South Bow

SOBO • XNYS

South Bow is a publicly traded company on XNYS, led by Emily T. Clarke, with a market cap of $5.7B. As of Q3 2025, 66% of shares are held by 282 institutional investors, with ROYAL BANK OF CANADA as the largest holder at 10.85%.

CEOEmily T. Clarke

Market Cap$5.7B

Websitesouthbow.com

Overview

Overview of institutional ownership in SOBO as of Q3 2025 with a market cap of $5.9B

All Institutions

Institutions: 282
Value Held: $3.9B
Shares Held: 139.3M
Avg Position: $13.8M
Median Position: $309.8K

Hedge Funds

Hedge Funds: 22
Value Held: $78.5M
Shares Held: 2.7M
Avg Position: $3.6M
Median Position: $1.1M

Ownership Breakdown

Institutional (non-HF)

64.84%

$3.8B

Hedge Funds

1.33%

$78.5M

Retail & Other

33.82%

$2.0B

Based on market cap of $5.9B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in SOBO as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
R ROYAL BANK OF CANADA Institution	-	$639.0M 0.12% of portfolio	10.85% 22.6M shares	Q4 2024 Held for 11 months	$542.04B
C Capital International Investors Institution	-	$435.4M 0.07% of portfolio	7.39% 15.4M shares	Q4 2024 Held for 11 months	$615.90B
FMR LLC Institution	-	$386.3M 0.02% of portfolio	6.56% 13.7M shares	Q4 2024 Held for 11 months	$1.92T
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	Robert W Sharps President	$258.4M 0.03% of portfolio	4.39% 9.1M shares	Q4 2024 Held for 11 months	$912.31B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$241.9M 0.00% of portfolio	4.11% 8.5M shares	Q4 2024 Held for 11 months	$6.69T
Clearbridge Investments, LLC Long Only Manager	Terrence James Murphy President	$199.5M 0.15% of portfolio	3.39% 7.1M shares	Q4 2024 Held for 11 months	$132.87B
BANK OF MONTREAL /CAN/ Institution	Darryl White CEO	$125.2M 0.06% of portfolio	2.96% 6.2M shares	Q4 2024 Held for 11 months	$227.19B
C CIBC World Markets Inc. Institution	-	$90.4M 0.19% of portfolio	1.53% 3.2M shares	Q4 2024 Held for 11 months	$48.7B
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$66.5M 0.00% of portfolio	1.13% 2.4M shares	Q4 2024 Held for 11 months	$1.33T
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$65.0M 0.01% of portfolio	1.10% 2.3M shares	Q4 2024 Held for 11 months	$691.34B

Net Capital Flow

Institutional buying and selling activity for SOBO in Q3 2025

Traded: −$90.8M
Buyers: 125
Sellers: 98
Total Bought: +$431.9M
Total Sold: −$522.6M
Avg Position: $12.6M

Biggest Buyers

Institution	Net Bought	Current Position
Clearbridge Investments, LLC Long Only Manager	+$199.2M +7.0M shares	$199.5M 7.1M shares
B BROOKFIELD ASSET MANAGEMENT INC. RIA/Wealth	+$36.8M +1.3M shares	$36.8M 1.3M shares
MORGAN STANLEY RIA/Wealth	+$22.6M +797.6K shares	$43.8M 1.5M shares
A AMERICAN CENTURY COMPANIES INC Institution	+$22.4M +790.1K shares	$27.1M 959.0K shares
Q Qube Research & Technologies Ltd Institution	+$18.4M +650.6K shares	$22.2M 784.6K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	+$17.6M +623.2K shares	$21.8M 770.9K shares
DIMENSIONAL FUND ADVISORS LP Long Only Manager	+$15.3M +539.3K shares	$43.8M 1.5M shares
Q Quadrature Capital Ltd Institution	+$11.5M +406.3K shares	$13.2M 467.0K shares
THORNBURG INVESTMENT MANAGEMENT INC Long Only Manager	+$9.7M +341.3K shares	$56.5M 2.0M shares
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	+$8.3M +294.1K shares	$11.8M 415.5K shares

Biggest Sellers

Institution	Net Sold	Current Position
GOLDMAN SACHS GROUP INC Institution	−$125.5M −4.4M shares	$65.0M 2.3M shares
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	−$104.2M −3.7M shares	$258.4M 9.1M shares
BANK OF NOVA SCOTIA / Institution	−$59.4M −2.1M shares	$7.1M 251.0K shares
R ROYAL BANK OF CANADA Institution	−$54.9M −1.9M shares	$639.0M 22.6M shares
Blackstone Group L.P. Institution	−$49.2M −1.7M shares	$61.4M 2.2M shares
M Murchinson Ltd. Institution	−$31.9M −1.2M shares	Sold Off 0 shares
JENNISON ASSOCIATES LLC Long Only Manager	−$14.6M −563.5K shares	Sold Off 0 shares
C CANADA PENSION PLAN INVESTMENT BOARD Institution	−$10.3M −365.0K shares	$37.8M 1.3M shares
TORONTO DOMINION BANK Institution	−$7.4M −260.3K shares	$19.7M 695.8K shares
P PORTLAND INVESTMENT COUNSEL INC. Institution	−$6.9M −242.6K shares	$21.3M 751.0K shares

