Bentley Systems, Incorporated

BSY • NASDAQ

Bentley Systems, Incorporated is a software - application company in the technology sector on NASDAQ, led by Nicholas H. Cumins, with a market cap of $11.9B. As of Q3 2025, 44% of shares are held by 452 institutional investors, with VANGUARD GROUP INC as the largest holder at 6.13%.

CEONicholas H. Cumins

Market Cap$11.9B

Software - Application

Technology

Employees5.2K

Websitebentley.com

Country

United States of America

Overview

Overview of institutional ownership in BSY as of Q3 2025 with a market cap of $15.6B

All Institutions

Institutions: 452
Value Held: $6.8B
Shares Held: 132.1M
Avg Position: $15.1M
Median Position: $599.8K

Hedge Funds

Hedge Funds: 36
Value Held: $171.7M
Shares Held: 3.3M
Avg Position: $4.8M
Median Position: $1.6M

Ownership Breakdown

Institutional (non-HF)

42.43%

$6.6B

Hedge Funds

1.1%

$171.7M

Retail & Other

56.47%

$8.8B

Based on market cap of $15.6B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in BSY as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$957.9M 0.01% of portfolio	6.13% 18.6M shares	Q3 2020 Held for 5y 3m	$6.69T
BlackRock, Inc. Institution	Laurence D. Fink CEO	$949.2M 0.02% of portfolio	6.07% 18.4M shares	Q3 2020 Held for 5y 3m	$5.67T
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC Long Only Manager	George Robert Aylward CEO	$765.0M 1.86% of portfolio	4.89% 14.9M shares	Q3 2020 Held for 5y 3m	$41.0B
S Swedbank AB Institution	-	$373.3M 0.38% of portfolio	2.39% 7.3M shares	Q3 2025 Held for 3 months	$98.7B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$229.8M 0.01% of portfolio	1.47% 4.5M shares	Q3 2020 Held for 5y 3m	$1.65T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$196.7M 0.01% of portfolio	1.26% 3.8M shares	Q2 2021 Held for 4y 6m	$2.88T
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$167.0M 0.01% of portfolio	1.07% 3.3M shares	Q3 2020 Held for 5y 3m	$1.57T
Pictet Asset Management Holding SA Long Only Manager	Elizabeth Retta Dillon CEO	$156.2M 0.15% of portfolio	1.00% 3.0M shares	Q3 2023 Held for 2y 3m	$103.68B
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC Long Only Manager	Brent Walker Gledhill CEO	$150.9M 0.39% of portfolio	0.97% 2.9M shares	Q3 2025 Held for 3 months	$38.7B
Bank of New York Mellon Corp Institution	Robin Vince CEO	$150.6M 0.03% of portfolio	0.96% 2.9M shares	Q2 2021 Held for 4y 6m	$556.34B

Net Capital Flow

Institutional buying and selling activity for BSY in Q3 2025

Traded: +$260.2M
Buyers: 240
Sellers: 195
Total Bought: +$730.0M
Total Sold: −$469.8M
Avg Position: $13.5M

Biggest Buyers

Institution	Net Bought	Current Position
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC Long Only Manager	+$150.9M +2.9M shares	$150.9M 2.9M shares
MANNING & NAPIER ADVISORS LLC RIA/Wealth	+$122.0M +2.3M shares	$122.0M 2.3M shares
VANGUARD GROUP INC Institution	+$92.3M +1.8M shares	$957.9M 18.6M shares
B BESSEMER GROUP INC Institution	+$27.5M +534.8K shares	$128.0M 2.5M shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	+$24.3M +471.8K shares	$32.3M 627.2K shares
P Pacer Advisors, Inc. Institution	+$16.6M +322.0K shares	$34.8M 676.7K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	+$16.4M +318.0K shares	$41.6M 808.5K shares
MORGAN STANLEY RIA/Wealth	+$15.4M +299.5K shares	$229.8M 4.5M shares
GOLDMAN SACHS GROUP INC Institution	+$14.3M +277.8K shares	$32.5M 631.8K shares
R ROYAL BANK OF CANADA Institution	+$14.1M +274.5K shares	$76.6M 1.5M shares

Biggest Sellers

Institution	Net Sold	Current Position
A AXA Institution	−$83.4M −1.5M shares	Sold Off 0 shares
Pictet Asset Management Holding SA Long Only Manager	−$33.9M −658.8K shares	$156.2M 3.0M shares
Clearbridge Investments, LLC Long Only Manager	−$27.3M −531.0K shares	$15.5M 300.9K shares
Marshall Wace LLP Institution	−$25.8M −501.6K shares	$2.7M 51.9K shares
I Impax Asset Management Group plc Long Only Manager	−$21.5M −420.3K shares	$99.2M 1.9M shares
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC Long Only Manager	−$18.1M −351.6K shares	$765.0M 14.9M shares
CITIGROUP INC Institution	−$17.4M −338.9K shares	$10.1M 196.6K shares
WORLDQUANT MILLENNIUM QUANTITATIVE STRATEGIES LLC Hedge Fund•Multi-Strategy	−$15.3M −283.7K shares	Sold Off 0 shares
Creative Planning RIA/Wealth	−$14.0M −271.5K shares	$45.0M 874.9K shares
FMR LLC Institution	−$11.9M −230.7K shares	$3.4M 66.1K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited BSY in Q3 2025

