Golub Capital BDC, Inc.: which funds bought and sold

Institutions that bought and sold Golub Capital BDC shares in Q2 2026, from the holdings they reported to the SEC on Form 13F for March 31, 2026 and June 30, 2026.

Between March 31, 2026 and June 30, 2026, 153 institutions that filed 13F reports for both quarters added to or opened positions in Golub Capital BDC, and 155 cut or closed them. Together they added a net 2.9M shares, +2.5% on what they held at the start of the quarter. Active managers and hedge funds on our list were net sellers of 722K shares (−14.1%); index fund managers were net buyers of 201K shares (+12.9%). 27 opened a new position and 52 sold out entirely.

Bought, Q2 2026 153 institutions, 27 of them new holders Sold, Q2 2026 155 institutions, 52 of them sold out

Net change, all compared +2.9M shares (+2.5%)

Net change, active managers −722K shares (−14.1%), 11 bought, 13 sold

Buyers versus sellers

institutions compared, 363

153 bought 55 155 sold

Active managers and hedge funds 11 bought · 13 sold · −722K

Index fund managers 3 bought · 1 sold · +201K

Other institutions 139 bought · 141 sold · +3.4M

Biggest buyers

by change in shares held

Biggest buyers
Institution	Change in shares	Shares June 30, 2026	Value
Ensign Peak Advisors, Inc	+1.3M New position	1.3M	$16.6M
Nuveen, LLC	+932K New position	932K	$12.1M
Caz Investments LP	+507K +1689.1%	537K	$6.9M
Franklin Resources Inc Active manager	+505K +44.0%	1.7M	$21.3M
Russell Investments Group, Ltd.	+482K +37.6%	1.8M	$22.7M
Van Eck Associates Corp	+466K +11.0%	4.7M	$60.7M
Strs Ohio	+436K +2.5%	17.6M	$226M
Arax Advisory Partners	+434K +100.6%	865K	$11.1M
Morgan Stanley	+377K +19.1%	2.4M	$30.3M
Janney Montgomery Scott LLC	+320K +260.5%	442K	$5.7M
Hightower Advisors, LLC	+299K +4.2%	7.3M	$94.6M
Ares Management LLC	+299K +9.8%	3.4M	$43.2M
Citadel Advisors LLC Hedge fund	+234K +766.4%	264K	$3.4M
Legal & General Group PLC	+205K +9.1%	2.4M	$31.5M
Two Sigma Investments, LP Hedge fund	+202K +142.0%	345K	$4.4M
Ieq Capital, LLC	+199K +77.0%	458K	$5.9M
Mercer Global Advisors Inc	+191K +52.1%	558K	$7.2M
First Trust Advisors LP	+181K +91.2%	380K	$4.9M
Sound Income Strategies, LLC	+126K +3.3%	3.9M	$49.9M
Bank Of America Corp	+123K +3.8%	3.4M	$43.7M

Biggest buyers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Franklin Resources Inc Active manager	+505K +44.0%	1.7M	$21.3M
Citadel Advisors LLC Hedge fund	+234K +766.4%	264K	$3.4M
Two Sigma Investments, LP Hedge fund	+202K +142.0%	345K	$4.4M
Balyasny Asset Management L.P. Hedge fund	+48K +109.9%	91K	$1.2M
Jain Global LLC Hedge fund	+17K New position	17K	$220,802
Millennium Management LLC Hedge fund	+17K New position	17K	$219,784
Price T Rowe Associates Inc Active manager	+2,889 +10.3%	31K	$399,000
First Manhattan Co. Llc. Active manager	+1,634 +7.9%	22K	$288,950
Riverbridge Partners LLC Active manager	+1,073 +1.0%	107K	$1.4M
FMR LLC Active manager	+256 +691.9%	293	$3,774

Biggest sellers

by change in shares held

Biggest sellers
Institution	Change in shares	Shares June 30, 2026	Value
Corient Private Wealth LP	−1.4M −30.2%	3.2M	$40.7M
Boston Partners Active manager	−663K Sold out	0	—
North Ground Capital	−479K Sold out	0	—
LSV Asset Management Active manager	−436K −51.5%	410K	$5.3M
Border To Coast Pensions Partnership Ltd	−325K −52.0%	300K	$3.9M
Bank Of Montreal	−303K −28.7%	753K	$9.7M
D. E. Shaw & Co., Inc. Hedge fund	−269K −28.2%	684K	$8.8M
First National Trust Co	−264K Sold out	0	—
UBS Group AG	−208K −5.1%	3.8M	$49.6M
Waterloo Capital, L.P.	−199K −53.6%	172K	$2.2M
Allen Investment Management, LLC	−192K −5.7%	3.2M	$40.9M
Callodine Capital Management, LP	−142K −70.9%	58K	$748,483
Jpmorgan Chase & Co	−132K −3.8%	3.4M	$43.2M
Lansforsakringar Fondforvaltning AB (Publ)	−124K Sold out	0	—
LPL Financial LLC	−115K −24.1%	364K	$4.7M
Coastal Bridge Advisors, LLC	−99K −7.7%	1.2M	$15.4M
Universal- Beteiligungs- Und Servicegesellschaft Mbh	−85K −27.8%	220K	$2.8M
Exoduspoint Capital Management, LP Hedge fund	−84K Sold out	0	—
Advisor Os, LLC	−82K −38.4%	132K	$1.7M
Ascentis Independent Advisors	−75K Sold out	0	—

