L3VLUP
Quarter end
31 Dec 2025
the date the book describes
Filed
27 Oct 2026
latest of these filings; the earliest 22 Jan 2026
Managers listing it
25
at least, of 95 tracked, among listed positions
Comparable managers
92
filed both Q3 2025 and Q4 2025; 3 listed it in both
Shares listed
97,137,718
combined, among listed positions
Reported value
$597m
combined, at the quarter end

Among the 92 comparable managers: 14 buyers (opened or added shares) and 9 sellers (trimmed or exited), at least, among listed positions. Their net change in shares was +1,474,767.

Managers listing AQN in Q4 2025

Share of 13F value is the position’s reported value over everything the manager reported that quarter. The share change is against Q3 2025, and only where both filings list the position. A rise in value with no rise in shares is the price, not buying.

25 of 25 holders

ActionFiling
Starboard Value LP63,489,420$390m7.40%Held017 Feb 2026 (the filing on sec.gov)
D. E. Shaw & Co.5,349,003$33munder 0.1%Added+1,845,05117 Feb 2026 (the filing on sec.gov)
Neuberger Berman Group LLC4,540,036$28munder 0.1%Added+360,80027 Oct 2026 (the filing on sec.gov)
Arrowstreet Capital LP3,944,942$24munder 0.1%Added+227,51313 Feb 2026 (the filing on sec.gov)
GAMCO Investors Inc3,286,322$20m0.19%Added+256,4375 Feb 2026 (the filing on sec.gov)
Invesco Ltd3,053,534$19munder 0.1%Added+13,60319 Feb 2026 (the filing on sec.gov)
Jane Street Group LLC2,360,297$15munder 0.1%Trimmed-1,061,11512 Feb 2026 (the filing on sec.gov)
Citadel Advisors LLC2,310,227$14munder 0.1%Trimmed-2,134,89917 Feb 2026 (the filing on sec.gov)
Point72 Asset Management LP1,859,307$11munder 0.1%Added+1,575,58617 Feb 2026 (the filing on sec.gov)
Man Group PLC1,832,026$11munder 0.1%Added+760,58817 Feb 2026 (the filing on sec.gov)
Renaissance Technologies LLC1,234,992$7.6munder 0.1%Trimmed-900,20012 Feb 2026 (the filing on sec.gov)
Millennium Management LLC1,145,029$7.0munder 0.1%Added+994,72017 Feb 2026 (the filing on sec.gov)
PDT Partners LLC867,937$5.3m0.35%Trimmed-140,32317 Feb 2026 (the filing on sec.gov)
Two Sigma Investments LP718,039$4.4munder 0.1%Added+216,43917 Feb 2026 (the filing on sec.gov)
Balyasny Asset Management LLC640,354$3.9munder 0.1%Trimmed-1,59317 Feb 2026 (the filing on sec.gov)
Susquehanna International Group LLP140,886$866kunder 0.1%Added+36,34717 Feb 2026 (the filing on sec.gov)
AllianceBernstein LP106,021$652kunder 0.1%Held017 Feb 2026 (the filing on sec.gov)
Two Sigma Advisers LP92,400$568kunder 0.1%Added+28,00017 Feb 2026 (the filing on sec.gov)
Quantbot Technologies LP48,996$301kunder 0.1%Trimmed-349,32210 Feb 2026 (the filing on sec.gov)
Schonfeld Strategic Advisors LLC39,931$246kunder 0.1%Trimmed-126,43917 Feb 2026 (the filing on sec.gov)
Squarepoint Ops LLC26,936$166kunder 0.1%Trimmed-130,49413 Feb 2026 (the filing on sec.gov)
MFS Investment Management25,812$159kunder 0.1%Added+13,38222 Jan 2026 (the filing on sec.gov)
AQR Capital Management LLC11,252$69kunder 0.1%Trimmed-19,75717 Feb 2026 (the filing on sec.gov)
Tudor Investment Corp10,056$62kunder 0.1%Newnew17 Feb 2026 (the filing on sec.gov)
Fidelity (FMR LLC)3,963$24kunder 0.1%Added+38717 Feb 2026 (the filing on sec.gov)

Largest increases and reductions, by shares

Q3 2025 to Q4 2025, among managers that listed it in both quarters or opened it.

Increases

Reductions

New positions and exits

At least these many: a manager is shown exiting only where its own filing shows the position gone.

Exited (0)

No exit shown by a manager’s own filing.

Ownership over time

Every quarter on file. A quarter-end value moves with the price as well as with the shares held; buyers and sellers count comparable managers, by shares.
6 in Q3 2024 to 6 in Q2 2026

Tracked managers listing it, at least.

024682017201820192020202120222023202420252026
the quarter shown share split complete books; unmarked quarters rest on listed positionsClick a quarter to open it.
AQN by quarter
QuarterHoldersReported valueBuyersSellers
Q4 20162$51mn.a.n.a.
Q1 20172$62mn.a.n.a.
Q2 20172$58mn.a.n.a.
Q1 20181$16mn.a.n.a.
Q1 20192$29mn.a.n.a.
Q3 20193$30mn.a.n.a.
Q4 20191$18mn.a.n.a.
Q1 20204$105mn.a.n.a.
Q2 20204$104mn.a.n.a.
Q3 20203$92mn.a.n.a.
Q4 20202$53mn.a.n.a.
Q1 20211$601kn.a.n.a.
Q3 20212$12mn.a.n.a.
Q4 20211$1.8mn.a.n.a.
Q1 20221$1.5mn.a.n.a.
Q2 20222$12mn.a.n.a.
Q3 20222$24mn.a.n.a.
Q4 20224$76mn.a.n.a.
Q1 20233$58mn.a.n.a.
Q2 20234$327mn.a.n.a.
Q3 20234$389mn.a.n.a.
Q4 20236$448m42
Q1 20247$459m52
Q2 20246$444m41
Q3 20246$372m24
Q4 20246$341m52
Q1 20255$403m51
Q2 20254$434m22
Q3 20253$363m02
Q4 20253$416m149
Q1 20266$456m1412
Q2 20266$448m169

Compare with…

Holders over time, buyers and sellers, and the managers holding both, side by side for up to four stocks.

AQN and SO →AQN and D →AQN and NEE →Choose a stock to compare with AQN →

How much of the picture this is

A 13F is a manager’s long US-listed equity book at a quarter end, filed up to 45 days later. It shows no shorts, cash, bonds or performance, and it is never today’s portfolio. Large books are listed to their largest positions, so a manager missing from this table may still hold a small position below that line. These are 95 tracked managers, not the institutional market.

Which funds own AQN, latest filings →Back to the 13F Explorer →