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Putnam BDC Income ETF
PBDC

57 hedge funds and large institutions have $62M invested in Putnam BDC Income ETF in 2025 Q4 according to their latest regulatory filings, with 23 funds opening new positions, 18 increasing their positions, 15 reducing their positions, and 10 closing their positions.

New
Increased
Maintained
Reduced
Closed

130% more first-time investments, than exits

New positions opened: 23 | Existing positions closed: 10

30% more funds holding

Funds holding: 44 → 57 (+13)

20% more repeat investments, than reductions

Existing positions increased: 18 | Existing positions reduced: 15

9% more capital invested

Capital invested by funds: $57M → $62M (+$5.03M)

0.05% more ownership

Funds ownership: 24.88% → 24.93% (+0.05%)

Holders
57
Holders Change
+13
Holders Change %
+29.55%
% of All Funds
0.69%
Holding in Top 10
1
Holding in Top 10 Change
+1
Holding in Top 10 Change %
% of All Funds
0.01%
New
23
Increased
18
Reduced
15
Closed
10
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

1
CCM
Condor Capital Management
New Jersey
+$5.38M
2
Corient Private Wealth
Corient Private Wealth
Florida
+$2.96M
3
FFA
Farther Finance Advisors
California
+$1.15M
4
GA
GoalVest Advisory
New York
+$1.05M
5
STA
Shade Tree Advisors
New York
+$972K

Top Sellers

1
Raymond James Financial
Raymond James Financial
Florida
-$4.11M
2
Commonwealth Equity Services
Commonwealth Equity Services
Massachusetts
-$3.37M
3
NFSG
Newbridge Financial Services Group
Florida
-$1.77M
4
PFG
Prosperity Financial Group
California
-$1.75M
5
SMC
Smith, Moore & Co
Missouri
-$1.32M
Name Holding Trade Value Shares
Change 		Change in
Stake
NFSG
51
Newbridge Financial Services Group
Florida
$13.2K -$1.77M -57,767 -99%
Rockefeller Capital Management
52
Rockefeller Capital Management
New York
$12K +$337 +11 +3%
AssetMark Inc
53
AssetMark Inc
California
$5.39K +$5.4K +176 New
RBC
54
Roble Belko & Company
Pennsylvania
$4K +$4.29K +140 New
AG
55
AmeriFlex Group
Nevada
$3.83K -$3.83K -125 -50%
Morgan Stanley
56
Morgan Stanley
New York
$304 +$31 +1 +13%
SFG
57
Strive Financial Group
Indiana
$245 +$245 +8 New
PFG
58
Prosperity Financial Group
California
– -$1.75M -55,012 Closed
SMC
59
Smith, Moore & Co
Missouri
– -$1.32M -41,620 Closed
Royal Bank of Canada
60
Royal Bank of Canada
Ontario, Canada
– -$827K -26,029 Closed
Allspring Global Investments
61
Allspring Global Investments
North Carolina
– -$617K -19,400 Closed
Jane Street
62
Jane Street
New York
– -$574K -18,072 Closed
PS
63
Principal Securities
Iowa
– -$435K -13,699 Closed
KPWS
64
Kestra Private Wealth Services
Texas
– -$342K -10,758 Closed
D.E. Shaw & Co
65
D.E. Shaw & Co
New York
– -$270K -8,492 Closed
Neuberger Berman Group
66
Neuberger Berman Group
New York
– -$207K -6,500 Closed
Comerica Bank
67
Comerica Bank
Texas
– -$108K -3,400 Closed
1 2
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PBDC Hedge Fund Activity: Q4 2025 in Review

57 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in Putnam BDC Income ETF (PBDC) for Q4 2025, worth a combined $62M — up 8.8% from $57M a quarter earlier.

Buyers outnumbered sellers: 23 funds opened new PBDC positions and 10 closed out — a net gain of 13 holders — while 18 added to existing stakes and 15 trimmed.

The largest buyer was Condor Capital Management, adding an estimated $5.38M. The largest seller was Raymond James Financial, cutting an estimated $4.11M.

  • 57 institutional investors held Putnam BDC Income ETF (PBDC) as of Q4 2025, up from 44 in Q3 2025.
  • Funds reported $62M of Putnam BDC Income ETF stock for Q4 2025, up 8.8% quarter-over-quarter.
  • 23 funds opened new Putnam BDC Income ETF positions in Q4 2025 and 10 closed out, a net change of +13 holders.
  • The largest Putnam BDC Income ETF buyer in Q4 2025 was Condor Capital Management, an estimated $5.38M added.
  • The largest Putnam BDC Income ETF seller in Q4 2025 was Raymond James Financial, an estimated $4.11M sold.

Based on aggregated 13F filings for Q4 2025.