Franco-Nevada

FNV • NYSE

Franco-Nevada is a gold company in the basic materials sector on NYSE, led by Paul Brink, with a market cap of $46.3B. As of Q3 2025, 72% of shares are held by 556 institutional investors, with FMR LLC as the largest holder at 9.23%.

CEOPaul Brink

Market Cap$46.3B

Gold

Basic Materials

Employees40.0

Websitefranco-nevada.com

Overview

Overview of institutional ownership in FNV as of Q3 2025 with a market cap of $43.0B

All Institutions

Institutions: 556
Value Held: $31.0B
Shares Held: 139.0M
Avg Position: $55.7M
Median Position: $1.2M

Hedge Funds

Hedge Funds: 35
Value Held: $1.8B
Shares Held: 8.1M
Avg Position: $51.6M
Median Position: $2.8M

Ownership Breakdown

Institutional (non-HF)

67.86%

$29.2B

Hedge Funds

4.2%

$1.8B

Retail & Other

27.93%

$12.0B

Based on market cap of $43.0B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in FNV as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
FMR LLC Institution	-	$4.0B 0.21% of portfolio	9.23% 17.8M shares	≤ Q2 2013 Held for 12y 6m+	$1.92T
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Long Only Manager	Edward Murray Maloney CEO	$2.6B 0.81% of portfolio	6.05% 11.7M shares	Q1 2016 Held for 9y 9m	$322.72B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$1.8B 0.03% of portfolio	4.26% 8.2M shares	Q1 2015 Held for 10y 9m	$6.69T
C Capital World Investors Institution	-	$1.8B 0.24% of portfolio	4.14% 8.0M shares	Q1 2016 Held for 9y 9m	$730.00B
F FIL Ltd Institution	-	$1.5B 1.20% of portfolio	3.56% 6.9M shares	≤ Q2 2013 Held for 12y 6m+	$127.75B
VAN ECK ASSOCIATES CORP ETF Provider	Jan Frederick Vaneck CEO	$1.5B 1.52% of portfolio	3.42% 6.6M shares	≤ Q2 2013 Held for 12y 6m+	$96.6B
BANK OF MONTREAL /CAN/ Institution	Darryl White CEO	$1.2B 0.54% of portfolio	2.89% 5.6M shares	≤ Q2 2013 Held for 12y 6m+	$227.19B
F First Eagle Investment Management, LLC Long Only Manager	Mehdi Asif Mahmud CEO	$901.1M 1.64% of portfolio	2.10% 4.0M shares	≤ Q2 2013 Held for 12y 6m+	$54.9B
EdgePoint Investment Group Inc. Long Only Manager	George Geoffrey Macdonald CEO	$788.7M 5.90% of portfolio	1.84% 3.5M shares	≤ Q2 2013 Held for 12y 6m+	$13.4B
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	David Allen Lippe CEO	$635.2M 0.84% of portfolio	1.48% 2.8M shares	Q1 2014 Held for 11y 9m	$75.8B

Net Capital Flow

Institutional buying and selling activity for FNV in Q3 2025

Traded: +$648.6M
Buyers: 281
Sellers: 229
Total Bought: +$3.0B
Total Sold: −$2.4B
Avg Position: $50.4M

Biggest Buyers

Institution	Net Bought	Current Position
FMR LLC Institution	+$1.0B +4.6M shares	$4.0B 17.8M shares
GQG Partners LLC Long Only Manager	+$382.0M +1.7M shares	$382.0M 1.7M shares
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	+$282.9M +1.3M shares	$612.2M 2.7M shares
MACKENZIE FINANCIAL CORP Long Only Manager	+$227.1M +1.0M shares	$525.9M 2.4M shares
F First Eagle Investment Management, LLC Long Only Manager	+$188.5M +847.0K shares	$901.1M 4.0M shares
$DEUTSCHE BANK AG\ logo$ DEUTSCHE BANK AG\ Institution	+$164.4M +737.6K shares	$322.2M 1.4M shares
BANK OF MONTREAL /CAN/ Institution	+$100.9M +453.5K shares	$1.2B 5.6M shares
Toroso Investments, LLC ETF Provider	+$53.6M +240.6K shares	$110.0M 493.7K shares
GEODE CAPITAL MANAGEMENT LLC ETF Provider	+$52.9M +234.3K shares	$391.4M 1.7M shares
S Scheer, Rowlett & Associates Investment Management Ltd. Institution	+$32.1M +144.4K shares	$32.1M 144.4K shares

Biggest Sellers

Institution	Net Sold	Current Position
F FIL Ltd Institution	−$459.0M −2.1M shares	$1.5B 6.9M shares
VAN ECK ASSOCIATES CORP ETF Provider	−$182.5M −818.7K shares	$1.5B 6.6M shares
Connor, Clark & Lunn Investment Management Ltd. Long Only Manager	−$155.9M −700.4K shares	$180.3M 810.4K shares
M MANUFACTURERES LIFE INSURANCE CO Institution	−$104.3M −468.5K shares	$318.8M 1.4M shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	−$98.5M −442.3K shares	$618.7M 2.8M shares
R ROYAL BANK OF CANADA Institution	−$97.9M −439.4K shares	$567.9M 2.5M shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	−$91.1M −408.5K shares	$635.2M 2.8M shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$87.1M −390.9K shares	$22.1M 99.3K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$85.6M −521.9K shares	Sold Off 0 shares
M M&G Plc Institution	−$78.7M −353.3K shares	$230.3M 1.0M shares

