L3VLUP
Quarter end
31 Dec 2025
the date the book describes
Filed
27 Oct 2026
latest of these filings; the earliest 10 Feb 2026
Managers listing it
20
at least, of 95 tracked, among listed positions
Comparable managers
92
filed both Q3 2025 and Q4 2025; 2 listed it in both
Shares listed
15,654,032
combined, among listed positions
Reported value
$540m
combined, at the quarter end

Among the 92 comparable managers: 13 buyers (opened or added shares) and 10 sellers (trimmed or exited), at least, among listed positions. Their net change in shares was +3,071,568.

Managers listing HESM 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.

20 of 20 holders

ActionFiling
Invesco Ltd6,619,868$228munder 0.1%Added+641,09219 Feb 2026 (the filing on sec.gov)
Neuberger Berman Group LLC2,263,966$78m0.06%Added+979,56927 Oct 2026 (the filing on sec.gov)
Fidelity (FMR LLC)1,817,368$63munder 0.1%Added+1,493,02017 Feb 2026 (the filing on sec.gov)
Point72 Asset Management LP1,124,059$39munder 0.1%Added+457,50517 Feb 2026 (the filing on sec.gov)
Balyasny Asset Management LLC972,229$34munder 0.1%Added+608,09717 Feb 2026 (the filing on sec.gov)
Tudor Investment Corp912,515$31m0.06%Added+471,89017 Feb 2026 (the filing on sec.gov)
Renaissance Technologies LLC683,800$24munder 0.1%Trimmed-251,50212 Feb 2026 (the filing on sec.gov)
Janus Henderson Group Ltd229,142$7.9munder 0.1%Trimmed-28,31617 Feb 2026 (the filing on sec.gov)
Millennium Management LLC184,354$6.4munder 0.1%Trimmed-589,31817 Feb 2026 (the filing on sec.gov)
Voloridge Investment Management LLC170,129$5.9munder 0.1%Newnew17 Feb 2026 (the filing on sec.gov)
ExodusPoint Capital Management LP156,729$5.4munder 0.1%Newnew17 Feb 2026 (the filing on sec.gov)
Man Group PLC101,388$3.5munder 0.1%Added+70,62817 Feb 2026 (the filing on sec.gov)
Walleye Capital LLC94,093$3.2munder 0.1%Added+62,79313 Feb 2026 (the filing on sec.gov)
Citadel Advisors LLC82,092$2.8munder 0.1%Trimmed-757,42317 Feb 2026 (the filing on sec.gov)
Quantbot Technologies LP72,785$2.5m0.08%Newnew10 Feb 2026 (the filing on sec.gov)
Verition Fund Management LLC69,770$2.4munder 0.1%Trimmed-351,65913 Feb 2026 (the filing on sec.gov)
Bridgewater Associates LP58,362$2.0munder 0.1%Trimmed-43,68513 Feb 2026 (the filing on sec.gov)
Holocene Advisors LP20,121$694kunder 0.1%Newnew17 Feb 2026 (the filing on sec.gov)
Two Sigma Advisers LP14,200$490kunder 0.1%Newnew17 Feb 2026 (the filing on sec.gov)
Squarepoint Ops LLC7,062$244kunder 0.1%Trimmed-12,34413 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.

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.
4 in Q3 2024 to 6 in Q2 2026

Tracked managers listing it, at least.

024620222023202420252026
the quarter shown share split complete books; unmarked quarters rest on listed positionsClick a quarter to open it.
HESM by quarter
QuarterHoldersReported valueBuyersSellers
Q3 20211$1.1mn.a.n.a.
Q4 20211$16mn.a.n.a.
Q1 20224$18mn.a.n.a.
Q2 20221$10.0mn.a.n.a.
Q3 20221$11mn.a.n.a.
Q4 20221$969kn.a.n.a.
Q1 20231$761kn.a.n.a.
Q2 20232$27mn.a.n.a.
Q3 20232$26mn.a.n.a.
Q4 20233$29m30
Q1 20243$40m12
Q2 20244$66m31
Q3 20244$73m40
Q4 20245$69m33
Q1 20254$82m31
Q2 20254$79m40
Q3 20252$59m21
Q4 20255$151m1310
Q1 20264$116m1213
Q2 20266$202m129

Compare with…

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

HESM and GEV →HESM and XOM →HESM and CVX →Choose a stock to compare with HESM →

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 HESM, latest filings →Back to the 13F Explorer →