Which funds own CMS
CMS Energy Corp in the Q2 2026 filings. At least 6 of the 91 current managers on file reported a position, worth $1.8bn between them. It is among the largest positions of fewer than a fifth of the current managers on file. Buying and selling roughly cancelled this quarter, which is what a name looks like when the argument is still live.
- Managers holding
- 6
- at least, of 91 current
- Combined value
- $1.8bn
- as reported
- Opened
- 0
- new this quarter
- Added to
- 3
- already held
- Trimmed or sold out
- 5
- 3 sold out entirely
Only each manager’s largest 200 positions are listed here, so a smaller holder may be missing.
Managers reporting a position
Largest first. Weight is the share of that manager’s whole reported book, which is the number worth quoting: $400m is a rounding error in one book and a defining bet in another.
| Manager | Value | Weight | Shares | Change on the quarter | Action |
|---|---|---|---|---|---|
| Wellington Management Group LLP Long-only · $580bn book | $930m | 0.2% | 12,158,296 | +$414m+5,502,352 | Added |
| MFS Investment Management Long-only · $315bn book | $576m | 0.2% | 7,242,159 | -$38m-388,214 | Trimmed |
| Balyasny Asset Management LLC Multi-strategy · $80.2bn book | $109m | 0.1% | 1,426,976 | +$72m+948,456 | Added |
| Soroban Capital Partners LP Long/short equity · $47.8bn book | $81m | 0.2% | 1,058,781 | -$1.1m0 | Held |
| Soros Fund Management LLC Macro · $8.1bn book | $74m | 0.9% | 970,362 | -$6.0m-64,035 | Trimmed |
| Voloridge Investment Management LLC Quantitative · $23.5bn book | $44m | 0.2% | 570,277 | +$13m+169,265 | Added |
Sold out of this quarter
Valued at what the position was worth in the previous filing, because by this one it is gone.
- Man Group PLC · Quantitative$17m held before
- Verition Fund Management LLC · Multi-strategy$6.9m held before
- Bridgewater Associates LP · Macro$2.8m held before
Ownership through time
At least 10 of the 95 managers whose filings are on file listed CMS in Q2 2026, against 4 in Q2 2013. 3 managers fewer than in Q1 2026: 3 no longer listed it among the positions read, which can mean a holding below the listed range, a filing that reported no holdings, or a filing not yet made.
Each manager’s largest 500 positions a quarter are read, so a small holding in a very large book can be missing, and a manager is counted as leaving only where its own filing shows it.
- Q2 2013: 4
- Q3 2013: 8
- Q4 2013: 3
- Q1 2014: 6
- Q2 2014: 5
- Q3 2014: 6
- Q4 2014: 7
- Q1 2015: 9
- Q2 2015: 5
- Q3 2015: 4
- Q4 2015: 7
- Q1 2016: 9
- Q2 2016: 9
- Q3 2016: 9
- Q4 2016: 9
- Q1 2017: 13
- Q2 2017: 14
- Q3 2017: 14
- Q4 2017: 15
- Q1 2018: 14
- Q2 2018: 13
- Q3 2018: 15
- Q4 2018: 14
- Q1 2019: 14
- Q2 2019: 17
- Q3 2019: 19
- Q4 2019: 16
- Q1 2020: 20
- Q2 2020: 18
- Q3 2020: 17
- Q4 2020: 11
- Q1 2021: 16
- Q2 2021: 18
- Q3 2021: 12
- Q4 2021: 11
- Q1 2022: 15
- Q2 2022: 15
- Q3 2022: 16
- Q4 2022: 16
- Q1 2023: 15
- Q2 2023: 12
- Q3 2023: 12
- Q4 2023: 10
- Q1 2024: 9
- Q2 2024: 10
- Q3 2024: 7
- Q4 2024: 8
- Q1 2025: 10
- Q2 2025: 9
- Q3 2025: 12
- Q4 2025: 10
- Q1 2026: 13
- Q2 2026: 10
- Q2 2013: $682m
- Q3 2013: $722m
- Q4 2013: $682m
- Q1 2014: $763m
- Q2 2014: $840m
- Q3 2014: $1.4bn
- Q4 2014: $1.5bn
- Q1 2015: $1.3bn
- Q2 2015: $482m
- Q3 2015: $862m
- Q4 2015: $935m
- Q1 2016: $1.2bn
- Q2 2016: $1.4bn
- Q3 2016: $1.1bn
- Q4 2016: $1.1bn
- Q1 2017: $1.2bn
- Q2 2017: $1.2bn
- Q3 2017: $1.1bn
- Q4 2017: $987m
- Q1 2018: $1.0bn
- Q2 2018: $1.4bn
- Q3 2018: $1.9bn
- Q4 2018: $1.6bn
- Q1 2019: $2.0bn
- Q2 2019: $2.1bn
- Q3 2019: $2.3bn
- Q4 2019: $2.1bn
- Q1 2020: $2.0bn
- Q2 2020: $2.1bn
- Q3 2020: $1.8bn
- Q4 2020: $1.6bn
- Q1 2021: $1.7bn
- Q2 2021: $2.0bn
- Q3 2021: $2.1bn
- Q4 2021: $2.4bn
- Q1 2022: $2.4bn
- Q2 2022: $2.0bn
- Q3 2022: $1.3bn
- Q4 2022: $1.4bn
- Q1 2023: $1.4bn
- Q2 2023: $1.3bn
- Q3 2023: $1.3bn
- Q4 2023: $1.5bn
- Q1 2024: $1.1bn
- Q2 2024: $1.2bn
- Q3 2024: $1.8bn
- Q4 2024: $2.2bn
- Q1 2025: $2.7bn
- Q2 2025: $1.8bn
- Q3 2025: $2.2bn
- Q4 2025: $1.7bn
- Q1 2026: $2.3bn
- Q2 2026: $2.4bn
Between the quarter ends of Q1 2026 and Q2 2026. Each change in shares is valued at the Q2 2026 price, so the price’s own move is left out; a 13F shows the two quarter ends, not when in between anything was bought or sold.
