Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

B2gold Corp (BTG)

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

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↑ +8
Streak
6Q ▲
Buyers last Q
55%

Smart Money Signals — BTG

Based on 305 hedge funds · latest filing: 2026 Q2 · updated quarterly

📈

Buying streak — 6 quarters in a row

last 6Q
For 6 consecutive quarters, more hedge funds added BTG than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
🏔️

At the ownership peak (100% of max)

100% of all-time peak
305 hedge funds hold BTG right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
🚀

Fast accumulation — +21% more funds vs a year ago

fund count last 6Q
+52 new funds entered over the past year (+21% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.
🟡

Slight buying edge — 55% buying

168 buying137 selling
Last quarter: 168 funds bought or added vs 137 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 — ~55 new funds per quarter

new funds entering per quarter
Funds opening this position for the first time: 63 → 67 → 55 → 55. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒

55% of holders stayed for 2+ years

■ 55% conviction (2yr+) ■ 21% medium ■ 24% new
167 out of 305 hedge funds have held BTG 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

43 → 63 → 67 → 55 → 55 new funds/Q
New funds entering each quarter: 63 → 67 → 55 → 55. BTG is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️

Veteran-anchored — 63% veterans vs 25% newcomers

■ 63% veterans ■ 12% 1-2yr ■ 25% new
Entry-cohort mix of 327 holders: 206 (63%) are 2+ year veterans, 40 entered 1–2 years ago, and 81 (25%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆

Elite ownership — 44% AUM from top-100 funds

44% from top-100 AUM funds
50 of 299 holders are among the 100 largest funds by AUM, controlling 44% of total institutional value in BTG. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
3.8
out of 10
Low Exit Risk
Exit risk score 3.8/10 — 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.

Institutional Sentiment Summary — BTG

In 2026 Q2, 168 hedge funds were net buyers of BTG (55 opened a new position, 113 added to an existing one), while 137 reduced or exited (90 trimmed, 47 sold completely) — a 55% buyer ratio, indicating a slight buying edge. This marks 6 consecutive quarters of net institutional buying — a persistent conviction signal. 44% of total institutional value in BTG is held by top-100 AUM funds, reflecting elite-tier ownership quality. Net fund flow last quarter: +8 funds (more new holders than closures). Total institutional holders: 305.

Hedge Fund Ownership: BTG

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

Market Analysis: BTG

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: BTG

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Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Loading signal freshness…
Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

12 top-rated funds 9 high-conviction
Consensus
4.8
/ 10
breadth
×
Elite
4.8
/ 10
conviction
Hedge Fund Positioning: BTG
298 + Investors

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

Metric All 13F Filers (2026 Q2) Prior (2026 Q1) Change
Funds Holding 298 297 0.34%
13F Shares 803M 797M 0.73%
Total Value $2.94B $3.07B -4.1%
New Positions 55 55 -
Increased Positions 103 101 +2
Closed Positions 48 47 +1
Reduced Positions 85 99 -14
Total Calls 15 19 -21.05%
Total Puts 13 9 44.44%
PUT/CALL Ratio 0.87 0.47 Neutral

Statistics: BTG

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Institutional Holders (2026 Q2)

298 + investors

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

QUARTER:
Top 25 BTG holders by conviction (% of portfolio weight) — 2026 Q2 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Global Strategic Management Inc 17.99% 6,230,593 $23.3M
2 Pale Fire Capital SE 17.07% 64,560,777 $241.5M
3 MAC Alpha Capital Management, LP 12.53% 7,226,814 $27.1M
4 Equinox Partners Investment Management LLC 10.62% 6,020,795 $22.6M
5 Extract Advisors LLC 6.27% 6,003,000 $22.5M
6 L1 Capital Pty Ltd 6.14% 48,837,914 $182.7M
7 Condire Management, LP 5.06% 11,571,607 $43.3M
8 Pavaki Capital Management LLC 3.68% 1,160,000 $5.2M
9 McAlvany Wealth Management LLC 3.35% 1,198,966 $4.5M
10 Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. 3.03% 377,800 $1.4M
11 Merk Investments LLC 2.39% 2,000,000 $7.5M
12 Regal Partners Ltd 0.82% 3,953,132 $14.8M
13 Easterly Investment Partners LLC 0.63% 3,321,353 $12.4M
14 Cadence Wealth Management LLC 0.54% 323,855 $1.2M
15 Winmill & CO. Inc 0.39% 475,000 $1.8M
16 Persistent Asset Partners Ltd 0.23% 208,812 $781K
17 Van Eck Associates Corp 0.21% 91,117,587 $340.8M
18 Connor, Clark & Lunn Investment Management Ltd. 0.20% 28,768,407 $107.8M
19 Prelude Capital Management, LLC 0.20% 740,000 $2.8M
20 CoreCommodity Management, LLC 0.20% 267,055 $999K
21 Hussman Strategic Advisors, INC. 0.17% 200,000 $748K
22 PKO Investment Management Joint-Stock Co 0.16% 600,277 $2.2M
23 denkapparat Operations GmbH 0.16% 131,012 $490K
24 Seelaus Asset Management LLC 0.16% 60,308 $226K
25 Worth Venture Partners, LLC 0.15% 17,500 $65K
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 — B2gold Corp (BTG)

What does the Smart Money Trend signal show for BTG?

Buying streak — 6 quarters in a row: For 6 consecutive quarters, more hedge funds added BTG than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.

What is the institutional breadth score for BTG?

Slight buying edge — 55% buying: Last quarter: 168 funds bought or added vs 137 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 BTG holders?

Elite ownership — 44% AUM from top-100 funds: 50 of 299 holders are among the 100 largest funds by AUM, controlling 44% of total institutional value in BTG. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.

How long have hedge funds held BTG?

55% of holders stayed for 2+ years: 167 out of 305 hedge funds have held BTG 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.

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