New Positions: 42
New Value: $285.0M
Exited Positions: 50
Exited Value: $153.9M

New Positions

Institution	Position Value
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC Long Only Manager	$150.9M 2.9M shares
MANNING & NAPIER ADVISORS LLC RIA/Wealth	$122.0M 2.3M shares
D Dai-Ichi Life Insurance Company, Ltd Institution	$2.8M 54.8K shares
CWM Advisors, LLC ETF Provider	$2.0M 38.5K shares
WOLVERINE ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$1.2M 22.8K shares
A Aviso Financial Inc. Institution	$930.4K 18.1K shares
P PEREGRINE CAPITAL MANAGEMENT LLC Long Only Manager	$644.3K 12.5K shares
Caption Management, LLC Hedge Fund•Long/Short	$643.5K 12.5K shares
Compagnie Lombard, Odier SCA Private Equity	$636.3K 12.4K shares
QRG CAPITAL MANAGEMENT, INC. Long Only Manager	$461.2K 9.0K shares

Exited Positions

Institution	Previous Position
A AXA Institution	$83.4M 1.5M shares
WORLDQUANT MILLENNIUM QUANTITATIVE STRATEGIES LLC Hedge Fund•Multi-Strategy	$15.3M 283.7K shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC Hedge Fund•Multi-Strategy	$9.4M 174.8K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$8.4M 155.6K shares
C Concentric Capital Strategies, LP Hedge Fund•Long/Short	$7.7M 142.1K shares
R READYSTATE ASSET MANAGEMENT LP Hedge Fund•Multi-Strategy	$7.4M 137.2K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	$3.9M 71.8K shares
IMC-Chicago, LLC RIA/Wealth	$1.8M 33.5K shares
Engineers Gate Manager LP Hedge Fund•Quant	$1.6M 29.5K shares
G Generali Asset Management SPA SGR Institution	$1.5M 26.9K shares

Options Activity

Institutions with the largest Call and Put options positions in BSY as of Q3 2025

Call Positions: 13
Call Value: $113.0M
Put Positions: 10
Put Value: $13.9M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$37.4M 7.3K contracts
N NOMURA HOLDINGS INC Institution	$27.3M 5.3K contracts
P PEAK6 LLC Institution	$16.7M 3.2K contracts
J JANE STREET GROUP, LLC Institution	$7.9M 1.5K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$6.5M 1.3K contracts
GOLDMAN SACHS GROUP INC Institution	$5.1M 1.0K contracts
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$5.1M 1.0K contracts
UBS Group AG Institution	$2.7M 525.0 contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$1.7M 334.0 contracts
W WOLVERINE TRADING, LLC Institution	$1.7M 319.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$2.9M 561.0 contracts
Walleye Trading LLC RIA/Wealth	$2.8M 552.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$2.4M 457.0 contracts
Caption Management, LLC Hedge Fund•Long/Short	$1.8M 348.0 contracts
B BNP PARIBAS ARBITRAGE, SA Institution	$1.5M 3.0 contracts
P Parallax Volatility Advisers, LLC Hedge Fund•Vol Arbitrage	$1.0M 200.0 contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$777.3K 151.0 contracts
W WOLVERINE TRADING, LLC Institution	$680.9K 131.0 contracts
M MIZUHO MARKETS AMERICAS LLC Institution	$35.1K 879.0 contracts
P PEAK6 LLC Institution	- - contracts

Most Committed Institutions

Institutions with BSY as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
E ECOFI INVESTISSEMENTS SA Institution	-	6.31% $5.3M	0.03% 102.0K shares	Q2 2024 Held for 1y 6m	$83.3M
M Montanaro Asset Management Ltd Institution	-	5.93% $23.7M	0.15% 460.9K shares	Q3 2022 Held for 3y 3m	$400.4M
C COOPER INVESTORS PTY LTD Institution	-	4.59% $16.6M	0.11% 322.9K shares	Q1 2025 Held for 9 months	$362.0M
Cannon Global Investment Management, LLC Hedge Fund•Quant	Thomas Nmn Morphet CEO	2.42% $957.5K	0.01% 18.6K shares	Q2 2024 Held for 1y 6m	$39.5M
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC Long Only Manager	George Robert Aylward CEO	1.86% $765.0M	4.89% 14.9M shares	Q3 2020 Held for 5y 3m	$41.0B
PRENTISS SMITH & CO INC RIA/Wealth	Karlie Packard Borst President	1.85% $3.3M	0.02% 63.5K shares	Q4 2024 Held for 1 year	$177.1M
MY Wealth Management Inc. RIA/Wealth	Jeffrey Wayne Yeakle President	1.75% $2.0M	0.01% 38.8K shares	Q4 2021 Held for 4 years	$114.0M
L Legacy Advisors, LLC RIA/Wealth	Michael Theodore Piotrowicz Managing Partner	1.64% $10.0M	0.06% 194.0K shares	Q2 2021 Held for 4y 6m	$610.7M
MANNING & NAPIER ADVISORS LLC RIA/Wealth	Marc Orlans Mayer CEO	1.56% $122.0M	0.77% 2.3M shares	Q3 2025 Held for 3 months	$7.8B
T Thematics Asset Management Institution	-	1.24% $27.4M	0.18% 531.5K shares	Q2 2024 Held for 1y 6m	$2.2B

Hedge Fund Spotlight

Discover hedge funds investing in BSY

NEEDHAM INVESTMENT MANAGEMENT LLC

Hedge Fund • Long/Short

Portfolio ManagerGeorge Austin Needham

Portfolio Value: $1.4B
Positions: 161
Last Reported: Q3 2025

Sector Allocation

Position in Bentley Systems, Incorporated

Market Value: $4.6M
Shares Held: 90.0K
Portfolio Weight: 0.32%
Owned Since: 2024-Q3

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3 nLIGHT, Inc. LASR	Semiconductors Technology	$53.1M	3.71%