Energy Recovery

ERII • NASDAQ

Energy Recovery is a industrial - pollution & treatment controls company in the industrials sector on NASDAQ, led by David Moon, with a market cap of $766.5M. As of Q3 2025, 79% of shares are held by 186 institutional investors, with BlackRock, Inc. as the largest holder at 10.86%.

Interim President and Chief Executive OfficerDavid Moon

Market Cap$766.5M

Industrial - Pollution & Treatment Controls

Industrials

Employees269.0

Websiteenergyrecovery.com

Country

United States of America

Overview

Overview of institutional ownership in ERII as of Q3 2025 with a market cap of $820.3M

All Institutions

Institutions: 186
Value Held: $651.4M
Shares Held: 42.2M
Avg Position: $3.5M
Median Position: $555.5K

Hedge Funds

Hedge Funds: 25
Value Held: $45.1M
Shares Held: 2.9M
Avg Position: $1.8M
Median Position: $625.0K

Ownership Breakdown

Institutional (non-HF)

73.9%

$606.3M

Hedge Funds

5.5%

$45.1M

Retail & Other

20.59%

$168.9M

Based on market cap of $820.3M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in ERII as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BlackRock, Inc. Institution	-	$89.1M 0.00% of portfolio	10.86% 5.8M shares	Q1 2016 Held for 9y 8m	$5.67T
AMERIPRISE FINANCIAL INC Institution	Jim Cracchiolo CEO	$76.6M 0.02% of portfolio	9.34% 5.0M shares	Q4 2023 Held for 1y 11m	$433.11B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$58.0M 0.00% of portfolio	7.07% 3.8M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
F FIL Ltd Institution	-	$31.5M 0.02% of portfolio	3.84% 2.0M shares	Q3 2018 Held for 7y 2m	$127.75B
BROWN CAPITAL MANAGEMENT LLC Long Only Manager	Keith Allison Lee CEO	$24.7M 1.02% of portfolio	3.01% 1.6M shares	Q1 2023 Held for 2y 8m	$2.4B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$22.2M 0.00% of portfolio	2.71% 1.4M shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
L LEGAL & GENERAL GROUP PLC Institution	-	$20.2M 0.00% of portfolio	2.46% 1.3M shares	Q2 2016 Held for 9y 5m	$445.97B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$19.9M 0.00% of portfolio	2.43% 1.3M shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
AVENIR CORP Long Only Manager	Charles Green Mackall Chairman	$15.8M 1.65% of portfolio	1.93% 1.0M shares	Q1 2014 Held for 11y 8m	$960.1M
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$14.4M 0.00% of portfolio	1.75% 930.9K shares	≤ Q2 2013 Held for 12y 5m+	$1.65T

Net Capital Flow

Institutional buying and selling activity for ERII in Q3 2025

Traded: −$10.4M
Buyers: 91
Sellers: 87
Total Bought: +$57.7M
Total Sold: −$68.0M
Avg Position: $3.1M

Biggest Buyers

Institution	Net Bought	Current Position
A Amundi Institution	+$4.9M +314.8K shares	$10.5M 673.1K shares
L LEGAL & GENERAL GROUP PLC Institution	+$4.9M +318.6K shares	$20.2M 1.3M shares
R ROYCE & ASSOCIATES LLC Institution	+$4.9M +317.6K shares	$4.9M 317.6K shares
WELLINGTON MANAGEMENT CO LLP Long Only Manager	+$4.7M +302.5K shares	$4.7M 302.5K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$4.5M +293.7K shares	$5.1M 331.8K shares
FMR LLC Institution	+$3.0M +194.0K shares	$3.2M 207.5K shares
Marshall Wace LLP Institution	+$2.9M +189.2K shares	$3.7M 239.4K shares
VANGUARD GROUP INC Institution	+$2.1M +137.3K shares	$58.0M 3.8M shares
B BlackRock, Inc. Institution	+$2.0M +132.1K shares	$89.1M 5.8M shares
MACKENZIE FINANCIAL CORP Long Only Manager	+$1.8M +117.2K shares	$1.8M 117.2K shares

Biggest Sellers

Institution	Net Sold	Current Position
BROWN CAPITAL MANAGEMENT LLC Long Only Manager	−$13.5M −876.3K shares	$24.7M 1.6M shares
R ROBECOSAM AG Institution	−$7.2M −562.7K shares	Sold Off 0 shares
AMERIPRISE FINANCIAL INC Institution	−$6.7M −434.7K shares	$76.6M 5.0M shares
Invesco Ltd. ETF Provider	−$3.4M −217.3K shares	$9.9M 644.1K shares
Falcon Edge Capital LP Hedge Fund•Multi-Strategy	−$2.9M −186.5K shares	$8.1M 527.9K shares
DIAMOND HILL CAPITAL MANAGEMENT INC Long Only Manager	−$2.5M −159.7K shares	$13.8M 894.9K shares
UBS Group AG Institution	−$2.2M −139.7K shares	$3.8M 245.9K shares
F FIL Ltd Institution	−$2.1M −139.1K shares	$31.5M 2.0M shares
BANK OF AMERICA CORP /DE/ Institution	−$1.9M −123.7K shares	$1.2M 75.6K shares
MORGAN STANLEY RIA/Wealth	−$1.6M −103.6K shares	$14.4M 930.9K shares

