Hess Midstream

HESM • NYSE

Hess Midstream is a oil & gas midstream company in the energy sector on NYSE, led by Jonathan C. Stein, with a market cap of $4.5B. As of Q3 2025, 89% of shares are held by 260 institutional investors, with ALPS ADVISORS INC as the largest holder at 22.35%.

Chief Executive OfficerJonathan C. Stein

Market Cap$4.5B

Oil & Gas Midstream

Energy

Employees211.0

Websitehessmidstream.com

Country

United States of America

Overview

Overview of institutional ownership in HESM as of Q3 2025 with a market cap of $4.5B

All Institutions

Institutions: 260
Value Held: $4.0B
Shares Held: 116.8M
Avg Position: $15.5M
Median Position: $1.1M

Hedge Funds

Hedge Funds: 36
Value Held: $303.9M
Shares Held: 8.8M
Avg Position: $8.4M
Median Position: $3.5M

Ownership Breakdown

Institutional (non-HF)

82.4%

$3.7B

Hedge Funds

6.71%

$303.9M

Retail & Other

10.89%

$493.0M

Based on market cap of $4.5B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in HESM as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
A ALPS ADVISORS INC ETF Provider	Laton Andrew Spahr President	$1.0B 5.64% of portfolio	22.35% 29.3M shares	Q2 2020 Held for 5y 5m	$18.0B
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$302.3M 0.04% of portfolio	6.68% 8.8M shares	Q2 2017 Held for 8y 5m	$691.34B
Invesco Ltd. ETF Provider	Brian Christopher Hartigan CEO	$206.6M 0.03% of portfolio	4.56% 6.0M shares	Q2 2019 Held for 6y 5m	$633.08B
M MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Institution	-	$187.7M 0.30% of portfolio	4.14% 5.4M shares	Q2 2024 Held for 1y 5m	$61.8B
TORTOISE CAPITAL ADVISORS, L.L.C. Real Assets	Thomas Ibberson Florence CEO	$162.2M 2.09% of portfolio	3.58% 4.7M shares	Q2 2019 Held for 6y 5m	$7.8B
Blackstone Group L.P. Institution	Jonathan D. Gray President	$125.9M 0.54% of portfolio	2.78% 3.6M shares	Q2 2020 Held for 5y 5m	$23.2B
A Artemis Investment Management LLP Institution	-	$96.6M 1.20% of portfolio	2.13% 2.8M shares	Q4 2023 Held for 1y 11m	$8.1B
T TD ASSET MANAGEMENT INC Institution	-	$82.5M 0.07% of portfolio	1.82% 2.4M shares	Q2 2023 Held for 2y 5m	$123.47B
CUSHING MLP ASSET MANAGEMENT, LP Long Only Manager	John Marshall Musgrave CEO	$80.1M 4.54% of portfolio	1.77% 2.3M shares	Q1 2020 Held for 5y 8m	$1.8B
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$78.4M 0.01% of portfolio	1.73% 2.3M shares	Q2 2017 Held for 8y 5m	$1.56T

Net Capital Flow

Institutional buying and selling activity for HESM in Q3 2025

Traded: +$83.3M
Buyers: 140
Sellers: 127
Total Bought: +$597.3M
Total Sold: −$514.0M
Avg Position: $13.4M

Biggest Buyers

Institution	Net Bought	Current Position
M MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Institution	+$187.7M +5.4M shares	$187.7M 5.4M shares
JPMORGAN CHASE & CO Institution	+$50.3M +1.5M shares	$78.4M 2.3M shares
N Neuberger Berman Group LLC Institution	+$31.4M +907.7K shares	$44.4M 1.3M shares
Fractal Investments LLC Long Only Manager	+$30.9M +894.0K shares	$40.9M 1.2M shares
GOLDMAN SACHS GROUP INC Institution	+$26.4M +763.6K shares	$302.3M 8.8M shares
A Artemis Investment Management LLP Institution	+$23.0M +664.4K shares	$96.6M 2.8M shares
A Atlantic Trust Group, LLC Institution	+$22.5M +651.3K shares	$58.3M 1.7M shares
B BROOKFIELD ASSET MANAGEMENT INC. RIA/Wealth	+$19.3M +559.0K shares	$47.5M 1.4M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$16.8M +485.0K shares	$29.0M 839.5K shares
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	+$16.3M +472.9K shares	$23.0M 666.6K shares