Started in Q2 2026
No manager on file started a position.
Largest increases, by shares
- Wellington Management Group LLP6,655,944 to 12,158,296 shares+$421m
- Balyasny Asset Management LLC478,520 to 1,426,976 shares+$73m
- Voloridge Investment Management LLC401,012 to 570,277 shares+$13m
Largest decreases, by shares
- MFS Investment Management7,630,373 to 7,242,159 shares-$31m
- ExodusPoint Capital Management LP404,248 to 72,938 shares-$25m
- Soros Fund Management LLC1,034,397 to 970,362 shares-$4.9m
- Hudson Bay Capital Management LP221,496 to 174,489 shares-$3.6m
- Invesco Ltd7,645,197 to 7,616,465 shares-$2.2m
Left it
No manager on file is shown leaving it.
| Manager | Value over time | First listed | Largest | Q2 2026 |
|---|---|---|---|---|
| Wellington Management Group LLP | Q1 2026 | $930m | $930m | |
| Invesco Ltd | Q2 2013 | $593m | $583m | |
| MFS Investment Management | Q2 2013 | $723m | $576m | |
| Balyasny Asset Management LLC | Q1 2015 | $109m | $109m | |
| Soroban Capital Partners LP | Q4 2023 | $116m | $81m | |
| Soros Fund Management LLC | Q1 2020 | $80m | $74m | |
| Voloridge Investment Management LLC | Q2 2015 | $51m | $44m | |
| Hudson Bay Capital Management LP | Q1 2023 | $17m | $13m | |
| Holocene Advisors LP | Q1 2018 | $9.3m | $5.8m | |
| ExodusPoint Capital Management LP | Q2 2019 | $228m | $5.6m | |
| T. Rowe Price Associates Inc | Q2 2018 | $1.3bn | last listed Q1 2026 | |
| Capital World Investors | Q3 2018 | $963m | last listed Q4 2022 | |
| Capital Research Global Investors | Q4 2013 | $480m | last listed Q2 2024 | |
| Fidelity (FMR LLC) | Q3 2014 | $413m | last listed Q2 2016 | |
| Millennium Management LLC | Q2 2013 | $313m | last listed Q1 2021 | |
| Citadel Advisors LLC | Q1 2017 | $221m | last listed Q3 2025 | |
| Artisan Partners LP | Q4 2019 | $197m | last listed Q4 2020 | |
| Renaissance Technologies LLC | Q4 2014 | $171m | last listed Q3 2025 | |
| Janus Henderson Group Ltd | Q2 2016 | $118m | last listed Q1 2026 | |
| Two Sigma Advisers LP | Q3 2013 | $98m | last listed Q2 2025 |
What CMS is worth
Knowing who owns it is half the question. The other half is what it is worth against the companies it trades beside, which is the one an interviewer will follow up with.
Build the comp set around CMS →How much of the picture this is
A Form 13F reports US-listed long equity and nothing else: no shorts, no bonds, no cash and no non-US listings. It arrives forty-five days after the quarter ends, so a manager who sold in July still shows the position in a filing published in August. This page reads the managers on file here rather than every filer in the market, and each manager’s largest positions rather than the whole table, so a small position in a very large book may not appear. Say “their last filing showed” rather than “they own”, and the distinction will do you credit.
What to do with a name the funds are buying
Knowing who owns something is the start of a pitch, not the pitch. The next questions are what it is worth and why they were buying.
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The holdings, every quarter, and the week between
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