Plains All American Pipeline, L.P.

PAA • NASDAQ

Plains All American Pipeline, L.P. is a oil & gas midstream company in the energy sector on NASDAQ, led by Harry N. Pefanis, with a market cap of $12.5B. As of Q3 2025, 39% of shares are held by 365 institutional investors, with ALPS ADVISORS INC as the largest holder at 10.82%.

PresidentHarry N. Pefanis

Market Cap$12.5B

Oil & Gas Midstream

Energy

Employees4.2K

Websiteplainsallamerican.com

Country

United States of America

Overview

Overview of institutional ownership in PAA as of Q3 2025 with a market cap of $12.0B

All Institutions

Institutions: 365
Value Held: $4.6B
Shares Held: 272.6M
Avg Position: $12.7M
Median Position: $425.7K

Hedge Funds

Hedge Funds: 10
Value Held: $82.7M
Shares Held: 4.8M
Avg Position: $8.3M
Median Position: $1.2M

Ownership Breakdown

Institutional (non-HF)

38.05%

$4.6B

Hedge Funds

0.69%

$82.7M

Retail & Other

61.26%

$7.3B

Based on market cap of $12.0B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in PAA 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	$1.3B 7.23% of portfolio	10.82% 76.1M shares	≤ Q2 2013 Held for 12y 5m+	$18.0B
Invesco Ltd. ETF Provider	Brian Christopher Hartigan CEO	$567.8M 0.09% of portfolio	4.73% 33.3M shares	≤ Q2 2013 Held for 12y 5m+	$633.08B
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$290.3M 0.04% of portfolio	2.42% 17.0M shares	≤ Q2 2013 Held for 12y 5m+	$691.34B
M MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Institution	-	$266.2M 0.43% of portfolio	2.22% 15.6M shares	Q2 2024 Held for 1y 5m	$61.8B
Blackstone Group L.P. Institution	Jonathan D. Gray President	$234.8M 1.01% of portfolio	1.96% 13.8M shares	Q2 2020 Held for 5y 5m	$23.2B
TORTOISE CAPITAL ADVISORS, L.L.C. Real Assets	Thomas Ibberson Florence CEO	$158.3M 2.04% of portfolio	1.32% 9.3M shares	≤ Q2 2013 Held for 12y 5m+	$7.8B
UBS Group AG Institution	Sergio P. Ermotti CEO	$143.2M 0.03% of portfolio	1.19% 8.4M shares	Q4 2014 Held for 10y 11m	$511.54B
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$122.8M 0.01% of portfolio	1.02% 7.2M shares	≤ Q2 2013 Held for 12y 5m+	$1.56T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$120.2M 0.01% of portfolio	1.00% 7.0M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$96.5M 0.01% of portfolio	0.80% 5.7M shares	≤ Q2 2013 Held for 12y 5m+	$1.33T

Net Capital Flow

Institutional buying and selling activity for PAA in Q3 2025

Traded: −$113.8M
Buyers: 150
Sellers: 119
Total Bought: +$198.2M
Total Sold: −$312.1M
Avg Position: $11.8M

Biggest Buyers

Institution	Net Bought	Current Position
BERKLEY W R CORP Institution	+$32.9M +1.9M shares	$32.9M 1.9M shares
A ALPS ADVISORS INC ETF Provider	+$28.4M +1.7M shares	$1.3B 76.1M shares
MORGAN STANLEY RIA/Wealth	+$19.6M +1.1M shares	$120.2M 7.0M shares
BANK OF AMERICA CORP /DE/ Institution	+$18.4M +1.1M shares	$96.5M 5.7M shares
H HRT FINANCIAL LLC Institution	+$17.0M +998.8K shares	$17.0M 998.8K shares
JPMORGAN CHASE & CO Institution	+$16.5M +967.1K shares	$122.8M 7.2M shares
Invesco Ltd. ETF Provider	+$11.6M +678.0K shares	$567.8M 33.3M shares
Pathstone Holdings, LLC Family Office	+$7.1M +415.8K shares	$37.3M 2.2M shares
E EAGLE GLOBAL ADVISORS LLC Hedge Fund•Multi-Strategy	+$4.1M +240.7K shares	$70.2M 4.1M shares
CHICKASAW CAPITAL MANAGEMENT LLC Long Only Manager	+$3.1M +178.9K shares	$46.7M 2.7M shares

Biggest Sellers

Institution	Net Sold	Current Position
B BROOKFIELD ASSET MANAGEMENT INC. RIA/Wealth	−$104.8M −6.1M shares	$10.7M 629.2K shares
Blackstone Group L.P. Institution	−$37.9M −2.2M shares	$234.8M 13.8M shares
I ING GROEP NV Institution	−$35.3M −2.1M shares	$7.1M 414.4K shares
UBS Group AG Institution	−$34.3M −2.0M shares	$143.2M 8.4M shares
GOLDMAN SACHS GROUP INC Institution	−$19.6M −1.1M shares	$290.3M 17.0M shares
FMR LLC Institution	−$16.1M −943.4K shares	$9.2M 540.6K shares
ACADIAN ASSET MANAGEMENT LLC Long Only Manager	−$13.9M −761.1K shares	Sold Off 0 shares
M MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Institution	−$6.3M −371.0K shares	$266.2M 15.6M shares
J Jump Financial, LLC Institution	−$4.5M −265.9K shares	$4.3M 254.7K shares
SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC Hedge Fund•Distressed	−$3.7M −202.1K shares	Sold Off 0 shares