Biggest Sellers

Institution	Net Sold	Current Position
TORTOISE CAPITAL ADVISORS, L.L.C. Real Assets	−$84.9M −2.5M shares	$162.2M 4.7M shares
KAYNE ANDERSON CAPITAL ADVISORS LP Private Equity	−$50.1M −1.4M shares	$47.1M 1.4M shares
Blackstone Group L.P. Institution	−$47.4M −1.4M shares	$125.9M 3.6M shares
Energy Income Partners, LLC Long Only Manager	−$41.6M −1.1M shares	Sold Off 0 shares
Kingstone Capital Partners Texas, LLC RIA/Wealth	−$30.7M −798.1K shares	Sold Off 0 shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$29.2M −844.9K shares	$12.6M 364.1K shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	−$28.3M −819.9K shares	$7.6M 219.4K shares
E EAGLE GLOBAL ADVISORS LLC Hedge Fund•Multi-Strategy	−$20.0M −578.3K shares	$64.8M 1.9M shares
Epoch Investment Partners, Inc. Long Only Manager	−$18.3M −528.3K shares	$77.1M 2.2M shares
T TD ASSET MANAGEMENT INC Institution	−$14.3M −413.2K shares	$82.5M 2.4M shares

Entry and Exit Activity

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

New Positions: 18
New Value: $8.0M
Exited Positions: 42
Exited Value: $122.4M

New Positions

Institution	Position Value
Bridgewater Associates, LP Hedge Fund•Global Macro	$3.5M 102.0K shares
CAMPBELL CAPITAL MANAGEMENT INC RIA/Wealth	$1.1M 32.7K shares
P PICTON MAHONEY ASSET MANAGEMENT Institution	$689.3K 20.0K shares
Gilman Hill Asset Management, LLC RIA/Wealth	$686.2K 19.9K shares
P PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO Institution	$365.7K 10.6K shares
Q Qsemble Capital Management, LP Hedge Fund•Quant	$356.3K 10.3K shares
Severin Investments, LLC RIA/Wealth	$300.9K 8.7K shares
Federation des caisses Desjardins du Quebec Fund of Funds	$268.7K 7.8K shares
BB&T CORP Institution	$247.4K 7.2K shares
T TCG Advisory Services, LLC RIA/Wealth	$223.4K 6.5K shares

Exited Positions

Institution	Previous Position
Energy Income Partners, LLC Long Only Manager	$41.6M 1.1M shares
Kingstone Capital Partners Texas, LLC RIA/Wealth	$30.7M 798.1K shares
Quantbot Technologies LLC Hedge Fund•Quant	$9.5M 246.5K shares
Jain Global LLC Hedge Fund•Multi-Strategy	$7.1M 185.2K shares
Connor, Clark & Lunn Investment Management Ltd. Long Only Manager	$6.7M 173.9K shares
ExodusPoint Capital Management, LP Hedge Fund•Multi-Strategy	$5.3M 138.0K shares
P PUBLIC SECTOR PENSION INVESTMENT BOARD Institution	$4.2M 108.0K shares
H Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp Institution	$3.4M 88.7K shares
A Aventail Capital Group, LP Hedge Fund•Long/Short	$1.9M 50.0K shares
Kovitz Investment Group Partners, LLC RIA/Wealth	$1.7M 44.9K shares

