Putnam BDC Income ETF
PBDC
57 hedge funds and large institutions have $59.1M 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.
130% more first-time investments, than exits
New positions opened: 23 | Existing positions closed: 10
30% more funds holding
Funds holding: 44 → 57 (+13)
22% more capital inflows, than outflows
Capital inflows: $22.5M | Capital outflows: $18.4M
20% more repeat investments, than reductions
Existing positions increased: 18 | Existing positions reduced: 15
1.09% less ownership
Funds ownership: 24.88% → 23.79% (-1.1%)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Condor Capital Management
Martinsville,
New Jersey
|
+$5.38M |
| 2 |
Farther Finance Advisors
San Francisco,
California
|
+$1.15M |
| 3 |
GoalVest Advisory
New York
|
+$1.05M |
| 4 |
Shade Tree Advisors
Saratoga Springs,
New York
|
+$972K |
| 5 |
Confluence Investment Management
St. Louis,
Missouri
|
+$847K |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Raymond James Financial
St Petersburg,
Florida
|
-$4.11M |
| 2 |
Commonwealth Equity Services
Waltham,
Massachusetts
|
-$3.37M |
| 3 |
Newbridge Financial Services Group
Boca Raton,
Florida
|
-$1.77M |
| 4 |
Prosperity Financial Group
San Ramon,
California
|
-$1.75M |
| 5 |
Smith, Moore & Co
Clayton,
Missouri
|
-$1.32M |
PBDC Hedge Fund Activity: Q4 2025 in Review
57 of the 8,295 institutional investors tracked by Wall St. Rank reported a position in Putnam BDC Income ETF (PBDC) for Q4 2025, worth a combined $59.1M — up 3.8% 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 $59.1M of Putnam BDC Income ETF stock for Q4 2025, up 3.8% 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.