Entry and Exit Activity

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

New Positions: 9
New Value: $34.5M
Exited Positions: 29
Exited Value: $27.4M

New Positions

Institution	Position Value
BERKLEY W R CORP Institution	$32.9M 1.9M shares
Symphony Financial Services, Inc. RIA/Wealth	$883.4K 51.8K shares
VestGen Advisors, LLC RIA/Wealth	$300.3K 17.6K shares
Quantum Private Wealth, LLC RIA/Wealth	$174.7K 10.2K shares
Empirical Financial Services, LLC RIA/Wealth	$171.2K 10.0K shares
Ulland Investment Advisors, LLC Long Only Manager	$102.4K 6.0K shares
FIRST HORIZON NATIONAL CORP RIA/Wealth	$13.1K 769.0 shares
Union Bankshares Corp Institution	$10.2K 600.0 shares
R Root Financial Partners, LLC RIA/Wealth	$1.9K 109.0 shares

Exited Positions

Institution	Previous Position
ACADIAN ASSET MANAGEMENT LLC Long Only Manager	$13.9M 761.1K shares
SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC Hedge Fund•Distressed	$3.7M 202.1K shares
Cercano Management LLC Family Office	$1.6M 85.2K shares
J JANE STREET GROUP, LLC Institution	$1.2M 65.1K shares
MONECO Advisors, LLC RIA/Wealth	$1.2M 63.4K shares
Morningstar Investment Management LLC Long Only Manager	$964.1K 52.6K shares
CUSTOM INDEX SYSTEMS, LLC RIA/Wealth	$898.3K 49.0K shares
I Ion Asset Management Ltd. Institution	$443.3K 24.2K shares
R Rede Wealth, LLC RIA/Wealth	$377.8K 20.6K shares
S SEI INVESTMENTS CO Institution	$367.6K 20.1K shares

Options Activity

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

Call Positions: 8
Call Value: $110.2M
Put Positions: 8
Put Value: $42.7M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$47.6M 27.9K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$25.4M 14.9K contracts
J JANE STREET GROUP, LLC Institution	$19.3M 11.3K contracts
P PEAK6 LLC Institution	$6.4M 3.7K contracts
WELLS FARGO & COMPANY/MN Institution	$4.9M 2.9K contracts
W WOLVERINE TRADING, LLC Institution	$3.3M 1.9K contracts
Caption Management, LLC Hedge Fund•Long/Short	$2.6M 1.5K contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$772.8K 453.0 contracts

Put Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$18.1M 10.6K contracts
P PEAK6 LLC Institution	$10.5M 6.1K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$7.9M 4.6K contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$3.1M 1.8K contracts
J JANE STREET GROUP, LLC Institution	$2.4M 1.4K contracts
W WOLVERINE TRADING, LLC Institution	$738.3K 427.0 contracts
BANK OF AMERICA CORP /DE/ Institution	$10.2K 6.0 contracts
HighTower Advisors, LLC RIA/Wealth	$10.0 2.0 contracts

Most Committed Institutions

Institutions with PAA 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	9.54% $53.5M	0.46% 3.3M shares	Q4 2016 Held for 8y 11m	$561.1M
Fractal Investments LLC Long Only Manager	Chun Cao Managing Partner	9.42% $65.3M	0.54% 3.8M shares	Q4 2021 Held for 3y 11m	$693.0M
A ALPS ADVISORS INC ETF Provider	Laton Andrew Spahr President	7.23% $1.3B	10.82% 76.1M shares	≤ Q2 2013 Held for 12y 5m+	$18.0B
W WALNUT PRIVATE EQUITY PARTNERS, LLC RIA/Wealth	Steven William Seline CEO	5.97% $9.8M	0.08% 575.0K shares	Q4 2022 Held for 2y 11m	$164.4M
LONGFELLOW INVESTMENT MANAGEMENT CO LLC Long Only Manager	Barbara Jeanne Mckenna President	5.31% $22.4M	0.19% 1.3M shares	Q4 2020 Held for 4y 11m	$421.7M
AMERICAN FINANCIAL GROUP INC Institution	S. Craig Lindner CEO	2.78% $7.0M	0.06% 412.5K shares	Q2 2019 Held for 6y 5m	$253.5M
E EAGLE GLOBAL ADVISORS LLC Hedge Fund•Multi-Strategy	John Fernando Gualy Managing Partner	2.69% $70.2M	0.59% 4.1M shares	≤ Q2 2013 Held for 12y 5m+	$2.6B
Sovereign Investment Advisors, LLC RIA/Wealth	Todd Coleman Early CIO	2.46% $9.0M	0.08% 528.9K shares	Q3 2020 Held for 5y 2m	$366.5M
BERKLEY W R CORP Institution	W. Robert Berkley, Jr. CEO	2.19% $32.9M	0.27% 1.9M shares	Q3 2025 Held for 2 months	$1.5B
TORTOISE CAPITAL ADVISORS, L.L.C. Real Assets	Thomas Ibberson Florence CEO	2.04% $158.3M	1.32% 9.3M shares	≤ Q2 2013 Held for 12y 5m+	$7.8B

Hedge Fund Spotlight

Discover hedge funds investing in PAA

AQR CAPITAL MANAGEMENT LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerDavid Gary Kabiller

Portfolio Value: $156.17B
Positions: 3,453
Last Reported: Q3 2025

Sector Allocation

Position in Plains All American Pipeline, L.P.

Market Value: $176.4K
Shares Held: 10.3K
Portfolio Weight: 0.00%
Owned Since: 2024-Q4

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