What smart money is saying about Bentley Systems
5 funds in our archive have pitched Bentley Systems, most recently Aristotle Small Cap Equity Strategy in September 2026.
Bentley Systems, Inc., along with its affiliated companies, delivers specialized software solutions for infrastructure engineering across a global footprint, encompassing the Americas, Europe, the Middle East, Africa, and the Asia-Pacific regions. Its offerings encompass open modeling and simulation software for integrated infrastructure design, featuring tools such as MicroStation, OpenRoads, OpenRail, OpenPlant, OpenBuildings, OpenBridge, OpenSite, OpenFlows, STAAD and RAM, SACS, MOSES, AutoPIPE, SITEOPS, CUBE, DYNAMEQ, EMME, and LEGION. Additionally, it provides geoprofessional applications specifically for modeling and simulating near and deep subsurface environments, including Leapfrog, AGS Workbench, GeoStudio, Imago, MX Deposit, Oasis montaj, PLAXIS, and OpenGround. Bentley Systems further supplies project delivery platforms engineered to foster collaboration, facilitate work-sharing, and enable 4D construction modeling for entities managing infrastructure projects; these include ProjectWise, ProjectWise Design Review Service, and SYNCHRO. The firm also furnishes systems for optimizing asset and network performance, such as AssetWise ALIM, AssetWise Asset Reliability, AssetWise Enterprise Interoperability, AssetWise 4D Analytics, AssetWise Linear, and Seequent Central. Moreover, a range of specialized industry solutions is available, consisting of AssetWise Linear SUPERLOAD, AssetWise Linear Analytics, AssetWise Inspections, ContextCapture, OpenCities, OpenUtilities, OpenTower, OpenWindPower, Power Line, SPIDA, OrbitGT, sensemetrics, PlantSight, and WaterSight. Its diverse clientele spans a broad spectrum of professionals, including civil, structural, geotechnical, and geoscience engineers, architects, geospatial experts, urban and regional planners, as well as contractors, fabricators, and operations and maintenance personnel. Established in 1984, Bentley Systems, Inc. maintains its primary corporate office in Exton, Pennsylvania.
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Fund signal · last 12 months
9 lettersToo few moves on Bentley Systems yet for a clear signal
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q4 2024 and Q3 2026, 10 fund letters reported a position in Bentley Systems, with 3 buys (opened or added) and 1 sell (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 7 | 2 | 0 | 2 |
| Q2 2026 | 0 | 0 | 0 | 1 |
| Q1 2026 | 1 | 1 | 0 | 1 |
| Q4 2025 | 1 | 0 | 0 | 0 |
| Q3 2025 | 1 | 0 | 1 | 0 |
| Q4 2024 | 0 | 0 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 10 positions · 7 moves
- New positionHeartland Advisors Mid Cap Value FundSeptember 2026
“Technology. Bentley Systems (BSY) , a newly initiated position during the quarter, is an example of a stock getting heavily discounted by a negative top-down industry narrative, with defensible and compelling long-term prospects.”
Bentley Systems - New positionAristotle Small Cap Equity StrategySeptember 2026
“• Bentley Systems (BSY), is an infrastructure engineering software company that provides software and digital twin solutions used to design, build, and operate critical infrastructure across transportation, water, energy, and construction markets worldwide.”
Bentley Systems - New positionAristotle Small/Mid Cap Equity StrategySeptember 2026
“• Bentley Systems (BSY), is an infrastructure engineering software company that provides software and digital twin solutions used to design, build, and operate critical infrastructure across transportation, water, energy, and construction markets worldwide.”
Bentley Systems - New positionHeartland Advisors Mid Cap Value StrategySeptember 2026
“Technology. Bentley Systems (BSY) , a newly initiated position during the quarter, is an example of a stock getting heavily discounted by a negative top-down industry narrative, with defensible and compelling long-term prospects.”
Bentley Systems - September 2026
“Bentley Systems (BSY) , a newly initiated position during the quarter, is an example of a stock getting heavily discounted by a negative top-down industry narrative, with defensible and compelling long-term prospects.”
Bentley Systems - July 2026
“10 Largest Holdings % OF TOTAL ASSETS Cumulative Performance Discrete Performance The Fund aims to provide capital growth over the long term (periods of 5 years or more), by investing in companies”
Bentley Systems - July 2026
“• Bentley Systems (+17%) – In the rotation away from AI stocks, ‘AI losers’ such as software stocks rallied.”
Bentley Systems - New positionWS Amati Global Innovation FundMarch 2026
“The third addition was U.S.-listed Bentley Systems, the leading provider of design and engineering software for infrastructure design and construction.”
Bentley Systems - December 2025
“IT detracted as investor sentiment toward software businesses weakened amid heightened sensitivity to earnings expectations and concerns around AI-driven disruption. Teledyne Technologies, a diversified industrial technology company, and Bentley Systems, an infrastructure-focused software provider, declined as expectations for near-term acceleration were pushed out. Dynatrace, a provider”
Bentley Systems - ExitedHeadwaters CapitalSeptember 2025
“Sell: Bentley Systems (“BSY”): Bentley Systems was sold during the quarter as the stock appreciated meaningfully on M&A rumors.”
Bentley Systems
Fund coverage · 5 theses
- Aristotle Small Cap Equity StrategySeptember 2026
Bentley Systems provides infrastructure engineering software and is viewed as attractive for recurring revenue, free cash flow, customer retention, and long-term tailwinds.
Read the full thesis - Heartland Advisors Mid Cap Value FundSeptember 2026
Bentley Systems provides critical infrastructure engineering software and is viewed as having a strong moat, high switching costs, and long-term sales and free cash flow upside.
Read the full thesis - Aoris International FundJune 2026
Bentley Systems is a leading infrastructure software platform with embedded customer relationships, steady growth potential, and protection from AI disruption.
Read the full thesis - WS Amati Global Innovation FundMarch 2026
Bentley Systems is a leading infrastructure design software provider with strong data-, regulation-, and training-based moats that are undervalued after a broad SaaS selloff.
Read the full thesis - Polen US Smid Company GrowthDecember 2024
Bentley Systems is a leading infrastructure engineering software company focused on horizontal networks, investing in innovative technologies to enhance its stable, mission-critical business with strong growth potential.
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