Entry and Exit Activity

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

New Positions: 46
New Value: $468.1M
Exited Positions: 57
Exited Value: $254.7M

New Positions

Institution	Position Value
GQG Partners LLC Long Only Manager	$382.0M 1.7M shares
S Scheer, Rowlett & Associates Investment Management Ltd. Institution	$32.1M 144.4K shares
F FengHe Fund Management Pte. Ltd. Institution	$15.7M 70.4K shares
N NEW YORK STATE COMMON RETIREMENT FUND Institution	$14.9M 66.9K shares
A AMIRAL GESTION Institution	$3.6M 16.0K shares
Graham Capital Management, L.P. Hedge Fund•Multi-Strategy	$2.8M 12.4K shares
Mirae Asset Global Investments Co., Ltd. Long Only Manager	$2.2M 9.8K shares
B Brevan Howard Capital Management LP Institution	$1.3M 6.0K shares
Integrated Quantitative Investments LLC Long Only Manager	$1.2M 5.5K shares
Clark Capital Management Group, Inc. RIA/Wealth	$1.1M 5.0K shares

Exited Positions

Institution	Previous Position
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$85.6M 521.9K shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	$31.2M 190.4K shares
Q Quadrature Capital Ltd Institution	$23.2M 142.0K shares
A AXA Institution	$21.6M 131.8K shares
Aquatic Capital Management LLC Hedge Fund•Quant	$11.3M 68.6K shares
Quantbot Technologies LLC Hedge Fund•Quant	$10.9M 66.2K shares
L Laurel Wealth Advisors LLC RIA/Wealth	$10.7M 65.6K shares
MONTRUSCO BOLTON INVESTMENTS INC. Long Only Manager	$9.0M 54.8K shares
Castle Hook Partners LP Hedge Fund•Global Macro	$7.5M 45.7K shares
O ONTARIO TEACHERS PENSION PLAN BOARD Institution	$4.5M 27.1K shares

Options Activity

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

Call Positions: 19
Call Value: $197.7M
Put Positions: 18
Put Value: $196.0M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$53.7M 2.4K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$35.3M 1.6K contracts
P PEAK6 LLC Institution	$23.4M 1.1K contracts
S SIG North Trading, ULC Institution	$18.9M 848.0 contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$13.8M 621.0 contracts
W WOLVERINE TRADING, LLC Institution	$13.1M 597.0 contracts
J JANE STREET GROUP, LLC Institution	$9.5M 425.0 contracts
GOLDMAN SACHS GROUP INC Institution	$8.6M 386.0 contracts
Walleye Trading LLC RIA/Wealth	$7.6M 342.0 contracts
C CIBC World Markets Inc. Institution	$3.9M 175.0 contracts

Put Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$44.0M 2.0K contracts
UBS Group AG Institution	$33.5M 1.5K contracts
J JANE STREET GROUP, LLC Institution	$27.2M 1.2K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$25.3M 1.1K contracts
S SIG North Trading, ULC Institution	$11.1M 500.0 contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$10.3M 463.0 contracts
GOLDMAN SACHS GROUP INC Institution	$8.6M 386.0 contracts
W WOLVERINE TRADING, LLC Institution	$8.4M 384.0 contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$8.3M 372.0 contracts
C Cubist Systematic Strategies, LLC Institution	$5.4M 242.0 contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Bennbridge Ltd Long Only Manager	Glen William Finegan CIO	35.43% $50.8M	0.13% 242.7K shares	Q4 2024 Held for 1 year	$143.3M
A ARMOR ADVISORS, L.L.C. Hedge Fund•Multi-Strategy	Eden Nanazia CFO	13.48% $14.2M	0.03% 63.8K shares	Q4 2019 Held for 6 years	$105.5M
F Forest Hill Capital, LLC Hedge Fund•Long/Short	Mark Allen Lee President	10.69% $18.2M	0.04% 81.5K shares	Q4 2018 Held for 7 years	$169.9M
Euro Pacific Asset Management, LLC Long Only Manager	James Ryan Nelson Managing Partner	7.79% $52.2M	0.12% 234.1K shares	Q4 2019 Held for 6 years	$670.2M
St. James Investment Company, LLC Long Only Manager	Robert Joseph Mark Manager	7.59% $48.3M	0.11% 216.9K shares	Q3 2023 Held for 2y 3m	$636.7M
America First Investment Advisors, LLC RIA/Wealth	Matthew James Holloway CEO	6.54% $35.2M	0.08% 157.9K shares	Q3 2015 Held for 10y 3m	$538.3M
B BEDDOW CAPITAL MANAGEMENT INC RIA/Wealth	Edward George Beddow President	6.16% $11.8M	0.03% 52.7K shares	Q3 2019 Held for 6y 3m	$190.8M
EdgePoint Investment Group Inc. Long Only Manager	George Geoffrey Macdonald CEO	5.90% $788.7M	1.84% 3.5M shares	≤ Q2 2013 Held for 12y 6m+	$13.4B
Atlas Wealth Partners, LLC RIA/Wealth	Michael Joseph Janvrin Managing Partner	5.62% $5.5M	0.01% 24.7K shares	Q3 2024 Held for 1y 3m	$97.7M
Centerstone Investors, LLC Long Only Manager	Abhay Deshpande CIO	5.25% $1.5M	0.00% 6.6K shares	Q2 2020 Held for 5y 6m	$28.1M

Hedge Fund Spotlight

Discover hedge funds investing in FNV

Telemark Asset Management, LLC

Hedge Fund • Long/Short

Portfolio ManagerColin Mcnay

Portfolio Value: $1.1B
Positions: 47
Last Reported: Q3 2025

Sector Allocation

Position in Franco-Nevada

Market Value: $33.4M
Shares Held: 150.0K
Portfolio Weight: 3.17%
Owned Since: 2024-Q2

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