Middlesex Water Company

MSEX • NASDAQ

Middlesex Water Company is a regulated water company in the utilities sector on NASDAQ, led by Nadine Duchemin-Leslie, with a market cap of $972.8M. As of Q3 2025, 79% of shares are held by 209 institutional investors, with BlackRock, Inc. as the largest holder at 18.63%.

President and CEONadine Duchemin-Leslie

Market Cap$972.8M

Regulated Water

Utilities

Employees355.0

Websitemiddlesexwater.com

Country

United States of America

Overview

Overview of institutional ownership in MSEX as of Q3 2025 with a market cap of $975.1M

All Institutions

Institutions: 209
Value Held: $774.9M
Shares Held: 14.3M
Avg Position: $3.7M
Median Position: $318.6K

Hedge Funds

Hedge Funds: 12
Value Held: $28.7M
Shares Held: 531.1K
Avg Position: $2.4M
Median Position: $833.4K

Ownership Breakdown

Institutional (non-HF)

76.52%

$746.1M

Hedge Funds

2.95%

$28.7M

Retail & Other

20.53%

$200.2M

Based on market cap of $975.1M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in MSEX as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BlackRock, Inc. Institution	-	$181.6M 0.00% of portfolio	18.63% 3.4M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
T T. Rowe Price Investment Management, Inc. Insurance Manager	John Edward Robison President	$88.4M 0.05% of portfolio	9.07% 1.6M shares	Q1 2023 Held for 2y 8m	$161.58B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$74.3M 0.00% of portfolio	7.62% 1.4M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
N Neuberger Berman Group LLC Institution	-	$54.7M 0.04% of portfolio	5.61% 1.0M shares	Q3 2025 Held for 2 months	$136.94B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$38.0M 0.00% of portfolio	3.90% 702.5K shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$27.2M 0.00% of portfolio	2.79% 503.1K shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$24.9M 0.00% of portfolio	2.55% 459.4K shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
L LEGAL & GENERAL GROUP PLC Institution	-	$20.6M 0.00% of portfolio	2.11% 379.8K shares	Q3 2014 Held for 11y 2m	$445.97B
DIMENSIONAL FUND ADVISORS LP Long Only Manager	David Paul Butler CEO	$18.8M 0.00% of portfolio	1.93% 347.2K shares	≤ Q2 2013 Held for 12y 5m+	$466.32B
Invesco Ltd. ETF Provider	Brian Christopher Hartigan CEO	$15.7M 0.00% of portfolio	1.61% 290.3K shares	≤ Q2 2013 Held for 12y 5m+	$633.08B

Net Capital Flow

Institutional buying and selling activity for MSEX in Q3 2025

Traded: +$73.1M
Buyers: 111
Sellers: 85
Total Bought: +$98.9M
Total Sold: −$25.8M
Avg Position: $3.2M

Biggest Buyers

Institution	Net Bought	Current Position
N Neuberger Berman Group LLC Institution	+$54.7M +1.0M shares	$54.7M 1.0M shares
T T. Rowe Price Investment Management, Inc. Insurance Manager	+$6.7M +123.5K shares	$88.4M 1.6M shares
L LEGAL & GENERAL GROUP PLC Institution	+$5.1M +94.1K shares	$20.6M 379.8K shares
B BlackRock, Inc. Institution	+$3.3M +60.9K shares	$181.6M 3.4M shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$1.8M +32.6K shares	$2.6M 48.0K shares
Z Zimmer Partners, LP Hedge Fund•Long/Short	+$1.8M +32.5K shares	$8.4M 154.6K shares
Baird Financial Group, Inc. Private Equity	+$1.6M +29.4K shares	$1.6M 29.4K shares
UBS Group AG Institution	+$1.5M +28.3K shares	$4.3M 78.5K shares
E EXCHANGE TRADED CONCEPTS, LLC Institution	+$1.5M +27.0K shares	$2.2M 40.3K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	+$1.4M +25.6K shares	$1.4M 25.6K shares

Biggest Sellers

Institution	Net Sold	Current Position
VANGUARD GROUP INC Institution	−$2.7M −50.8K shares	$74.3M 1.4M shares
Invesco Ltd. ETF Provider	−$2.0M −37.0K shares	$15.7M 290.3K shares
D DEPRINCE RACE & ZOLLO INC Long Only Manager	−$1.7M −31.5K shares	Sold Off 0 shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	−$1.6M −28.8K shares	$2.5M 46.0K shares
S Squarepoint Ops LLC Hedge Fund•Quant	−$1.5M −27.4K shares	Sold Off 0 shares
Bank of New York Mellon Corp Institution	−$1.5M −26.8K shares	$9.0M 166.7K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$1.4M −26.7K shares	Sold Off 0 shares
S STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM Institution	−$1.2M −22.4K shares	$259.3K 4.8K shares
R Russell Investments Group, Ltd. RIA/Wealth	−$1.1M −20.7K shares	$586.7K 10.8K shares
Aquatic Capital Management LLC Hedge Fund•Quant	−$917.1K −16.9K shares	Sold Off 0 shares

