Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

UNITED STS BRENT OIL FD LP (BNO)

31 + Investors. Track Smart Money conviction in BNO. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -1
Streak
2Q ▼
Buyers last Q
52%

Smart Money Signals — BNO

Based on 27 hedge funds · latest filing: 2025 Q4 · updated quarterly

📉

Selling streak — 2 quarters in a row

last 6Q
For 2 consecutive quarters, more hedge funds reduced or closed their BNO positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🔻

Below peak — only 66% of 3.0Y high

66% of all-time peak
Only 27 funds hold BNO today versus a peak of 41 funds at 2023 Q1 — just 66% of the maximum. Low institutional ownership can mean the stock is out of favor, but it also means there's a large pool of potential buyers if sentiment turns.
📉

Outflows — 18% fewer funds vs a year ago

fund count last 6Q
6 fewer hedge funds hold BNO compared to a year ago (-18% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡

Slight buying edge — 52% buying

16 buying15 selling
Last quarter: 16 funds bought or added vs 15 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
➡️

Steady new buyers — ~5 new funds per quarter

new funds entering per quarter
Funds opening this position for the first time: 7 → 7 → 4 → 5. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒

56% of holders stayed for 2+ years

■ 56% conviction (2yr+) ■ 33% medium ■ 11% new
15 out of 27 hedge funds have held BNO for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
📊

Peak discovery — momentum slowing

12 → 7 → 7 → 4 → 5 new funds/Q
New funds entering each quarter: 7 → 7 → 4 → 5. BNO is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️

Deep conviction — 74% of holders stayed 2+ years

■ 74% veterans ■ 3% 1-2yr ■ 23% new
Of 31 current holders: 23 (74%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
📋

Smaller funds dominant — 19% AUM from top-100

19% from top-100 AUM funds
5 of 27 holders rank in the top 100 by AUM, but together hold only 19% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
1.6
out of 10
Low Exit Risk
Exit risk score 1.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Hedge Fund Ownership: BNO

How many hedge funds hold BNO — quarterly history vs. share price
Quarterly hedge fund ownership of BNO vs. share price

Market Analysis: BNO

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: BNO

-- --
Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

4 top-rated funds 0 high-conviction
Consensus
3.0
/ 10
breadth
×
Elite
0.3
/ 10
conviction
Hedge Fund Positioning: BNO
2026 Q1 Stats Unlock in 17 days 31 + Investors

Track Smart Money conviction in BNO. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2025 Q4) Prior (2025 Q3) Change
Funds Holding 31 32 -3.12%
13F Shares 1M 1M -16.62%
Total Value $33M $42M -21.17%
New Positions 5 4 +1
Increased Positions 15 10 +5
Closed Positions 6 6 -
Reduced Positions 15 22 -7
Total Calls 3 5 -40.0%
Total Puts 2 2 -
PUT/CALL Ratio 0.67 0.4 Bullish

Statistics: BNO

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Valuation Measures Data as of: --

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PEG Ratio (5yr expected) --
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Price/Book (mrq) --
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Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

Profitability
Profit Margin --
Return on Assets (ttm) --
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Total Cash (mrq) --
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Institutional Holders (2026 Q1)

31 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in BNO. Verified SEC 13F-HR filings.

Top 18 institutional holders of BNO — 2025 Q4 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 WESPAC Advisors, LLC 0.78% 27,247 $1.4M
2 E Fund Management Co., Ltd. 0.45% 293,412 $15.3M
3 Avondale Wealth Management 0.40% 15,502 $806K
4 Ignite Planners, LLC 0.18% 22,223 $1.2M
5 B. Riley Wealth Advisors, Inc. 0.15% 43,053 $2.3M
6 Oxinas Partners, LLC 0.11% 4,450 $231K
7 ARMSTRONG ADVISORY GROUP, INC 0.06% 16,049 $835K
8 Ball & Co Wealth Management Inc. 0.05% 1,081 —
9 Security National Bank 0.02% 2,620 $136K
10 Kathmere Capital Management, LLC 0.02% 5,000 $260K
11 Stone House Investment Management, LLC 0.01% 1,000 $52K
12 Cambridge Investment Research Advisors, Inc. 0.01% 37,643 $2K
13 Midwest Trust Co 0.00% 4,146 $216K
14 HIGHLINE WEALTH PARTNERS LLC 0.00% 175 $9K
15 Kestra Advisory Services, LLC 0.00% 8,422 $438K
16 NBC SECURITIES, INC. 0.00% 330 $17K
17 PRIVATE TRUST CO NA 0.00% 64 $3K
18 Sound Income Strategies, LLC 0.00% 6 —
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — UNITED STS BRENT OIL FD LP (BNO)

What does the Smart Money Trend signal show for BNO?

Selling streak — 2 quarters in a row: For 2 consecutive quarters, more hedge funds reduced or closed their BNO positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for BNO?

Slight buying edge — 52% buying: Last quarter: 16 funds bought or added vs 15 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.

What is the fund quality score for BNO holders?

Smaller funds dominant — 19% AUM from top-100: 5 of 27 holders rank in the top 100 by AUM, but together hold only 19% of total institutional value. The stock is held primarily by smaller and mid-sized funds.

How long have hedge funds held BNO?

56% of holders stayed for 2+ years: 15 out of 27 hedge funds have held BNO for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.