TC Energy

TRP • NYSE

TC Energy is a oil & gas midstream company in the energy sector on NYSE, led by François Poirier, with a market cap of $57.1B. As of Q3 2025, 78% of shares are held by 580 institutional investors, with ROYAL BANK OF CANADA as the largest holder at 12.31%.

Chief Executive OfficerFrançois Poirier

Market Cap$57.1B

Oil & Gas Midstream

Energy

Employees7.4K

Websitetcenergy.com

Overview

Overview of institutional ownership in TRP as of Q3 2025 with a market cap of $56.6B

All Institutions

Institutions: 580
Value Held: $44.0B
Shares Held: 808.2M
Avg Position: $75.9M
Median Position: $848.6K

Hedge Funds

Hedge Funds: 32
Value Held: $354.1M
Shares Held: 6.5M
Avg Position: $11.1M
Median Position: $4.5M

Ownership Breakdown

Institutional (non-HF)

77.15%

$43.6B

Hedge Funds

0.626%

$354.1M

Retail & Other

22.23%

$12.6B

Based on market cap of $56.6B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in TRP as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
R ROYAL BANK OF CANADA Institution	-	$7.0B 1.28% of portfolio	12.31% 128.0M shares	Q2 2019 Held for 6y 5m	$542.04B
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$3.5B 0.51% of portfolio	6.26% 65.0M shares	Q2 2019 Held for 6y 5m	$691.34B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$2.5B 0.04% of portfolio	4.50% 46.8M shares	Q2 2019 Held for 6y 5m	$6.69T
Capital Research Global Investors RIA/Wealth	Sardar Sheraz Iftikhar CEO	$2.3B 0.43% of portfolio	4.04% 42.0M shares	Q2 2019 Held for 6y 5m	$532.36B
BANK OF MONTREAL /CAN/ Institution	Darryl White CEO	$2.1B 0.91% of portfolio	3.78% 39.3M shares	Q2 2019 Held for 6y 5m	$235.55B
C Capital International Investors Institution	-	$1.6B 0.26% of portfolio	2.86% 29.8M shares	Q1 2020 Held for 5y 8m	$615.90B
F FIL Ltd Institution	-	$1.5B 1.16% of portfolio	2.62% 27.3M shares	Q2 2019 Held for 6y 5m	$127.75B
C CANADA PENSION PLAN INVESTMENT BOARD Institution	-	$1.2B 0.82% of portfolio	2.06% 21.4M shares	Q3 2020 Held for 5y 2m	$142.43B
T TD ASSET MANAGEMENT INC Institution	-	$1.1B 0.86% of portfolio	1.89% 19.6M shares	Q3 2019 Held for 6y 2m	$123.47B
C CIBC World Markets Inc. Institution	-	$1.1B 2.17% of portfolio	1.87% 19.4M shares	Q2 2019 Held for 6y 5m	$48.7B

Net Capital Flow

Institutional buying and selling activity for TRP in Q3 2025

Net Flow: +$1.7B
Buyers: 221
Sellers: 257
Total Bought: +$4.2B
Total Sold: −$2.4B
Avg Position: $73.6M

Biggest Buyers

Institution	Net Bought	Current Position
GOLDMAN SACHS GROUP INC Institution	+$2.2B +39.6M shares	$3.5B 65.0M shares
Clearbridge Investments, LLC Long Only Manager	+$394.0M +7.2M shares	$454.7M 8.4M shares
A AMERICAN CENTURY COMPANIES INC Institution	+$295.5M +5.4M shares	$353.0M 6.5M shares
M MANUFACTURERES LIFE INSURANCE CO Institution	+$163.7M +3.0M shares	$255.2M 4.7M shares
$DEUTSCHE BANK AG\ logo$ DEUTSCHE BANK AG\ Institution	+$158.7M +2.9M shares	$513.0M 9.4M shares
N NICOLA WEALTH MANAGEMENT LTD. RIA/Wealth	+$111.2M +2.0M shares	$125.2M 2.3M shares
C Covalis Capital LLP Institution	+$84.0M +1.5M shares	$111.4M 2.0M shares
H HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Institution	+$83.2M +1.5M shares	$771.9M 14.2M shares
GEODE CAPITAL MANAGEMENT LLC ETF Provider	+$65.6M +1.2M shares	$516.1M 9.4M shares
M MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Institution	+$60.4M +1.1M shares	$244.6M 4.5M shares