Options Activity

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

Call Positions: 9
Call Value: $46.1M
Put Positions: 5
Put Value: $49.7M

Call Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$18.7M 5.4K contracts
Z Zimmer Partners, LP Hedge Fund•Long/Short	$17.3M 5.0K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$4.3M 1.3K contracts
Caption Management, LLC Hedge Fund•Long/Short	$1.6M 466.0 contracts
J JANE STREET GROUP, LLC Institution	$1.6M 450.0 contracts
P PEAK6 LLC Institution	$1.5M 444.0 contracts
W WOLVERINE TRADING, LLC Institution	$1.1M 330.0 contracts
BANK OF AMERICA CORP /DE/ Institution	- - contracts
LEUCADIA NATIONAL CORP Institution	- - contracts

Put Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$37.8M 10.9K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$5.5M 1.6K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$4.3M 1.3K contracts
J JANE STREET GROUP, LLC Institution	$1.2M 356.0 contracts
W WOLVERINE TRADING, LLC Institution	$867.3K 250.0 contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
INFRASTRUCTURE CAPITAL ADVISORS, LLC ETF Provider	Jay Don Hatfield CEO	8.50% $47.7M	1.07% 1.4M shares	Q3 2022 Held for 3y 2m	$561.1M
Fractal Investments LLC Long Only Manager	Chun Cao Managing Partner	5.91% $40.9M	0.90% 1.2M shares	Q4 2021 Held for 3y 11m	$693.0M
A ALPS ADVISORS INC ETF Provider	Laton Andrew Spahr President	5.64% $1.0B	22.35% 29.3M shares	Q2 2020 Held for 5y 5m	$18.0B
CUSHING MLP ASSET MANAGEMENT, LP Long Only Manager	John Marshall Musgrave CEO	4.54% $80.1M	1.77% 2.3M shares	Q1 2020 Held for 5y 8m	$1.8B
Castellan Group, LLC Family Office	Barry Charles Brauch Managing Partner	3.36% $2.9M	0.06% 84.6K shares	Q3 2023 Held for 2y 2m	$87.1M
LONGFELLOW INVESTMENT MANAGEMENT CO LLC Long Only Manager	Barbara Jeanne Mckenna President	2.83% $11.9M	0.26% 345.8K shares	Q4 2021 Held for 3y 11m	$421.7M
E EAGLE GLOBAL ADVISORS LLC Hedge Fund•Multi-Strategy	John Fernando Gualy Managing Partner	2.48% $64.8M	1.43% 1.9M shares	Q1 2021 Held for 4y 8m	$2.6B
TORTOISE CAPITAL ADVISORS, L.L.C. Real Assets	Thomas Ibberson Florence CEO	2.09% $162.2M	3.58% 4.7M shares	Q2 2019 Held for 6y 5m	$7.8B
H Heronetta Management, L.P. Hedge Fund•Sector	Henry Reynolds Breck Managing Partner	1.90% $3.6M	0.08% 103.0K shares	Q4 2018 Held for 6y 11m	$187.0M
Puplava Financial Services, Inc. RIA/Wealth	Lisa Helm CEO	1.80% $8.5M	0.19% 245.2K shares	Q3 2024 Held for 1y 2m	$471.5M

Hedge Fund Spotlight

Discover hedge funds investing in HESM

Qsemble Capital Management, LP

Hedge Fund • Quant

Portfolio ManagerSteven Hwa Lin

Portfolio Value: $1.0B
Positions: 437
Last Reported: Q3 2025

Sector Allocation

Position in Hess Midstream

Market Value: $356.3K
Shares Held: 10.3K
Portfolio Weight: 0.03%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 Western Digital WDC	Computer Hardware Technology	$12.2M	1.19%
2 S&P Global SPGI	Financial - Data & Stock Exchanges Financial Services	$11.4M	1.11%
3 Bristol-Myers Squibb BMY	Drug Manufacturers - General Healthcare	$10.6M	1.03%