CMS Energy

CMS • NYSE

CMS Energy is a regulated electric company in the utilities sector on NYSE, led by Patricia Kessler Poppe, with a market cap of $21.8B. As of Q3 2025, 97% of shares are held by 754 institutional investors, with VANGUARD GROUP INC as the largest holder at 13.09%.

President and Chief Executive OfficerPatricia Kessler Poppe

Market Cap$21.8B

Regulated Electric

Utilities

Employees8.4K

Websitecmsenergy.com

Country

United States of America

Overview

Overview of institutional ownership in CMS as of Q3 2025 with a market cap of $21.9B

All Institutions

Institutions: 754
Value Held: $21.2B
Shares Held: 289.0M
Avg Position: $28.1M
Median Position: $786.1K

Hedge Funds

Hedge Funds: 48
Value Held: $812.0M
Shares Held: 11.1M
Avg Position: $16.9M
Median Position: $6.4M

Ownership Breakdown

Institutional (non-HF)

92.81%

$20.4B

Hedge Funds

3.7%

$812.0M

Retail & Other

3.49%

$765.8M

Based on market cap of $21.9B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in CMS as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$2.9B 0.04% of portfolio	13.09% 39.2M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
B BlackRock, Inc. Institution	-	$2.3B 0.04% of portfolio	10.37% 31.0M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$1.4B 0.09% of portfolio	6.32% 18.9M shares	≤ Q2 2013 Held for 12y 5m+	$1.56T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$1.3B 0.05% of portfolio	5.94% 17.8M shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Long Only Manager	Edward Murray Maloney CEO	$647.8M 0.20% of portfolio	2.95% 8.8M shares	≤ Q2 2013 Held for 12y 5m+	$322.72B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$593.9M 0.04% of portfolio	2.72% 8.1M shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
VICTORY CAPITAL MANAGEMENT INC Long Only Manager	David Craig Brown CEO	$547.8M 0.32% of portfolio	2.50% 7.5M shares	Q4 2014 Held for 10y 11m	$169.09B
Invesco Ltd. ETF Provider	Brian Christopher Hartigan CEO	$544.9M 0.09% of portfolio	2.48% 7.4M shares	≤ Q2 2013 Held for 12y 5m+	$633.08B
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	Robert W Sharps President	$446.6M 0.05% of portfolio	2.04% 6.1M shares	≤ Q2 2013 Held for 12y 5m+	$912.31B
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$416.1M 0.09% of portfolio	1.90% 5.7M shares	Q4 2018 Held for 6y 11m	$488.61B

Net Capital Flow

Institutional buying and selling activity for CMS in Q3 2025

Net Flow: −$356.9M
Buyers: 305
Sellers: 304
Total Bought: +$997.6M
Total Sold: −$1.4B
Avg Position: $28.6M

Biggest Buyers

Institution	Net Bought	Current Position
VICTORY CAPITAL MANAGEMENT INC Long Only Manager	+$170.5M +2.3M shares	$547.8M 7.5M shares
BARCLAYS PLC Institution	+$64.9M +885.6K shares	$160.8M 2.2M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$64.0M +873.2K shares	$221.1M 3.0M shares
Bank of New York Mellon Corp Institution	+$37.9M +517.7K shares	$197.7M 2.7M shares
A Amundi Institution	+$35.3M +481.5K shares	$140.7M 1.9M shares
B BI Asset Management Fondsmaeglerselskab A/S Institution	+$31.6M +431.0K shares	$32.5M 443.1K shares
A Assenagon Asset Management S.A. Institution	+$30.6M +417.2K shares	$43.5M 593.8K shares
Z Zimmer Partners, LP Hedge Fund•Long/Short	+$28.7M +392.3K shares	$50.9M 694.4K shares
M MACQUARIE GROUP LTD Institution	+$28.5M +389.1K shares	$136.5M 1.9M shares
Q Qube Research & Technologies Ltd Institution	+$26.6M +363.5K shares	$133.7M 1.8M shares

Biggest Sellers

Institution	Net Sold	Current Position
P Perpetual Ltd Institution	−$141.5M −2.0M shares	Sold Off 0 shares
JPMORGAN CHASE & CO Institution	−$138.8M −1.9M shares	$1.4B 18.9M shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	−$89.0M −1.2M shares	$249.7M 3.4M shares
BB&T CORP Institution	−$72.8M −993.4K shares	$52.8M 720.8K shares
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	−$64.0M −874.2K shares	$446.6M 6.1M shares
B BROOKFIELD ASSET MANAGEMENT INC. RIA/Wealth	−$61.7M −842.1K shares	$3.1M 42.6K shares
MORGAN STANLEY RIA/Wealth	−$60.1M −819.9K shares	$396.0M 5.4M shares
R Railway Pension Investments Ltd Institution	−$47.2M −681.2K shares	Sold Off 0 shares
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	−$45.6M −623.0K shares	$30.5M 415.6K shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC Hedge Fund•Multi-Strategy	−$39.0M −532.2K shares	$6.3M 86.5K shares