Biggest Sellers

Institution	Net Sold	Current Position
BANK OF MONTREAL /CAN/ Institution	−$341.7M −6.3M shares	$2.1B 39.3M shares
BANK OF NOVA SCOTIA / Institution	−$296.9M −5.5M shares	$618.2M 11.4M shares
C Capital International Investors Institution	−$181.2M −3.3M shares	$1.6B 29.8M shares
P PUBLIC SECTOR PENSION INVESTMENT BOARD Institution	−$140.3M −2.6M shares	$5.5M 100.9K shares
C CIBC World Markets Inc. Institution	−$119.2M −2.2M shares	$1.1B 19.4M shares
Blackstone Group L.P. Institution	−$84.6M −1.6M shares	$91.4M 1.7M shares
TORONTO DOMINION BANK Institution	−$64.4M −1.2M shares	$902.9M 16.6M shares
CAISSE DE DEPOT ET PLACEMENT DU QUEBEC Fund of Funds	−$63.7M −1.2M shares	$78.7M 1.4M shares
C Capital World Investors Institution	−$63.2M −1.2M shares	$397.7M 7.3M shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	−$50.5M −928.0K shares	$1.9M 34.9K shares

Entry and Exit Activity

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

New Positions: 26
New Value: $141.9M
Exited Positions: 61
Exited Value: $177.0M

New Positions

Institution	Position Value
GQG Partners LLC Long Only Manager	$128.0M 2.4M shares
G Guinness Asset Management LTD Institution	$5.9M 110.3K shares
BURNEY CO/ RIA/Wealth	$2.1M 38.9K shares
S Sageworth Trust Co Institution	$1.4M 25.1K shares
S Sciencast Management LP Hedge Fund•Quant	$837.8K 15.4K shares
B Brevan Howard Capital Management LP Institution	$702.1K 12.9K shares
G Guinness Atkinson Asset Management Inc Institution	$273.6K 5.1K shares
WORLDQUANT MILLENNIUM QUANTITATIVE STRATEGIES LLC Hedge Fund•Multi-Strategy	$253.3K 4.7K shares
J J.W. COLE ADVISORS, INC. Institution	$243.5K 4.5K shares
Forum Financial Management, LP RIA/Wealth	$241.5K 4.4K shares

Exited Positions

Institution	Previous Position
JENNISON ASSOCIATES LLC Long Only Manager	$37.4M 765.7K shares
Jain Global LLC Hedge Fund•Multi-Strategy	$30.6M 626.1K shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$26.9M 551.9K shares
A AXA Institution	$14.6M 299.0K shares
W Waratah Capital Advisors Ltd. Hedge Fund•Multi-Strategy	$12.7M 260.6K shares
Q Quadrature Capital Ltd Institution	$10.3M 211.2K shares
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	$6.1M 125.5K shares
T Triasima Portfolio Management inc. Long Only Manager	$5.1M 104.5K shares
P PINNBROOK CAPITAL MANAGEMENT LP Hedge Fund•Global Macro	$3.5M 70.9K shares
S SG Americas Securities, LLC Institution	$2.9M 59.5K shares

