Algonquin Power & Utilities

AQN • NYSE

Algonquin Power & Utilities is a renewable utilities company in the utilities sector on NYSE, led by Darren Myers, with a market cap of $4.5B. As of Q3 2025, 66% of shares are held by 237 institutional investors, with Starboard Value LP as the largest holder at 8.27%.

Chief Executive OfficerDarren Myers

Market Cap$4.5B

Renewable Utilities

Utilities

Employees3.9K

Websitealgonquinpower.com

Overview

Overview of institutional ownership in AQN as of Q3 2025 with a market cap of $4.1B

All Institutions

Institutions: 237
Value Held: $2.7B
Shares Held: 504.7M
Avg Position: $11.5M
Median Position: $592.1K

Hedge Funds

Hedge Funds: 34
Value Held: $536.1M
Shares Held: 99.8M
Avg Position: $15.8M
Median Position: $1.8M

Ownership Breakdown

Institutional (non-HF)

52.82%

$2.2B

Hedge Funds

13.0%

$536.1M

Retail & Other

34.18%

$1.4B

Based on market cap of $4.1B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in AQN as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
Starboard Value LP Hedge Fund•Activist	Jeffrey Chad Smith CEO	$340.9M 6.42% of portfolio	8.27% 63.5M shares	Q2 2023 Held for 2y 5m	$5.3B
EdgePoint Investment Group Inc. Long Only Manager	Clifford Tye Bousada CEO	$331.3M 2.48% of portfolio	8.03% 61.7M shares	Q1 2023 Held for 2y 8m	$13.4B
F FIL Ltd Institution	-	$268.3M 0.21% of portfolio	6.50% 49.9M shares	Q4 2018 Held for 6y 11m	$127.75B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$181.4M 0.00% of portfolio	4.39% 33.7M shares	Q4 2016 Held for 8y 11m	$6.69T
R ROYAL BANK OF CANADA Institution	-	$157.8M 0.03% of portfolio	3.83% 29.4M shares	Q4 2016 Held for 8y 11m	$542.04B
BANK OF MONTREAL /CAN/ Institution	Darryl White CEO	$90.4M 0.04% of portfolio	2.19% 16.8M shares	Q4 2016 Held for 8y 11m	$227.19B
ARIEL INVESTMENTS, LLC Long Only Manager	Mellody Louise Hobson Lucas CEO	$87.8M 0.94% of portfolio	2.13% 16.3M shares	Q1 2025 Held for 8 months	$9.4B
B BRITISH COLUMBIA INVESTMENT MANAGEMENT CORP RIA/Wealth	Michael Winston Bain CCO	$70.5M 0.40% of portfolio	1.71% 13.1M shares	Q3 2023 Held for 2y 2m	$17.5B
BANK OF NOVA SCOTIA / Institution	Scott Thomson CEO	$54.7M 0.10% of portfolio	1.32% 10.2M shares	Q4 2016 Held for 8y 11m	$56.3B
N NATIONAL BANK OF CANADA /FI/ Institution	-	$53.2M 0.06% of portfolio	1.29% 9.9M shares	Q4 2021 Held for 3y 11m	$88.3B

Net Capital Flow

Institutional buying and selling activity for AQN in Q3 2025

Traded: +$203.7M
Buyers: 119
Sellers: 93
Total Bought: +$387.2M
Total Sold: −$183.6M
Avg Position: $10.6M

Biggest Buyers

Institution	Net Bought	Current Position
F FIL Ltd Institution	+$114.9M +21.4M shares	$268.3M 49.9M shares
EdgePoint Investment Group Inc. Long Only Manager	+$26.3M +4.9M shares	$331.3M 61.7M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$23.9M +4.4M shares	$23.9M 4.4M shares
N Neuberger Berman Group LLC Institution	+$22.4M +4.2M shares	$22.4M 4.2M shares
D D. E. Shaw & Co., Inc. Institution	+$18.8M +3.5M shares	$18.8M 3.5M shares
J JANE STREET GROUP, LLC Institution	+$17.4M +3.2M shares	$18.4M 3.4M shares
ARIEL INVESTMENTS, LLC Long Only Manager	+$17.4M +3.2M shares	$87.8M 16.3M shares
Connor, Clark & Lunn Investment Management Ltd. Long Only Manager	+$10.4M +1.9M shares	$17.9M 3.3M shares
R ROYAL BANK OF CANADA Institution	+$9.8M +1.8M shares	$157.8M 29.4M shares
C Cubist Systematic Strategies, LLC Institution	+$9.2M +1.7M shares	$9.2M 1.7M shares

Biggest Sellers

Institution	Net Sold	Current Position
GOLDMAN SACHS GROUP INC Institution	−$62.3M −11.6M shares	$53.0M 9.9M shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	−$22.7M −4.2M shares	$20.0M 3.7M shares
Centiva Capital, LP Hedge Fund•Multi-Strategy	−$13.2M −2.3M shares	Sold Off 0 shares
BANK OF AMERICA CORP /DE/ Institution	−$10.3M −1.9M shares	$22.1M 4.1M shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	−$9.8M −1.8M shares	$11.5M 2.1M shares
J Jump Financial, LLC Institution	−$7.7M −1.4M shares	$2.8M 518.1K shares
UBS Group AG Institution	−$6.1M −1.1M shares	$15.9M 3.0M shares
C CIBC World Markets Inc. Institution	−$5.6M −1.0M shares	$34.8M 6.5M shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	−$5.4M −939.8K shares	Sold Off 0 shares
C CANADA PENSION PLAN INVESTMENT BOARD Institution	−$4.0M −700.0K shares	Sold Off 0 shares

