Hawaiian Electric Industries

HE • NYSE

Hawaiian Electric Industries is a diversified utilities company in the utilities sector on NYSE, led by Scott W. H. Seu, with a market cap of $2.0B. As of Q3 2025, 73% of shares are held by 293 institutional investors, with HORIZON KINETICS ASSET MANAGEMENT LLC as the largest holder at 10.58%.

President and CEO of Hawaiian Electric Industries, Inc.Scott W. H. Seu

Market Cap$2.0B

Diversified Utilities

Utilities

Employees3.7K

Websitehei.com

Country

United States of America

Overview

Overview of institutional ownership in HE as of Q3 2025 with a market cap of $1.9B

All Institutions

Institutions: 293
Value Held: $1.4B
Shares Held: 125.2M
Avg Position: $4.7M
Median Position: $312.6K

Hedge Funds

Hedge Funds: 31
Value Held: $103.5M
Shares Held: 9.4M
Avg Position: $3.3M
Median Position: $1.0M

Ownership Breakdown

Institutional (non-HF)

67.13%

$1.3B

Hedge Funds

5.43%

$103.5M

Retail & Other

27.44%

$522.9M

Based on market cap of $1.9B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in HE as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
HORIZON KINETICS ASSET MANAGEMENT LLC Long Only Manager	Murray Stahl CEO	$201.6M 2.47% of portfolio	10.58% 18.3M shares	Q4 2024 Held for 11 months	$8.1B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$196.3M 0.00% of portfolio	10.30% 17.8M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
B BlackRock, Inc. Institution	-	$170.7M 0.00% of portfolio	8.96% 15.5M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
T T. Rowe Price Investment Management, Inc. Insurance Manager	John Edward Robison President	$135.6M 0.08% of portfolio	7.11% 12.3M shares	Q4 2024 Held for 11 months	$161.58B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$49.3M 0.00% of portfolio	2.59% 4.5M shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
UBS Group AG Institution	Sergio P. Ermotti CEO	$48.4M 0.01% of portfolio	2.54% 4.4M shares	Q4 2014 Held for 10y 11m	$511.54B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$43.2M 0.00% of portfolio	2.27% 3.9M shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	Omar Aguilar Chavez CEO	$39.3M 0.01% of portfolio	2.06% 3.6M shares	≤ Q2 2013 Held for 12y 5m+	$620.51B
Quantinno Capital Management LP Hedge Fund•Market Neutral	Hoon Nmn Kim CIO	$30.8M 0.08% of portfolio	1.61% 2.8M shares	Q4 2021 Held for 3y 11m	$36.6B
FRANKLIN RESOURCES INC Institution	Gregory E. Johnson CEO	$30.3M 0.01% of portfolio	1.59% 2.7M shares	Q3 2017 Held for 8y 2m	$395.36B

Net Capital Flow

Institutional buying and selling activity for HE in Q3 2025

Traded: −$9.0M
Buyers: 160
Sellers: 105
Total Bought: +$124.6M
Total Sold: −$133.6M
Avg Position: $4.3M

Biggest Buyers

Institution	Net Bought	Current Position
HORIZON KINETICS ASSET MANAGEMENT LLC Long Only Manager	+$21.8M +2.0M shares	$201.6M 18.3M shares
Quantinno Capital Management LP Hedge Fund•Market Neutral	+$16.1M +1.5M shares	$30.8M 2.8M shares
JPMORGAN CHASE & CO Institution	+$8.3M +753.5K shares	$13.7M 1.2M shares
MORGAN STANLEY RIA/Wealth	+$7.2M +654.8K shares	$26.1M 2.4M shares
A Assenagon Asset Management S.A. Institution	+$6.2M +565.2K shares	$9.7M 878.3K shares
H HRT FINANCIAL LLC Institution	+$4.4M +396.9K shares	$7.0M 631.3K shares
JCP Investment Management, LLC Hedge Fund•Event Driven	+$4.0M +360.0K shares	$4.0M 360.0K shares
J Jump Financial, LLC Institution	+$3.8M +343.3K shares	$4.7M 426.9K shares
A Advisor Group Holdings, Inc. Institution	+$3.7M +316.4K shares	$5.1M 437.3K shares
IEQ CAPITAL, LLC RIA/Wealth	+$3.3M +299.8K shares	$3.5M 321.2K shares

Biggest Sellers

Institution	Net Sold	Current Position
Z Zimmer Partners, LP Hedge Fund•Long/Short	−$40.7M −3.8M shares	Sold Off 0 shares
UBS Group AG Institution	−$11.4M −1.0M shares	$48.4M 4.4M shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC Hedge Fund•Multi-Strategy	−$9.9M −894.3K shares	$6.2M 557.1K shares
MANGROVE PARTNERS Hedge Fund•Multi-Strategy	−$6.6M −619.0K shares	Sold Off 0 shares
C Cubist Systematic Strategies, LLC Institution	−$5.3M −494.2K shares	Sold Off 0 shares
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	−$5.1M −458.1K shares	$1.0M 91.9K shares
Hudson Bay Capital Management LP Hedge Fund•Multi-Strategy	−$4.3M −400.6K shares	Sold Off 0 shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	−$2.9M −265.0K shares	$4.2M 379.7K shares
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	−$2.8M −265.3K shares	Sold Off 0 shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	−$2.6M −234.5K shares	$13.1M 1.2M shares