Options Activity

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

Call Positions: 16
Call Value: $121.0M
Put Positions: 16
Put Value: $600.3M

Call Positions

Institution	Position Value
R ROYAL BANK OF CANADA Institution	$32.5M 6.0K contracts
S SIG North Trading, ULC Institution	$22.4M 4.1K contracts
J JANE STREET GROUP, LLC Institution	$19.5M 3.6K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$15.8M 2.9K contracts
BANK OF MONTREAL /CAN/ Institution	$9.8M 1.8K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$6.3M 1.2K contracts
D D. E. Shaw & Co., Inc. Institution	$5.4M 1.0K contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$5.4M 998.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$1.6M 286.0 contracts
Walleye Trading LLC RIA/Wealth	$783.5K 144.0 contracts

Put Positions

Institution	Position Value
R ROYAL BANK OF CANADA Institution	$240.9M 44.3K contracts
S SIG North Trading, ULC Institution	$181.8M 33.4K contracts
TORONTO DOMINION BANK Institution	$73.7M 13.6K contracts
D D. E. Shaw & Co., Inc. Institution	$45.7M 8.4K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$16.3M 3.0K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$13.4M 2.5K contracts
C CIBC World Markets Inc. Institution	$9.8M 1.8K contracts
BANK OF MONTREAL /CAN/ Institution	$6.8M 1.3K contracts
J JANE STREET GROUP, LLC Institution	$3.1M 565.0 contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$2.7M 492.0 contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
M Murchinson Ltd. Institution	-	44.85% $220.4M	0.39% 4.1M shares	Q3 2025 Held for 2 months	$491.3M
C Covalis Capital LLP Institution	-	13.00% $111.4M	0.20% 2.0M shares	Q2 2024 Held for 1y 5m	$856.8M
N NICOLA WEALTH MANAGEMENT LTD. RIA/Wealth	John Michael Nicola CEO	11.20% $125.2M	0.22% 2.3M shares	Q2 2019 Held for 6y 5m	$1.1B
H Heathbridge Capital Management Ltd. Institution	-	8.41% $21.9M	0.04% 403.4K shares	Q2 2019 Held for 6y 5m	$260.5M
M MUFG SECURITIES , LTD. Institution	-	7.05% $253.9M	0.45% 4.7M shares	Q4 2023 Held for 1y 11m	$3.6B
C Candelo Capital Management LP Hedge Fund•Long/Short	John Cormac Mcmongale CIO	6.53% $7.3M	0.01% 134.2K shares	Q4 2024 Held for 11 months	$111.8M
KAYNE ANDERSON CAPITAL ADVISORS LP Private Equity	Albert Rabil CEO	6.48% $291.7M	0.52% 5.4M shares	Q2 2019 Held for 6y 5m	$4.5B
TORTOISE CAPITAL ADVISORS, L.L.C. Real Assets	Thomas Ibberson Florence CEO	6.42% $497.9M	0.88% 9.2M shares	Q2 2019 Held for 6y 5m	$7.8B
H Heronetta Management, L.P. Hedge Fund•Sector	Henry Reynolds Breck Managing Partner	5.42% $10.1M	0.01% 137.3K shares	Q3 2020 Held for 5y 2m	$187.0M
L LINCLUDEN MANAGEMENT LTD Institution	-	5.28% $44.9M	0.08% 825.9K shares	Q2 2021 Held for 4y 5m	$850.9M

Hedge Fund Spotlight

Discover hedge funds investing in TRP

Sourcerock Group LLC

Hedge Fund • Long/Short

Portfolio ManagerAndrew Michael Haley

Portfolio Value: $1.5B
Positions: 35
Last Reported: Q3 2025

Sector Allocation

Position in TC Energy

Market Value: $18.8M
Shares Held: 346.3K
Portfolio Weight: 1.28%
Owned Since: 2025-Q2

Top Holding	Sector	Market Value	Weight
1 Antero Resources AR	Oil & Gas Exploration & Production Energy	$261.3M	17.77%
2 California Resources CRC	Oil & Gas Exploration & Production Energy	$169.1M	11.50%
3 Noble Corporation NE	Oil & Gas Drilling Energy	$120.3M	8.18%