Entry and Exit Activity

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

New Positions: 12
New Value: $5.0M
Exited Positions: 19
Exited Value: $32.2M

New Positions

Institution	Position Value
LAZARD ASSET MANAGEMENT LLC Long Only Manager	$1.8M 335.1K shares
Horizon Investments, LLC/SC Long Only Manager	$981.0K 182.7K shares
SUSQUEHANNA ADVISORS GROUP, INC. Private Equity	$952.6K 177.4K shares
1 111 Capital Institution	$609.9K 113.5K shares
P PharVision Advisers, LLC Hedge Fund•Long/Short	$176.7K 32.9K shares
M Massar Capital Management, LP Institution	$147.3K 27.4K shares
ALGERT COLDIRON INVESTORS LLC Hedge Fund•Quant	$144.0K 26.8K shares
Janney Montgomery Scott LLC RIA/Wealth	$56.7K 10.6K shares
V Vise Technologies, Inc. Institution	$56.2K 10.5K shares
Q Quarry LP Institution	$29.3K 5.5K shares

Exited Positions

Institution	Previous Position
Centiva Capital, LP Hedge Fund•Multi-Strategy	$13.2M 2.3M shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	$5.4M 939.8K shares
C CANADA PENSION PLAN INVESTMENT BOARD Institution	$4.0M 700.0K shares
M MACQUARIE GROUP LTD Institution	$3.1M 393.0K shares
Y Y-Intercept Ltd Institution	$2.6M 458.4K shares
ExodusPoint Capital Management, LP Hedge Fund•Multi-Strategy	$1.4M 246.4K shares
GLUSKIN SHEFF & ASSOC INC Long Only Manager	$765.4K 133.8K shares
Marshall Wace LLP Institution	$607.6K 106.0K shares
A AXA Institution	$462.3K 80.7K shares
B BBK Capital Partners, LLC ETF Provider	$397.5K 69.4K shares

Options Activity

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

Call Positions: 8
Call Value: $1.2M
Put Positions: 6
Put Value: $3.2M

Call Positions

Institution	Position Value
S SIG North Trading, ULC Institution	$1.1M 2.0K contracts
P PEAK6 LLC Institution	$98.8K 184.0 contracts
TORONTO DOMINION BANK Institution	$33.9K 63.0 contracts
R ROYAL BANK OF CANADA Institution	$11.3K 21.0 contracts
J JANE STREET GROUP, LLC Institution	- - contracts
Caption Management, LLC Hedge Fund•Long/Short	- - contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	- - contracts
N NOMURA HOLDINGS INC Institution	- - contracts

Put Positions

Institution	Position Value
R ROYAL BANK OF CANADA Institution	$2.2M 4.1K contracts
S SIG North Trading, ULC Institution	$952.6K 1.8K contracts
TORONTO DOMINION BANK Institution	$61.8K 115.0 contracts
J JANE STREET GROUP, LLC Institution	- - contracts
BANK OF MONTREAL /CAN/ Institution	- - contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	- - contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
P Packer & Co Ltd Institution	-	7.77% $24.2M	0.59% 4.5M shares	Q3 2025 Held for 2 months	$311.7M
Starboard Value LP Hedge Fund•Activist	Jeffrey Chad Smith CEO	6.42% $340.9M	8.27% 63.5M shares	Q2 2023 Held for 2y 5m	$5.3B
Callodine Capital Management, LP Hedge Fund•Long/Short	James Stuart Morrow CEO	2.65% $30.0M	0.73% 5.6M shares	Q2 2024 Held for 1y 5m	$1.1B
EdgePoint Investment Group Inc. Long Only Manager	Clifford Tye Bousada CEO	2.48% $331.3M	8.03% 61.7M shares	Q1 2023 Held for 2y 8m	$13.4B
Y Yaupon Capital Management LP Hedge Fund•Multi-Strategy	Steven James Pattyn CIO	1.63% $31.6M	0.77% 5.9M shares	Q2 2025 Held for 5 months	$1.9B
Corvex Management LP Hedge Fund•Event Driven	Keith Arlyn Meister Managing Partner	1.26% $33.2M	0.81% 6.2M shares	Q1 2023 Held for 2y 8m	$2.6B
PRIVATE MANAGEMENT GROUP INC RIA/Wealth	Robert Todd Summers President	1.03% $34.9M	0.85% 6.5M shares	Q3 2024 Held for 1y 2m	$3.4B
T TORON CAPITAL MARKETS INC. Long Only Manager	Henry Perren Chairman	1.01% $17.5M	0.42% 3.3M shares	Q4 2016 Held for 8y 11m	$1.7B
ARIEL INVESTMENTS, LLC Long Only Manager	Mellody Louise Hobson Lucas CEO	0.94% $87.8M	2.13% 16.3M shares	Q1 2025 Held for 8 months	$9.4B
R RWC Asset Management LLP Institution	-	0.92% $16.4M	0.40% 3.0M shares	Q2 2025 Held for 5 months	$1.8B