Entry and Exit Activity

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

New Positions: 33
New Value: $21.7M
Exited Positions: 61
Exited Value: $233.5M

New Positions

Institution	Position Value
TRILLIUM ASSET MANAGEMENT CORP Long Only Manager	$12.8M 174.3K shares
A ABC ARBITRAGE SA Institution	$3.2M 43.5K shares
V Vennlight Capital Management, LP Hedge Fund•Long/Short	$2.3M 31.9K shares
Portfolio Design Labs, LLC RIA/Wealth	$1.7M 23.9K shares
I Inscription Capital, LLC RIA/Wealth	$370.8K 5.1K shares
A Atlas Legacy Advisors, LLC RIA/Wealth	$259.6K 3.5K shares
Catalytic Wealth RIA, LLC RIA/Wealth	$259.0K 3.5K shares
T TEMA ETFS LLC Institution	$237.1K 3.2K shares
C Camden Capital, LLC RIA/Wealth	$205.5K 2.8K shares
Sovereign Financial Group, Inc. RIA/Wealth	$200.1K 2.7K shares

Exited Positions

Institution	Previous Position
P Perpetual Ltd Institution	$141.5M 2.0M shares
R Railway Pension Investments Ltd Institution	$47.2M 681.2K shares
LINDEN ADVISORS LP Hedge Fund•Multi-Strategy	$6.8M 97.5K shares
O ONTARIO TEACHERS PENSION PLAN BOARD Institution	$4.3M 62.1K shares
AIGEN INVESTMENT MANAGEMENT, LP Hedge Fund•Long/Short	$2.9M 41.8K shares
Centiva Capital, LP Hedge Fund•Multi-Strategy	$2.6M 38.2K shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	$2.0M 29.4K shares
A Achmea Investment Management B.V. Institution	$1.9M 27.7K shares
D Dynamic Technology Lab Private Ltd Institution	$1.9M 26.7K shares
A AXA Institution	$1.8M 25.3K shares

Options Activity

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

Call Positions: 11
Call Value: $53.1M
Put Positions: 6
Put Value: $22.1M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$25.0M 3.4K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$15.9M 2.2K contracts
R ROYAL BANK OF CANADA Institution	$5.6M 764.0 contracts
UBS Group AG Institution	$4.8M 649.0 contracts
CITIGROUP INC Institution	$776.6K 106.0 contracts
W WOLVERINE TRADING, LLC Institution	$771.4K 106.0 contracts
Walleye Trading LLC RIA/Wealth	$271.1K 37.0 contracts
J JANE STREET GROUP, LLC Institution	- - contracts
Moran Wealth Management, LLC RIA/Wealth	- - contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	- - contracts

Put Positions

Institution	Position Value
P Portman Square Capital LLP Hedge Fund•Vol Arbitrage	$10.2M 1.4K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$6.4M 879.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$3.8M 516.0 contracts
J JANE STREET GROUP, LLC Institution	$1.5M 199.0 contracts
Walleye Trading LLC RIA/Wealth	$234.4K 32.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	- - contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Bruce & Co., Inc. Long Only Manager	Robert Jeffrey Bruce President	3.54% $11.4M	0.05% 156.0K shares	Q3 2014 Held for 11y 2m	$322.9M
Beck Bode, LLC RIA/Wealth	James Bode Managing Partner	3.08% $19.0M	0.09% 260.0K shares	Q3 2023 Held for 2y 2m	$618.9M
V Vennlight Capital Management, LP Hedge Fund•Long/Short	Igor (Nmn) Gitelman Founder	3.04% $2.3M	0.01% 31.9K shares	Q3 2025 Held for 2 months	$76.9M
R REAVES W H & CO INC Institution	-	2.80% $157.4M	0.72% 2.1M shares	Q1 2014 Held for 11y 8m	$5.6B
Partners Group Holding AG Private Equity	Charles Harry Dallara Chairman	2.30% $39.2M	0.18% 534.6K shares	Q1 2018 Held for 7y 8m	$1.7B
G Greenland Capital Management LP Hedge Fund•Multi-Strategy	Michael J Englander CEO	2.02% $13.0M	0.06% 177.2K shares	Q4 2022 Held for 2y 11m	$641.9M
R RWC Asset Management LLP Institution	-	1.85% $33.0M	0.15% 450.4K shares	Q4 2020 Held for 4y 11m	$1.8B
CONTRAVISORY INVESTMENT MANAGEMENT, INC. Long Only Manager	William Mark Noonan CEO	1.79% $9.3M	0.04% 126.3K shares	Q4 2024 Held for 11 months	$516.4M
BRASADA CAPITAL MANAGEMENT, LP Real Assets	Mark Edward Mcmeans CEO	1.59% $9.3M	0.04% 129.8K shares	Q4 2017 Held for 7y 11m	$588.1M
T TORON CAPITAL MARKETS INC. Long Only Manager	Henry Perren Chairman	1.46% $25.4M	0.12% 346.7K shares	Q2 2021 Held for 4y 5m	$1.7B

Hedge Fund Spotlight

Discover hedge funds investing in CMS

TWINBEECH CAPITAL LP

Hedge Fund • Quant

Portfolio ManagerJinghua (Nmn) Yan

Portfolio Value: $2.5B
Positions: 536
Last Reported: Q3 2025

Sector Allocation

Position in CMS Energy

Market Value: $3.8M
Shares Held: 51.3K
Portfolio Weight: 0.15%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 Kenvue KVUE	Household & Personal Products Consumer Defensive	$31.9M	1.26%
2 Roper Technologies, Inc. ROP	Industrial - Machinery Industrials	$30.0M	1.18%
3 Boston Scientific BSX	Medical - Devices Healthcare	$29.8M	1.18%