Franco-Nevada
610 hedge funds and large institutions have $29.4B invested in Franco-Nevada in 2025 Q4 according to their latest regulatory filings, with 106 funds opening new positions, 213 increasing their positions, 187 reducing their positions, and 55 closing their positions.
93% more first-time investments, than exits
New positions opened: 106 | Existing positions closed: 55
22% more call options, than puts
Call options by funds: $165M | Put options by funds: $135M
14% more repeat investments, than reductions
Existing positions increased: 213 | Existing positions reduced: 187
7% more funds holding
Funds holding: 571 → 610 (+39)
1.12% more ownership
Funds ownership: 72.36% → 73.48% (+1.1%)
5% less capital invested
Capital invested by funds: $31.1B → $29.4B (-$1.65B)
20% less funds holding in top 10
Funds holding in top 10: 25 → 20 (-5)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Fidelity Investments
Boston,
Massachusetts
|
+$517M |
| 2 |
1832 Asset Management
Toronto,
Ontario, Canada
|
+$341M |
| 3 |
First Eagle Investment Management
New York
|
+$218M |
| 4 |
VanEck Associates
New York
|
+$171M |
| 5 |
Capital Research Global Investors
Los Angeles,
California
|
+$130M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Capital World Investors
Los Angeles,
California
|
-$563M |
| 2 |
Fidelity International
Hamilton,
Bermuda
|
-$171M |
| 3 |
Connor, Clark & Lunn Investment Management (CC&L)
Vancouver,
British Columbia, Canada
|
-$87.7M |
| 4 |
Arrowstreet Capital
Boston,
Massachusetts
|
-$83.7M |
| 5 |
Victory Capital Management
San Antonio,
Texas
|
-$78.9M |
FNV Hedge Fund Activity: Q4 2025 in Review
610 of the 8,266 institutional investors tracked by Wall St. Rank reported a position in Franco-Nevada (FNV) for Q4 2025, worth a combined $29.4B — down 5.3% from $31.1B a quarter earlier.
Buyers outnumbered sellers: 106 funds opened new FNV positions and 55 closed out — a net gain of 51 holders — while 213 added to existing stakes and 187 trimmed.
The largest buyer was Fidelity Investments, adding an estimated $517M. The largest seller was Capital World Investors, cutting an estimated $563M.
- 610 institutional investors held Franco-Nevada (FNV) as of Q4 2025, up from 571 in Q3 2025.
- Funds reported $29.4B of Franco-Nevada stock for Q4 2025, down 5.3% quarter-over-quarter.
- 106 funds opened new Franco-Nevada positions in Q4 2025 and 55 closed out, a net change of +51 holders.
- The largest Franco-Nevada buyer in Q4 2025 was Fidelity Investments, an estimated $517M added.
- The largest Franco-Nevada seller in Q4 2025 was Capital World Investors, an estimated $563M sold.
Based on aggregated 13F filings for Q4 2025.