Just caught that CIBC put out coverage on BBU (Brookfield Business Partners) back in late February with an Outperformer call, though the analyst price target is pretty interesting - they're looking at $22.75/share which is actually 33% below where it was trading at that time around $34. Not exactly screaming upside despite the positive rating.

The fund positioning is mixed. About 65 institutions hold BBU shares, and they actually increased their total holdings slightly by 0.10% in the last quarter to over 76 million shares. Put/call ratio sits at 0.89 which leans bullish. But here's what caught my eye - Royal Bank of Canada trimmed their position hard, cutting holdings by 16% and reducing their overall allocation in BBU by nearly 89%. That's a pretty aggressive pullback from one of the major holders.

Brookfield Asset Management still dominates with nearly 50% ownership and hasn't budged. OMERS holds another 13.5%. The revenue projections they're showing are down 54% though, which probably explains why some big names are taking chips off the table. Revenue expected around 12.7 billion but that's a significant decline from prior periods. Worth watching how this plays out over the next few quarters.