Franco-Nevada
570 hedge funds and large institutions have $31B invested in Franco-Nevada in 2025 Q3 according to their latest regulatory filings, with 93 funds opening new positions, 187 increasing their positions, 185 reducing their positions, and 58 closing their positions.
60% more first-time investments, than exits
New positions opened: 93 | Existing positions closed: 58
56% more funds holding in top 10
Funds holding in top 10: 16 → 25 (+9)
35% more capital invested
Capital invested by funds: $22.9B → $31B (+$8.09B)
12% more call options, than puts
Call options by funds: $240M | Put options by funds: $215M
6% more funds holding
Funds holding: 540 → 570 (+30)
1% more repeat investments, than reductions
Existing positions increased: 187 | Existing positions reduced: 185
0.27% less ownership
Funds ownership: 72.58% → 72.31% (-0.27%)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Fidelity Investments
Boston,
Massachusetts
|
+$821M |
| 2 |
GQG Partners
Ft. Lauderdale,
Florida
|
+$309M |
| 3 |
T. Rowe Price Associates
Baltimore,
Maryland
|
+$229M |
| 4 |
Mackenzie Financial
Toronto Ontario,
Ontario, Canada
|
+$184M |
| 5 |
First Eagle Investment Management
New York
|
+$153M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Fidelity International
Hamilton,
Bermuda
|
-$372M |
| 2 |
VanEck Associates
New York
|
-$148M |
| 3 |
Connor, Clark & Lunn Investment Management (CC&L)
Vancouver,
British Columbia, Canada
|
-$126M |
| 4 |
Citadel Advisors
Miami,
Florida
|
-$94.1M |
| 5 |
Manulife (Manufacturers Life Insurance)
Canada,
Ontario, Canada
|
-$84.4M |
FNV Hedge Fund Activity: Q3 2025 in Review
570 of the 7,620 institutional investors tracked by Wall St. Rank reported a position in Franco-Nevada (FNV) for Q3 2025, worth a combined $31B — up 35% from $22.9B a quarter earlier.
Buyers outnumbered sellers: 93 funds opened new FNV positions and 58 closed out — a net gain of 35 holders — while 187 added to existing stakes and 185 trimmed.
The largest buyer was Fidelity Investments, adding an estimated $821M. The largest seller was Fidelity International, cutting an estimated $372M.
- 570 institutional investors held Franco-Nevada (FNV) as of Q3 2025, up from 540 in Q2 2025.
- Funds reported $31B of Franco-Nevada stock for Q3 2025, up 35% quarter-over-quarter.
- 93 funds opened new Franco-Nevada positions in Q3 2025 and 58 closed out, a net change of +35 holders.
- The largest Franco-Nevada buyer in Q3 2025 was Fidelity Investments, an estimated $821M added.
- The largest Franco-Nevada seller in Q3 2025 was Fidelity International, an estimated $372M sold.
Based on aggregated 13F filings for Q3 2025.