Entry and Exit Activity

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

New Positions: 9
New Value: $1.4M
Exited Positions: 22
Exited Value: $14.8M

New Positions

Institution	Position Value
I INCEPTIONR LLC Hedge Fund•Quant	$279.8K 18.1K shares
L Lingohr & Partner Asset Management GmbH Institution	$240.6K 15.6K shares
M MQS Management LLC Hedge Fund•Global Macro	$233.2K 15.1K shares
GREAT LAKES ADVISORS, LLC Long Only Manager	$221.5K 14.4K shares
A AXQ CAPITAL, LP Hedge Fund•Market Neutral	$199.5K 12.9K shares
Q Quadrature Capital Ltd Institution	$165.6K 10.7K shares
S State of Alaska, Department of Revenue Institution	$46.5K 3.0K shares
WEXFORD CAPITAL LP Hedge Fund•Multi-Strategy	$26.7K 1.7K shares
STANCE CAPITAL LLC Long Only Manager	$23.7K 1.5K shares

Exited Positions

Institution	Previous Position
R ROBECOSAM AG Institution	$7.2M 562.7K shares
ExodusPoint Capital Management, LP Hedge Fund•Multi-Strategy	$1.6M 124.0K shares
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$965.1K 75.5K shares
H HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Institution	$788.5K 61.7K shares
B Brevan Howard Capital Management LP Institution	$768.0K 60.1K shares
X XTX Topco Ltd Institution	$629.4K 49.2K shares
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	$416.8K 32.6K shares
THRIVENT FINANCIAL FOR LUTHERANS Insurance Manager	$388.8K 30.4K shares
S Squarepoint Ops LLC Hedge Fund•Quant	$330.9K 25.9K shares
Graham Capital Management, L.P. Hedge Fund•Multi-Strategy	$312.6K 24.5K shares

Options Activity

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

Call Positions: 3
Call Value: $1.5M
Put Positions: 2
Put Value: $945.2K

Call Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$686.2K 445.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$504.2K 327.0 contracts
W WOLVERINE TRADING, LLC Institution	$284.0K 185.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$528.9K 343.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$416.3K 270.0 contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
K Kopion Asset Management, LLC RIA/Wealth	Terry Lee Ledbetter President	3.18% $4.9M	0.60% 318.3K shares	Q2 2025 Held for 5 months	$154.3M
AVENIR CORP Long Only Manager	Charles Green Mackall Chairman	1.65% $15.8M	1.93% 1.0M shares	Q1 2014 Held for 11y 8m	$960.1M
BROWN CAPITAL MANAGEMENT LLC Long Only Manager	Keith Allison Lee CEO	1.02% $24.7M	3.01% 1.6M shares	Q1 2023 Held for 2y 8m	$2.4B
Redmond Asset Management, LLC Long Only Manager	Robert Scott Redmond Managing Partner	0.87% $3.5M	0.43% 229.9K shares	Q1 2020 Held for 5y 8m	$407.3M
Falcon Edge Capital LP Hedge Fund•Multi-Strategy	Richard Matthew Gerson Founder	0.82% $8.1M	0.99% 527.9K shares	Q2 2024 Held for 1y 5m	$987.3M
M Montanaro Asset Management Ltd Institution	-	0.79% $3.2M	0.39% 205.6K shares	Q2 2021 Held for 4y 5m	$400.4M
ESSEX INVESTMENT MANAGEMENT CO LLC Long Only Manager	Nancy Beth Prial CEO	0.33% $2.1M	0.26% 137.9K shares	Q3 2016 Held for 9y 2m	$652.5M
L Lingohr & Partner Asset Management GmbH Institution	-	0.28% $240.6K	0.03% 15.6K shares	Q3 2025 Held for 2 months	$87.0M
O Old West Investment Management, LLC Hedge Fund•Multi-Strategy	Chad William Cook Managing Partner	0.15% $672.3K	0.08% 43.6K shares	Q1 2025 Held for 8 months	$439.2M
M MQS Management LLC Hedge Fund•Global Macro	Robert Yale Gelfond CEO	0.14% $233.2K	0.03% 15.1K shares	Q3 2025 Held for 2 months	$171.4M

Hedge Fund Spotlight

Discover hedge funds investing in ERII

AXQ CAPITAL, LP

Hedge Fund • Market Neutral

Portfolio ManagerTaro Hsu Kuriyama

Portfolio Value: $261.9M
Positions: 552
Last Reported: Q3 2025

Sector Allocation

Position in Energy Recovery

Market Value: $199.5K
Shares Held: 12.9K
Portfolio Weight: 0.08%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 Dover DOV	Industrial - Machinery Industrials	$2.0M	0.75%
2 Arista Networks ANET	Computer Hardware Technology	$1.9M	0.72%
3 Vistra VST	Independent Power Producers Utilities	$1.9M	0.71%