Biggest sellers, active managers and hedge funds
Institution	Change in shares	Shares June 30, 2026	Value
Boston Partners Active manager	−663K Sold out	0	—
LSV Asset Management Active manager	−436K −51.5%	410K	$5.3M
D. E. Shaw & Co., Inc. Hedge fund	−269K −28.2%	684K	$8.8M
Exoduspoint Capital Management, LP Hedge fund	−84K Sold out	0	—
Squarepoint Ops LLC Hedge fund	−74K −87.8%	10K	$132,509
Neuberger Berman Group LLC Active manager	−63K −17.2%	302K	$3.9M
Caxton Associates LLP Hedge fund	−56K −50.8%	55K	$703,415
Brevan Howard Capital Management LP Hedge fund	−56K Sold out	0	—
Lighthouse Investment Partners, LLC Hedge fund	−24K Sold out	0	—
Levin Capital Strategies, L.P. Active manager	−12K Sold out	0	—

New positions

largest by value

Institution	Shares	Value June 30, 2026
Ensign Peak Advisors, Inc	1.3M	$16.6M
Nuveen, LLC	932K	$12.1M
Northern Trust CorpIndex funds	84K	$1.1M
Avestar Capital, LLC	77K	$989,699
One Charles Private Wealth Services, LLC	38K	$491,539
Black Swift Group, LLC	25K	$320,390
Sequoia Financial Advisors, LLC	23K	$294,224
Palliser Capital (UK) Ltd	20K	$259,262
Essex Financial Services, Inc.	20K	$256,674
Griffin Asset Management, Inc.	19K	$243,218

Sold out

largest by value

Institution	Shares	Value March 31, 2026
Boston PartnersActive manager	663K	$8.4M
North Ground Capital	479K	$6.1M
First National Trust Co	264K	$3.3M
Lansforsakringar Fondforvaltning AB (Publ)	124K	$1.6M
Exoduspoint Capital Management, LPHedge fund	84K	$1.1M
Ascentis Independent Advisors	75K	$952,613
Global Endowment Management, LP	70K	$886,000
Brevan Howard Capital Management LPHedge fund	56K	$709,163
Kathmere Capital Management, LLC	44K	$559,142
Jane Street Group, LLC	44K	$553,369

Who holds the shares

13F holdings at June 30, 2026

Institutions reporting: 315
Ten largest holders: 45.5%
Index fund managers: 1.5%
Active managers and hedge funds: 3.6%

Buying and selling by type of institution, March 31, 2026 to June 30, 2026
Type	Bought	Sold	New	Sold out	Net change in shares	Net %
Active managers and hedge funds	11	13	2	6	−722K	−14.1%
Index fund managers	3	1	1	0	+201K	+12.9%
Other institutions	139	141	24	46	+3.4M	+3.1%

Active managers and hedge funds: a list we maintain of about 400 well-known stock-picking firms and hedge funds, matched by SEC registration number (CIK) and checked against the filer names each quarter. Index fund managers: the large index houses, such as BlackRock, Vanguard, State Street, Geode and Northern Trust. Every other filer (banks, brokers, wealth managers, pension funds, insurers and firms not on the list) counts as another institution. A firm that files under several SEC registrations appears once for each.

What these filings can and cannot tell you

Form 13F lists the long positions in US-listed shares held by investment managers with more than $100 million in such holdings. Managers file it up to 45 days after each quarter ends, so this page shows what funds held at the end of each quarter, not what they are doing now: a position may have changed since. Short positions, most derivatives and smaller managers are not included, and a cut can mean a fund lost clients or rebalanced rather than a view on Golub Capital BDC.

Only managers that filed a holdings report for both quarters are compared (363 here). 11 other holders are left out: first-time or late filers, firms that changed their SEC registration, and filings that withheld positions under confidential treatment, any of which would otherwise look like a new position or a sale. Figures are as reported by each manager in the SEC's quarterly 13F data sets; option positions are excluded.

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