Entry and Exit Activity

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

New Positions: 12
New Value: $2.6M
Exited Positions: 29
Exited Value: $9.7M

New Positions

Institution	Position Value
Baird Financial Group, Inc. Private Equity	$1.6M 29.4K shares
SYON CAPITAL LLC RIA/Wealth	$283.3K 5.2K shares
Cetera Investment Advisers RIA/Wealth	$258.0K 4.8K shares
A ATRIA INVESTMENTS LLC Institution	$240.0K 4.4K shares
Q Quantessence Capital LLC Hedge Fund•Quant	$221.1K 4.1K shares
Sontag Advisory, LLC RIA/Wealth	$6.3K 117.0 shares
S Salomon & Ludwin, LLC Institution	$3.3K 62.0 shares
Goss Wealth Management LLC RIA/Wealth	$1.9K 36.0 shares
TD PRIVATE CLIENT WEALTH LLC RIA/Wealth	$1.2K 23.0 shares
Tortoise Investment Management, LLC RIA/Wealth	$1.2K 23.0 shares

Exited Positions

Institution	Previous Position
D DEPRINCE RACE & ZOLLO INC Long Only Manager	$1.7M 31.5K shares
S Squarepoint Ops LLC Hedge Fund•Quant	$1.5M 27.4K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.4M 26.7K shares
Aquatic Capital Management LLC Hedge Fund•Quant	$917.1K 16.9K shares
D DRW Securities, LLC Institution	$715.4K 13.2K shares
I INCEPTIONR LLC Hedge Fund•Quant	$400.1K 7.4K shares
T TEXAS PERMANENT SCHOOL FUND Institution	$380.3K 7.0K shares
LOS ANGELES CAPITAL MANAGEMENT & EQUITY RESEARCH INC Long Only Manager	$320.3K 5.9K shares
Gotham Asset Management, LLC Hedge Fund•Long/Short	$305.7K 5.6K shares
M Maryland State Retirement & Pension System Institution	$283.6K 5.2K shares

Options Activity

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

Call Positions: 1
Call Value: $719.8K
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$719.8K 133.0 contracts

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
L Ledgewood Wealth Advisors, LLC RIA/Wealth	Lawrence Edward Sarkozy COO	8.22% $13.7M	1.41% 254.0K shares	Q4 2023 Held for 1y 11m	$167.3M
TSP Capital Management Group, LLC Private Equity	Aaron Michael Perrine Managing Partner	1.73% $6.5M	0.66% 119.2K shares	≤ Q2 2013 Held for 12y 5m+	$373.7M
NORTHSTAR ASSET MANAGEMENT INC RIA/Wealth	Julie N.W. Goodridge CEO	0.73% $2.8M	0.29% 51.8K shares	Q1 2025 Held for 8 months	$384.6M
T Thematics Asset Management Institution	-	0.42% $9.3M	0.95% 171.0K shares	Q2 2023 Held for 2y 5m	$2.2B
CRAMER ROSENTHAL MCGLYNN LLC Long Only Manager	Brian Michael Harvey CEO	0.38% $5.9M	0.61% 109.4K shares	Q2 2024 Held for 1y 5m	$1.6B
Z Zimmer Partners, LP Hedge Fund•Long/Short	Stuart Jason Zimmer CEO	0.21% $8.4M	0.86% 154.6K shares	Q1 2025 Held for 8 months	$4.0B
C Catalyst Funds Management Pty Ltd Institution	-	0.19% $1.2M	0.13% 22.9K shares	Q3 2025 Held for 2 months	$658.5M
PENN CAPITAL MANAGEMENT CO INC Long Only Manager	Pamela Marie Lawrence President	0.17% $2.1M	0.22% 39.7K shares	Q2 2022 Held for 3y 5m	$1.3B
Manchester Capital Management LLC Family Office	Jeffrey Stuart Hall CEO	0.10% $731.4K	0.08% 13.5K shares	Q1 2025 Held for 8 months	$736.6M
NFJ INVESTMENT GROUP, LLC Long Only Manager	George Robert Aylward CEO	0.08% $2.2M	0.22% 40.2K shares	Q1 2025 Held for 8 months	$2.9B

Hedge Fund Spotlight

Discover hedge funds investing in MSEX

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 Middlesex Water Company

Market Value: $694.0K
Shares Held: 12.8K
Portfolio Weight: 0.00%
Owned Since: 2018-Q2

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