Entry and Exit Activity

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

New Positions: 25
New Value: $5.2M
Exited Positions: 24
Exited Value: $60.7M

New Positions

Institution	Position Value
CAPSTONE INVESTMENT ADVISORS, LLC Hedge Fund•Multi-Strategy	$1.1M 37.1K shares
Marshall Wace LLP Institution	$623.1K 22.0K shares
H HRT FINANCIAL LLC Institution	$443.0K 15.7K shares
P PICTON MAHONEY ASSET MANAGEMENT Institution	$424.6K 15.0K shares
F Fiera Capital Corp Institution	$351.8K 12.4K shares
DIVIDEND ASSET CAPITAL, LLC RIA/Wealth	$345.7K 12.2K shares
B Brevan Howard Capital Management LP Institution	$318.4K 11.3K shares
FourThought Financial Partners, LLC RIA/Wealth	$311.4K 11.0K shares
Engineers Gate Manager LP Hedge Fund•Quant	$281.5K 10.0K shares
O OMERS ADMINISTRATION Corp Institution	$268.9K 9.5K shares

Exited Positions

Institution	Previous Position
M Murchinson Ltd. Institution	$31.9M 1.2M shares
JENNISON ASSOCIATES LLC Long Only Manager	$14.6M 563.5K shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	$5.1M 198.5K shares
Z Zimmer Partners, LP Hedge Fund•Long/Short	$3.3M 126.0K shares
Corigliano Investment Advisers, LLC Hedge Fund•Sector	$2.9M 110.0K shares
AMERIPRISE FINANCIAL INC Institution	$629.5K 24.3K shares
INFRASTRUCTURE CAPITAL ADVISORS, LLC ETF Provider	$582.6K 22.5K shares
Jain Global LLC Hedge Fund•Multi-Strategy	$298.4K 11.5K shares
K K.J. Harrison & Partners Inc Institution	$289.3K 11.2K shares
PRUDENTIAL FINANCIAL INC Institution	$286.8K 11.1K shares

Options Activity

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

Call Positions: 5
Call Value: $23.1M
Put Positions: 5
Put Value: $6.4M

Call Positions

Institution	Position Value
TORONTO DOMINION BANK Institution	$7.3M 2.6K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$7.1M 2.5K contracts
S SIG North Trading, ULC Institution	$5.6M 2.0K contracts
BANK OF MONTREAL /CAN/ Institution	$2.5M 1.3K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$512.0K 181.0 contracts

Put Positions

Institution	Position Value
D D. E. Shaw & Co., Inc. Institution	$4.0M 1.4K contracts
S SIG North Trading, ULC Institution	$1.6M 573.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$565.8K 200.0 contracts
TORONTO DOMINION BANK Institution	$265.9K 94.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	- - contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
P PORTLAND INVESTMENT COUNSEL INC. Institution	-	5.84% $21.3M	0.36% 751.0K shares	Q4 2024 Held for 11 months	$363.9M
Recurrent Investment Advisors LLC Long Only Manager	Bradley Richard Olsen Managing Partner	3.49% $45.6M	0.77% 1.6M shares	Q4 2024 Held for 11 months	$1.3B
CUSHING MLP ASSET MANAGEMENT, LP Long Only Manager	John Marshall Musgrave CEO	2.46% $43.3M	0.74% 1.5M shares	Q4 2024 Held for 11 months	$1.8B
H Heathbridge Capital Management Ltd. Institution	-	2.23% $5.8M	0.10% 205.8K shares	Q2 2025 Held for 5 months	$260.5M
A Ausbil Investment Management Ltd Long Only Manager	Mark Gregory Knight CEO	1.59% $3.0M	0.05% 106.5K shares	Q1 2025 Held for 8 months	$187.5M
Bornite Capital Management LP Hedge Fund•Long/Short	Daniel A. Dreyfus CIO	1.08% $11.3M	0.19% 400.0K shares	Q4 2024 Held for 11 months	$1.0B
Ninepoint Partners LP Hedge Fund•Multi-Strategy	James Robert Fox Managing Partner	1.08% $7.8M	0.13% 275.6K shares	Q4 2024 Held for 11 months	$724.2M
H Heronetta Management, L.P. Hedge Fund•Sector	Henry Reynolds Breck Managing Partner	0.97% $1.8M	0.02% 46.5K shares	Q4 2024 Held for 11 months	$187.0M
THORNBURG INVESTMENT MANAGEMENT INC Long Only Manager	Mark Joseph Zinkula CEO	0.74% $56.5M	0.96% 2.0M shares	Q1 2025 Held for 8 months	$7.6B
INTACT INVESTMENT MANAGEMENT INC. Private Equity	Edward Joseph Keefe CFO	0.69% $22.8M	0.39% 806.3K shares	Q4 2024 Held for 11 months	$3.3B