Entry and Exit Activity

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

New Positions: 23
New Value: $8.9M
Exited Positions: 31
Exited Value: $66.7M

New Positions

Institution	Position Value
JCP Investment Management, LLC Hedge Fund•Event Driven	$4.0M 360.0K shares
Inspire Advisors, LLC RIA/Wealth	$999.9K 90.6K shares
I Inscription Capital, LLC RIA/Wealth	$685.6K 62.1K shares
PEKIN SINGER STRAUSS ASSET MANAGEMENT /IL RIA/Wealth	$386.4K 35.0K shares
Aaron Wealth Advisors LLC RIA/Wealth	$362.5K 32.8K shares
FourThought Financial Partners, LLC RIA/Wealth	$322.6K 29.2K shares
P Polymer Capital Management LLC Hedge Fund•Multi-Strategy	$312.4K 28.3K shares
Kovitz Investment Group Partners, LLC RIA/Wealth	$304.5K 27.6K shares
C CLS Investments, LLC Institution	$268.9K 24.4K shares
C Colony Group, LLC Institution	$255.5K 22.4K shares

Exited Positions

Institution	Previous Position
Z Zimmer Partners, LP Hedge Fund•Long/Short	$40.7M 3.8M shares
MANGROVE PARTNERS Hedge Fund•Multi-Strategy	$6.6M 619.0K shares
C Cubist Systematic Strategies, LLC Institution	$5.3M 494.2K shares
Hudson Bay Capital Management LP Hedge Fund•Multi-Strategy	$4.3M 400.6K shares
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	$2.8M 265.3K shares
THRIVENT FINANCIAL FOR LUTHERANS Insurance Manager	$2.4M 223.5K shares
Jain Global LLC Hedge Fund•Multi-Strategy	$1.5M 142.1K shares
B Brevan Howard Capital Management LP Institution	$622.2K 58.5K shares
M Man Group plc Institution	$464.5K 43.7K shares
Schonfeld Strategic Advisors LLC Hedge Fund•Multi-Strategy	$398.6K 37.5K shares

Options Activity

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

Call Positions: 8
Call Value: $37.1M
Put Positions: 7
Put Value: $23.9M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$16.0M 14.5K contracts
Caption Management, LLC Hedge Fund•Long/Short	$7.7M 7.0K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$7.4M 6.7K contracts
J JANE STREET GROUP, LLC Institution	$2.4M 2.2K contracts
C Cubist Systematic Strategies, LLC Institution	$1.5M 1.3K contracts
W WOLVERINE TRADING, LLC Institution	$1.2M 1.1K contracts
Centiva Capital, LP Hedge Fund•Multi-Strategy	$772.8K 700.0 contracts
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$156.8K 142.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$9.1M 8.3K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$8.8M 7.9K contracts
1 140 Summer Partners LP Hedge Fund•Multi-Strategy	$4.8M 4.3K contracts
J JANE STREET GROUP, LLC Institution	$552.0K 500.0 contracts
W WOLVERINE TRADING, LLC Institution	$415.5K 376.0 contracts
C Cubist Systematic Strategies, LLC Institution	$209.8K 190.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$1.1K 1.0 contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
MRM-Horizon Advisors LLC Fund of Funds	Richard William Silver Managing Partner	5.82% $13.6M	0.71% 1.2M shares	Q4 2024 Held for 11 months	$233.4M
JCP Investment Management, LLC Hedge Fund•Event Driven	James Christopher Pappas Managing Partner	2.60% $4.0M	0.21% 360.0K shares	Q3 2025 Held for 2 months	$152.6M
HORIZON KINETICS ASSET MANAGEMENT LLC Long Only Manager	Murray Stahl CEO	2.47% $201.6M	10.58% 18.3M shares	Q4 2024 Held for 11 months	$8.1B
L Lesa Sroufe & Co RIA/Wealth	Lesa Anne Sroufe President	2.09% $2.1M	0.11% 190.7K shares	Q1 2025 Held for 8 months	$100.9M
Atlas Wealth Partners, LLC RIA/Wealth	Michael Joseph Janvrin Managing Partner	0.94% $917.2K	0.05% 83.1K shares	Q2 2025 Held for 5 months	$97.7M
EagleClaw Capital Managment, LLC RIA/Wealth	Katherine Rose Kelliher CCO	0.53% $3.8M	0.20% 341.3K shares	Q2 2025 Held for 5 months	$714.9M
E EAGLE GLOBAL ADVISORS LLC Hedge Fund•Multi-Strategy	John Fernando Gualy Managing Partner	0.44% $11.5M	0.61% 1.0M shares	Q3 2024 Held for 1y 2m	$2.6B
P PROMETHIUM ADVISORS,LLC RIA/Wealth	Christopher Francis Poch Founder	0.42% $737.6K	0.04% 66.8K shares	Q1 2025 Held for 8 months	$175.2M
Sagefield Capital LP Private Equity	Daniel Prawda Partner	0.34% $3.0M	0.16% 275.4K shares	Q3 2023 Held for 2y 2m	$894.3M
I INTREPID FAMILY OFFICE LLC Institution	-	0.32% $331.2K	0.02% 30.0K shares	Q1 2025 Held for 8 months	$102.3M

Hedge Fund Spotlight

Discover hedge funds investing in HE

CITADEL ADVISORS LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerKenneth Cordele Griffin

Portfolio Value: $122.08B
Positions: 5,531
Last Reported: Q3 2025

Sector Allocation

Position in Hawaiian Electric Industries

Market Value: $252.0K
Shares Held: 22.8K
Portfolio Weight: 0.00%
Owned Since: 2019-Q1

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