Franco-Nevada
541 hedge funds and large institutions have $23B invested in Franco-Nevada in 2025 Q2 according to their latest regulatory filings, with 66 funds opening new positions, 199 increasing their positions, 177 reducing their positions, and 43 closing their positions.
53% more first-time investments, than exits
New positions opened: 66 | Existing positions closed: 43
26% more call options, than puts
Call options by funds: $188M | Put options by funds: $148M
12% more repeat investments, than reductions
Existing positions increased: 199 | Existing positions reduced: 177
3% more funds holding
Funds holding: 524 → 541 (+17)
5% more capital invested
Capital invested by funds: $22B → $23B (+$1.01B)
0.23% more ownership
Funds ownership: 72.4% → 72.62% (+0.23%)
30% less funds holding in top 10
Funds holding in top 10: 23 → 16 (-7)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Fidelity Investments
Boston,
Massachusetts
|
+$184M |
| 2 |
Arrowstreet Capital
Boston,
Massachusetts
|
+$139M |
| 3 |
Norges Bank
Oslo,
Norway
|
+$105M |
| 4 |
Capital Research Global Investors
Los Angeles,
California
|
+$105M |
| 5 |
PMAM
Picton Mahoney Asset Management
Toronto,
Ontario, Canada
|
+$81.6M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
T. Rowe Price Associates
Baltimore,
Maryland
|
-$338M |
| 2 |
Victory Capital Management
San Antonio,
Texas
|
-$117M |
| 3 |
OAG
Orbis Allan Gray
Hamilton,
Bermuda
|
-$83.9M |
| 4 |
Massachusetts Financial Services
Boston,
Massachusetts
|
-$83.6M |
| 5 |
Mackenzie Financial
Toronto Ontario,
Ontario, Canada
|
-$68.5M |
FNV Hedge Fund Activity: Q2 2025 in Review
541 of the 7,613 institutional investors tracked by Wall St. Rank reported a position in Franco-Nevada (FNV) for Q2 2025, worth a combined $23B — up 4.6% from $22B a quarter earlier.
Buyers outnumbered sellers: 66 funds opened new FNV positions and 43 closed out — a net gain of 23 holders — while 199 added to existing stakes and 177 trimmed.
The largest buyer was Fidelity Investments, adding an estimated $184M. The largest seller was T. Rowe Price Associates, cutting an estimated $338M.
- 541 institutional investors held Franco-Nevada (FNV) as of Q2 2025, up from 524 in Q1 2025.
- Funds reported $23B of Franco-Nevada stock for Q2 2025, up 4.6% quarter-over-quarter.
- 66 funds opened new Franco-Nevada positions in Q2 2025 and 43 closed out, a net change of +23 holders.
- The largest Franco-Nevada buyer in Q2 2025 was Fidelity Investments, an estimated $184M added.
- The largest Franco-Nevada seller in Q2 2025 was T. Rowe Price Associates, an estimated $338M sold.
Based on aggregated 13F filings for Q2 2025.