingdom
-$1.18M
5
HF
HRT Financial
New York
-$381K
Name Holding Trade Value Shares
Change 		Change in
Stake
HFM
1
Harvest Fund Management
China
$9.55M +$2.57M +88,905 +36%
Morgan Stanley
2
Morgan Stanley
New York
$4.49M +$45.2K +1,564 +1%
RL
3
Ruffer LLP
United Kingdom
$3.02M +$3.07M +106,450 New
Daiwa Securities Group
4
Daiwa Securities Group
Japan
$2.21M +$251K +8,700 +13%
Citadel Advisors
5
Citadel Advisors
Florida
$1.44M +$1.47M +50,824 New
VF
6
Virtu Financial
New York
$840K -$1.9M -65,700 -69%
IP
7
Ignite Planners
California
$744K -$265K -9,190 -29%
Wells Fargo
8
Wells Fargo
California
$659K +$388K +13,422 +136%
JP Morgan Chase
9
JP Morgan Chase
New York
$610K +$19K +659 +3%
UBS Group
10
UBS Group
Switzerland
$534K +$499K +17,285 +1,091%
FTUS
11
Flow Traders U.S.
New York
$461K -$291K -10,093 -38%
HT
12
Headlands Technologies
Illinois
$442K +$451K +15,617 New
AWM
13
Avondale Wealth Management
Texas
$346K -$41.3K -1,430 -10%
TSS
14
Two Sigma Securities
New York
$271K +$277K +9,584 New
JF
15
Jump Financial
Illinois
$244K -$3.88M -134,531 -94%
Jane Street
16
Jane Street
New York
$225K -$136K -4,717 -37%
BNP Paribas Financial Markets
17
BNP Paribas Financial Markets
France
$191K -$370K -12,800 -66%
DZ Bank
18
DZ Bank
Germany
$174K +$92.3K +3,198 +109%
KAS
19
Kestra Advisory Services
Texas
$149K +$152K +5,265 New
AF
20
Advisornet Financial
Minnesota
$127K – – –
Osaic Holdings
21
Osaic Holdings
Arizona
$122K +$54K +1,869 +77%
Royal Bank of Canada
22
Royal Bank of Canada
Ontario, Canada
$113K – – –
HI
23
Harbour Investments
Wisconsin
$10.9K – – –
NS
24
NBC Securities
Alabama
$9.35K +$9.53K +330 New
MCM
25
MAI Capital Management
Ohio
$2.83K – – –
1
2

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.